Democrats propose new tax increase to fund jobs

If you are in the stock market you may see increased taxes soon to fund a new job program Congress is trying to pass before the end of the year. The legislation is currently being drafted in the House by Democrats and they are seeking to place a tax on stock market investors in order to create badly needed jobs.

Now that the $787 billion stimulus package has failed to ease the unemployment numbers facing the country, Democrats will now reach into their playbook and raise stock market taxes. The .25 percent tax is part of the “Let Wall Street Pay for the Restoration of Main Street Act of 2009,” and will give Congress the new power to create jobs.

The bill doesn’t come without skeptics and Americans aren’t convinced the federal government is able to take on this noble challenge. The bill is deceiving from the get go as it hopes to raise $150 billion, half of which will pay down the deficit and then create a new jobs reserve. This sounds vaguely similar to another bureaucratic entity which requires money and produces little results. Keep reading

This entry was posted on 27. November 2009 at 20:04 and is filed under Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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