Beck's false warning: Proposed capital gains tax increase "affects every single" investor
Research ››› ››› MATT GERTZ
Glenn Beck falsely claimed that President Obama's proposed increase to the capital gains tax "affects every single American who invests." In fact, Obama's proposal would only impact married taxpayers with income greater than $250,000 and single taxpayers with income greater than $200,000.
From the April 7 edition of Fox News' Glenn Beck:
BECK: He also sought to raise the capital gains tax, which affects every single American who invests, which -- I know that sounds like the big Wall Street fat cats, but if you have a 401(k), that would be you.
Proposed capital gains increase only impacts "Upper-Income" earners
Obama calls for 20 percent capital gains tax rate on families with income greater than $250,000. From the White House's Budget of the U.S. Government for fiscal year 2011 (click on chart for larger image):