New Taxes on the Wealthy Are Bad News for Everyone
Publication Date: April 2010
Publisher(s): National Center for Policy Analysis (U.S.)
Author(s): Pamela Villarreal
Keywords: taxes; wealthy
Coverage: United States
The new health care law will substantially increase the tax burden of high-income workers and small businesses over the next few years. Those tax increases could be piled on top of other tax increases on the labor and investment income of high-income earners. The tax hikes will reduce the capital stock and discourage small business job creation - the opposite of what is needed to grow the economy.