You know how Barack Obama wants to raise the capital gains tax if he's elected?
The American Council for Capital Formation notes that the United States already has one of the highest capital gains tax rates in the world.
How will the U.S. compete if companies keep relocating to other countries to save on taxes?
Anybody in the liberal media want to ask Obama that question?
At a 15% long-term capital gains tax rate, the United States ranks higher than countries with lower, more competitive rates including Canada (14.5%), Italy (12.5%) and Japan (7%), according to ACCF. Many countries have a capital gains tax rate of zero (0%) including Germany, Mexico, India, Malaysia, Taiwan and Honk Kong, the council says.
"A low capital gains tax rate has an important role to play in fostering economic growth and playing on a competitive global economic field," said ACCF Senior Vice President and Chief Economist Margo Thorning. "The U.S. falls far short when compared to many other countries and stands to be at even greater international disadvantage if capital gains tax rates are increased once the current 15% rate expires in 2010."
U.S. Capital Gains Tax Rate Uncompetitive With Many Other Major Economies