by Tom Quaadman Over the past several weeks we have seen several proposals mover forward to raise the taxes on capital. The House last month passed a bill that will assess fees for bailouts, stock transaction taxes were proposed in the House and the Senate, bonus taxes were proposed last week, as the Obama administration proposed a tax on banks. What these proposals all have in common is that they will raise the cost of capital, in other words, it will be harder for individuals and businesses to raise money. Decades ago, increased capital costs forced money into other uses that may have been economically inefficient or produced lower returns. Today, in the global economy, capital can leave the country with the click of a button. Higher costs means less capital, less capital means less available for loans, less loans means less opportunity for business expansion and job creation. These proposals seem to be going in the opposite direction, unless job creation has become less of a priority. Fanning the flames of populist anger might satisfy some, but the long-term...