“This tax, just like any tax increase, is an anathema to conservatives as it suppresses economic growth and opportunity throughout our nation,” Club for Growth President David McIntosh said in a statement Wednesday. “Under no circumstances should the NIIT be included in any forthcoming Republican ‘repeal’ bill.”
ObamaCare’s net investment income tax applies to individuals making more than $200,000 and married couples making more than $250,000. The tax falls on forms of income that include capital gains, dividends and interest.Yes, it suppresses economic growth - taking otherwise productive money out of the economy and handing it to Leviathan - but more fundamentally, it forcibly seizes Citizen A's money to pay for the particular needs of Citizen B.
UPDATE: James Pethokoukis at the American Enterprise Institute invites us to face a very discomfiting question: Is the GOP still the party of supply-side economics?