Capital Gains Tax Cut Extension Shot Down

President Bush's growth package in 2003 (One of the few smart things he's done while in office)

In this article Grassley Unveils Tax Cut Plans

Grassley in order to add an additional 10 billion to tax income provided a proposal that we extend Bush's growth package 1 year from its ending of 2008 (which reduces the tax on capital gains to 15% if you have the position for over a year). This is an attempt to cover for increased spending elsewhere. Meanwhile Bush's tax reform panel is pushing for an extension to 2010

While many argue that this tax cut would only benefit the rich, I tend to disagree. It only benefits those smart enough to invest!

I am only 22 and after observing many of those around me have realized the importance of saving for retirement, I've seen men in their 40's that consider saving for retirement putting some money into a savings account they started a couple years ago and buying their daily lottery ticket. Meanwhile others are just completely irresponsible with their money, running up thousands of dollars on their credit cards only to make the minimum payment.

This is a Capitalist society, I hold no pity for those who don't have the initiative to begin saving, planning, familiarizing themselves with the market or finding a professional if they don't have time. There is no later, there is now, Unleash the power of the Time/Value of money.