Click here for an index of Newsletter . That is nonsense.
Capital is essential to labor, just as labor is essential to capital.
And a tax code designed not to increase wealth, but to redistribute it, is the last thing we need at the dawn of the twenty-first century. Inc. Mr. Kemp acknowledged that Mr. Gephardt's own reform plan would establish a 10 percent flat rate for 75 percent of the American people. Mr. Kemp faulted the current system not only for taxing wages and earnings from savings but for imposing tax rates on capital gains that are among the highest in the world. He proposed a single rate of 19 percent, with deductions for payroll taxes, interest on mortgages, and charitable contributions, and the elimination of tax on capital gains and the double taxation of corporate dividends. He agreed with Mr. Kemp on the need to increase the base on which taxes are paid, to reduce tax rates, and to rid the tax code of many of today's deductions and exemptions.