Gingrich: Capital Gains Tax Detrimental to U.S. Investments
In a column for USA Today
, Newt Gingrich argues that the capital gains tax has deterred U.S. investments.
“Eliminating the capital gains tax would liberate private capital to move quickly to the most productive investments, thereby accelerating economic growth. This is the opposite of the failed model practiced by the Obama administration, which is bureaucracies steering taxpayer stimulus dollars to allegedly “shovel ready” job and politically connected firms such as Solyndra,” Gingrich wrote.
Gingrich went on to assert that the capital gains tax isn’t the only tax on capital income, and that these various taxes discourage investment in the U.S. while promoting foreign markets.
“This directly affects every American through lost jobs, lower wages, and a weaker economy as the capital investment that creates jobs and bids up wages goes to another country, leaving American workers behind.”