THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Tuesday, August 23, 1994 TAG: 9408230011
SECTION: FRONT PAGE: A12 EDITION: FINAL
TYPE: Editorial
LENGTH: Short : 23 lines
TAXES DON'T MATTER DEPT: When former President George Bush wanted to slash capital-gains taxes, Democratic Senate Majority Leader George Mitchell insisted the only people who would possibly be helped by such a measure are the rich.
Well, Sen. Mitchell might want to take a trip to Israel. There, the tax-happy Israeli government has decided to strike another body blow at prosperity by instituting a capital-gains tax on stock-market profits. The Israeli market promptly crashed, losing 10 percent of its value in a single day of trading. (The equivalent of a 370-point drop in the Dow Jones Index.) Pensioners and small investors are screaming. But, hey, at least they won't have to worry about greed. by CNB