Major Media Ignore Bush's Veto Threat over Tax Bill
A bill that would increases taxes for investors and threaten the
â€śLawmakers are targeting carried interest as part of a broader examination of how hedge funds and buyout firms are taxed. Informal estimates show that taxing carried interest at the same rate as salaries may generate at least $4 billion a year in additional taxes, Bloomberg said.â€ť
The bill that President George W. Bush threatened to veto was introduced by
White House Press Secretary Tony Snow told reporters on June 27 Bush would veto any â€śbroad movesâ€ť by Congress to change the tax rate currently in place.
â€śIt is precisely the presidentâ€™s low capital gains tax rate, low dividend tax rate and low income tax rate that has helped this economy and stock market enormously even though the poor guy doesnâ€™t get any credit,â€ť said Kudlow.
Kerpen, policy director for Americans for Prosperity, also warned in his NRO article that raising capital-gains rates to such high rates â€śwould significantly raise the cost of capital, drying up investment in many innovative, entrepreneurial companies.â€ť