Dean Baker: Ending tax breaks for super-rich can make tax day fun for rest of us


Return To Article
  • 2 bits Cottonwood Heights, UT
    April 14, 2014 11:34 a.m.

    The problem with narrow targeted logic like this is... it wouldn't only hurt the "super-rich", or even the "rich". It would harm most middle-Americans. It would hurt anyone who has a company pension, or an IRA, or anybody who invests in mutual funds or stocks.

    I'm not rich, but I know my companies pension fund is fueled by stock market investments (which are frequently traded by a fund manager, and those funds would then be taxed every time he moved any of that money out of old investments to newer/better investments to the pension fund).

    I'm not rich, but I have an IRA... and in my IRA there are several mutual funds. I own mutual funds because I'm not a wise investor. So I own mutual funds so professional investors can manage the fund for me. And they trade the stocks in that mutual fund frequently. Every trade would be taxed (which reduces the value of my IRA) if this guy gets his way.

    That's the problem with trying to hurt other people with your plans... it usually ends up hurting people like you too..