Taxes to rise for wealthy

As quoted in the NYtimes on 2/26 and on 2/28:

"The combined effect of the two proposals, on top of Mr. Obama’s existing plan to roll back the Bush-era income tax reductions on upper-income households, would be a pronounced move to redistribute wealth and reimpose a substantially larger share of the tax burden on the most affluent taxpayers."

"And Mr. Obama’s tax plan would affect people — mostly those with high incomes — who work for hedge funds or private equity firms and pay only a 15 percent capital gains tax rate on much of the money they take home. Now, they would pay ordinary income tax rates, as much as 39.6 percent, on everything."


A large part of the housing bubble was certainly due to the tax cuts on the wealthy. As these will now be reversed, there will be les money to support high home prices for "second home" destinations.