Rangel Tax Hike Fact of the Day #10
Every day, Americans for Tax Reform will release a new fact about Charlie Rangel’s trillion-dollar tax hike. All prior facts of the day can be found on www.atr.org. Today’s fact is:
“The Rangel Tax Hike Triples a Tax on Your Pension”
The Rangel tax hike is not always clear and obvious as to its intent. Sometimes, the true target of his tax hikes are unclear.
You already know that the Rangel tax hike raises the capital gains tax from 15% today to 24.6% in 2011. What you might not know is that the Rangel tax hike ultimately raises the capital gains tax all the way to 44.2%–triple the current level.
This tripling of the capital gains tax is done in pieces. The first assault on the capital gains tax rate is on so called “carried interest” payments to investment fund managers. This income is what’s driving trillions of dollars in private and public defined benefit pension funds.
So, the first step in the tripling of the capital gains tax is on your pension.