Predictably, our politically transgendered Congressman, Walter Jones, has voted with the Democrats to extend the Bush-era tax cuts to only selective Americans, effectively raising taxes for everyone else. Three Republicans voted for it and twenty Democrats voted against it. Walter is bluer than the Blue-Dog Democrats!

The bill would extend the Bush-era tax cuts to people making less than $250,000. It will raise taxes on everyone else, including investors who will see a 30% increase in the capital gains tax as the rate is scheduled to go from 15% to 20%. Should the capital gains tax go up, expect to see a massive drop in the stock market. This will have a negative impact on EVERY American who has anything invested for retirement. Ergo, this will be a tax increase for all of us.

This is class warfare at its best. Only people making less than a certain amount deserve to keep the fruits of their labor. People who make more are greedy and evil and should pay a higher rate. Unfortunately, Congressman Jones does not posses even a rudimentary understanding of how incentives work in our economy. He just likes bills that make him feel all warm and fuzzy. This vote was arranged by Pelosi to make the Republicans look bad and Walter fell right in line. I suppose, though, that this is what you can expect from a donkey in elephant’s clothing.