One of the greatest stories told in American History - and a classic example of my point below regarding the rants of Jeremiah Wright and the inherent progressivism of the USA - is the story of the Abolition of Slavery. I've said before and I'll say again, Slavery as a past institution is not unique to the United States of America. However, I'm hard pressed to find a record of any nation in world history that has come to grips with it in the manner we have. We fought one of the most grizzly wars in the last 300 years over the evil of Slavery.
I know, I know, many people will come forward and claim that the US Civil War was about other things; state's rights, etc. But, at the heart of the matter, was the (justified) moral outrage over the institution of Slavery. It's unavoidable and that's a beautiful thing.
Its a great American Story and its some if its most principal cast members are people like Abolitionist John Brown - a free white man who gave everything to see the institution wiped from the American Landscape.
So, I've decided we need to launch a new Abolitionist movement here in the US - a movement to abolish the Capital Gains Tax.
Donald Luskin, keeper of the blog "The Conspiracy To Keep You Poor & Stupid", I'm sure will be the first to join this courageous new movement. He's said as much last August in an Op-Ed to the Wall Street Journal.
Says Luskin: "The cap-gains tax is a barrier to the investment of capital. Without it, capital will flow to investments that otherwise wouldn't have been made. The cost of eliminating the barrier is foregone revenues from that particular tax. But those revenues are small, usually deferred and non-recurring. In their place, government receives large and recurring revenues from corporate taxes, sales taxes, wage taxes and dividend taxes -- all generated by new economic activity."
Look, folks, its time to free investment from the bondage of Class Warriors. Read Luskin's piece in its entirety above. Its time to get rid of this growth killing tax entirely, once and for all. The Capital Gains Tax is evil. Let's wipe it from our nation's landscape before one more investor has to spend another day in its bondage. Our cause is Just.
The lead editorial today at IBD has an interesting sentence. "Tiny Hong Kong became a global economic powerhouse with its zero capital-gains tax." That same kind of power can be unleashed here if we get the nerve to say "no" to the Class Warriors who cling to this monster.
Let the fight begin here. End the Tyranny. Abolish the Capital Gains Tax. Free investors once and for all.