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Capital Gains Under Attack

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A Stealth Attack on Capital Gains – Richard A. Baker, The Wall Street Journal
A political revenge machine is being fired up in Congress. The same loathsome politicians that brought Americans Obamacare now want to tax the hell out of partnerships like hedge funds, private equity firms and venture capitalists. This set is responsible for much of the venture capital invested in new small businesses, the very job creators the government claims to support in these hard times. For a view of states with low taxes to shelter your wealth, visit my Liberty & Freedom map. – Dick Young

Lockheed Braces for Cost Cuts at the Pentagon – Nathan Hodge, The Wall Street Journal
Lockheed Martin’s mismanagement of the F-35 fighter-jet program has increased the average cost per jet to a staggering $112 million. The timing couldn’t be worse as the Department of Defense seeks to aggressively cut costs.  A June 1 letter to Congress from the DOD states that it still considers Lockheed to be “non-compliant” with some of the 32 rules for earned value management–a preferred DOD tool to control a program’s costs and schedule. Have they not learned from the recent shake-up? – E.J. Smith

‘I Will Not Settle for Inaction’ – John Fund, The Wall Street Journal
Offers of assistance from other countries have flowed in to the President, but his refusal to anger his union allies like the recently retired Andy Stern of SEIU, is keeping needed expertise from reaching the Gulf of Mexico oil spill. The 1920s Jones Act forces the country to use union labor for shipping. The terms prevent outside help from reaching the U.S. and can be waived by the President. However, Barack Obama is the unions’ first handpicked President so don’t expect him to waive the Jones act in this state of emergency. – Dick Young

FCC Split as It Launches Internet Regulation Effort – Amy Schatz, The Wall Street Journal
In the name of protecting the consumer (read: more government regulation) the FCC voted 3-2 yesterday to re-regulate Internet lines, with Obama-friend and FCC Chairman Julius Genachowski casting the deciding vote. Two other Democrats sided with him. “We need to reclaim our authority,” said one of the Democratic FCC Commissioners Michael Copps. “I, for one, am worried about relying only on the good will of a few powerful companies to achieve this country’s broadband hopes and dreams.” That’s scary considering how far left this administration’s hopes and dreams really are. – E.J. Smith

Obama’s ‘Killing Great American Jobs’ Machine – Donald Lambro, Human Events
Effective unemployment under the Obama administration has reached nearly 20%. That’s a pitiful rate for a country that has passed a so called “stimulus” bill, and was told that by passing Obamacare jobs would be created and the country would be saved. It is true that Barack Obama and his team inherited a bad economy from George Bush, but everything the Obama administration has done has been counter to any reasonable view of economics. The country needs less government spending and fewer corporate taxes, or else American will end up like Greece, or Iceland. – Timothy Jones

Travel insurance: To buy or not to buy? – Jillian Berman, USA Today
The summer travel season is heating up. Soon the kids will be out of school and families will be packing up for trips around the country, and the world. Whether you’re going to beautiful Key West Florida, or Tuscany, be sure your health insurance goes with you wherever you go. – Dick Young

For your Friday enjoyment, here is a video of Dale Peterson. Dale was running for Alabama Agriculture Commissioner and unfortunately lost, but his insurgent campaign did force a run-off between the two top candidates. Here’s Dales endorsement of John McMillan. – Dick Young

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Richard C. Young

Richard C. Young is the editor of Young's World Money Forecast, and a contributing editor to both Richardcyoung.com and Youngresearch.com.