New Taxes on the Wealthy Are Bad News for Everyone


Publication Date: April 2010

Publisher: National Center for Policy Analysis (U.S.)

Author(s): Pamela Villarreal

Research Area: Economics; Government

Keywords: taxes; wealthy

Type: Report

Coverage: United States

Abstract:

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.