Higher Taxes on the Wealthy May Boost Gold
Source: Kitco, Debbie Carlson (9/27/11)
"Historical high-income tax rates in the Organization for Economic Cooperation and Development show a relationship to gold prices."
The proposal by President Barack Obama to reform the tax code to ensure that the wealthy do not pay a lower rate than the middle-class could spur investment into gold, according to James Steel of HSBC. He says a look at historical tax rates on the rich in the Organization for Economic Cooperation and Development shows that changes in tax rates may affect gold prices. Citing a story in The Economist, Steel writes that in the 1970s, top marginal income-tax rates of 60-90% were common, and this coincided with a robust gold bull market. . .View Full Article