Double Taxed

Fighting to end destructive double taxation

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DeMint Amendment Falls Short

Posted by Brian Garst on June 24, 2010

DeMint’s amendment to prevent the current rate on capital gains and dividends from increasing to 20 percent at the end of the year fell well short on Wednesday.  The only party defectors in the 40-57 defeat of the amendment were Democrat Ben Nelson, who supported the measure, and Republican George Voinovich, who opposed.  In a  press release, DeMint’s office said, “The failure to pass Senator DeMint’s amendment could threaten more than 680,000 jobs over the next two years, reduce family incomes by over $1600 by 2012, and lead to cuts on the income of seniors that depend on dividend payments in retirement.”

While some surprising countries are taking giant steps forward on this issue, it is unfortunate that America seems intent on stepping backwards, especially at a time already fraught with economic uncertainty.

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