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Center for Freedom and Prosperity Foundation For Immediate Release New CF&P Video Explains Why (Washington, D.C., Monday, May 3, 2010) A new video released today by the Center for Freedom and Prosperity Foundation (CF&P) explains why the capital gains tax is inconsistent with good tax policy and hurts the American economy. Entitled "Six Reasons Why the Capital Gains Tax Should Be Abolished," the mini-documentary explains how the capital gains tax exacerbates double taxation, thus discouraging investment, savings, and competitiveness. The video concludes by listing the top six reasons why the capital gains tax rate should be zero.
"The capital gains tax discourages the activities that lead to economic growth," said CF&P Foundation President Andrew Quinlan. "It should be abolished as part of a long-overdue shift to an ideal system such as the flat tax." "The capital gains is double taxation and has a harmful effect on competitiveness," added Dan Mitchell, narrator of the video and Cato Institute Senior Fellow. "It is not even indexed for inflation. And people wonder why Americans do not save and invest enough." Executive Summary The correct capital gains tax rate is zero because there should be no double taxation of income that is saved and invested. This is why all pro-growth tax
reform plans, such as the flat tax and national sales tax, eliminate the capital gains tax. Unfortunately, the President wants to boost the official capital
gains tax rate to 20 percent, and that is in addition to the higher tax rate on capital gains included in the government-run healthcare legislation. CF&P Foundation has also released more than three-dozen mini-documentaries since 2007. These videos include Tax Competition Primer, VAT-Hidden Tax, Global Flat Tax Revolution, Cutting the U.S. Corporate Income Tax, Promoting Prosperity, Obama's
So-Called Stimulus, Obama's Deferral Proposal, Case Against Class-Warfare Tax
Policy, President Obama's Dishonest Demagoguery on Tax Havens, a three part series on the Benefits of Tax Havens and a another three-part series on the Laffer Curve. Web Links: Youtube Yahoo Capitol Hub For additional comments: ###
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