NEW YORK ( TheStreet) -- In his State of The Union Speech, President Obama called for some Americans to pay a minimum income tax of 30%. Yes, you heard that right -- a minimum tax. He did NOT propose a maximum tax of, say, $3,000 per person per year, but rather a minimum tax.Remember the old robber's demand: "Your money or your life!" In Obama's new parlance, it's now "30% or jail!" I wonder what George Washington would have said about this new paradigm.
The 15% Capital Gains Tax Myth
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