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Is There Hope to Prevent a Capital Gains Hike?

Posted by Brian Garst on July 10, 2010

Working Group member Mark Bloomfield writes at IBD:

Is preventing a massive capital gains hike realistic?

Absolutely! It will be tough but doable for several reasons.

First, there’s tremendous pushback among the electorate against bigger government and its intrusive role. Confidence in elected officials is at an all-time low.

…Second, President Obama, House Speaker Nancy Pelosi and Senate Democratic Leader Harry Reid know that they can pursue their larger agenda only if their “majority makers” are re-elected. These 40 to 50 congressmen represent moderate to conservative districts that Republican John McCain carried in 2008. Those majority makers are more inclined to vote in the interests of their district and good economics than someone else’s ideology.

…Liberal Democratic Congressman Jared Polis wrote a “Dear Colleague” letter to all of his fellow members of the House of Representatives drawing attention to my campaign to lower capital-gains tax rates. He said, “I agree with Mark Bloomfield, now is the time for optimism. With common-sense, time-tested investment tools we can ensure economic growth, job creation and restoration of our nation’s industries without endless public bailouts by rewarding private investment.”

…Americans every day are becoming more skeptical about the government’s ability to create an environment where the private sector can promote economic and job growth and create a decent standard of living for us and our children.

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