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Capital Formation and the Fiscal Cliff
In todayís letter we will look at some of the consequences of an increase in taxes. Please note that this is different from arguing whether taxes should rise or fall. For all intents and purposes that debate is over. As investors, our job is to deal with reality. We must play the hand we are dealt. Taxation is a complex issue, but letís see if a few word pictures can help us understand what we face.
-John Mauldin, president, Millennium Wave Advisors
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