The last thing America needs in a recession is tax increases, as any politician will tell you. Unfortunately, despite pledges by Democratic Senators and congressmen that their recently passed tax and spending package contains no new taxes and merely closes “tax loopholes,” last-minute changes to the bill include a new tax that will harm retirees and distort investment. With the House approving the Senate’s change, this tax will weaken the U.S. economy at a time when economic growth should be the number one priority for Democrats and Republicans alike. It will be Americans and retirees who pay for this tax through lower economic growth and lower returns on their investments.
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