Would Raising Taxes On Investment Income Hurt The Economy?
As Democratic and Republican leaders try to work out a deal to avoid the automatic spending cuts and tax increases of the fiscal cliff, one area they're zeroing in on is investment income. Raising the rates on capital gains and dividends, even just for the wealthy, would bring in $240 billion over the next decade. That makes them an easy place to look for new revenue. Kent Harvey would like President Obama and Congress to look somewhere else. Why Dividends, Capital Gains Are Big Part Of Fiscal Cliff Talks Nov. 29, 2012 Harvey, the chief financial officer at California power company Pacific Gas and Electric, was walking the halls of the Capitol earlier this week, trying to convince members of Congress that raising taxes on dividends would be a very bad idea. "It's the No. 1 issue for the utility industry," he said.
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dividends capital gains taxes pacific gas and electric chief financial officer Tax Policy Center cliff President Obama high income Alan Blinder senior citizens bad idea productive capacity straight line stock market dog food policy debate power company the president investors double utilities investment zeroing prices rates worry Facebook Twitter equities bills elderly spike leaders Kent stars Chicago questions financial industry California equipmentPeople:
Alan Blinder
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| 0 | "I see the evidence as very mixed and certainly, certainly not pointing strongly to a powerful negative," he says. ... |
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Fred
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| 0 | Fred tells Eleanor that "the rate on our dividends would more than double." |
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Randy Kroszner
Overall Sentiment: 0.0622552
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| -0.132987 | "I think this is one of the reasons why we've seen some concerns expressed in the stock market since the president was re-elected," says Randy Kroszner, ... |
| -0.0904194 | "I think this is one of the reasons why we've seen some concerns expressed in the stock market since the president was re-elected," says Randy Kroszner, a professor of economics at the University of Chicago. "A significant spike in capital gains and dividends taxes would reduce the value of equities." |
| 0.348186 | "It's not just a tax on the wealthy. It's a tax on the productive capacity of the economy," Kroszner says. ... |
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Kent Harvey
Overall Sentiment: 0.415451
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Obama
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Roberton Williams
Overall Sentiment: 0
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| -0.120936 | "The concern about elderly who rely on dividends and capital gains for their income has no basis," Williams says. ... |
| -0.0493022 | "The concern about elderly who rely on dividends and capital gains for their income has no basis," Williams says. "If they're high income, yes, their taxes will go up. But they're not going to be having to eat dog food." |
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Company: Eleanor
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Company: Pacific Gas
Overall Sentiment: 0
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Organization: Congress
Overall Sentiment: -0.148579
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Organization: Tax Policy Center
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FieldTerminology: Capital Gains
Overall Sentiment: 0
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Would Raising Taxes On Investment Income Hurt The Economy?
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The rates on capital gains and dividends are on the table in the negotiations over the fiscal cliff. Some complain that it would hurt companies' stock prices, giving them less money to invest. But other economists say it's unlikely to have strong effects.
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