From Carla Fried
The Daily Money July 6th. . .
"When the Joe Biden-led negotiations broke down. . . it was reportedly due in part to the Republicans’ refusal to accept a deficit reduction plan that generated about 80 percent of savings through spending cuts and 20 percent through increased tax revenue. That’s 80-20, not 50-50.
if you tax capital gains at ordinary income tax rates, higher-income folks will probably think twice about realizing gains. But at a time when the rhetoric and politics are flying over how to deal with the deficit, it’s important to recognize that federal spending isn’t simply a function of what we appropriate to various programs. It’s also what is spent on all the tax breaks embedded in the tax code. Without raising income tax rates, trimming some tax expenditures is one more way we could address the deficit."
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