once the Tea Partyiers understand that the filthy rich are paying a much lower tax-rate on their capital gains than regular folks are paying on income, the TP will be on our side.
Is this some secret ? Only the most uninformed do not know that we have seperate tax rates for wage income, capital gains, inheritence, etc. Everyone who has ever owned a home will have some knowledge of taxes other-than-wages. I find your assumption therefore to be without merit.
The top 1% of wage earners already pay an exhorbitantly higher progressive rate on their wage income. In fact, when looking at things, in income taxes paid, all the top pays a much higher portion of income taxes than they earn as a portion of all total income earned.
For instance, the top 1% makes 20% of all wages, and pays 38% of all wage taxes.
The top 5% earn less than 35% of all wages, but pay over 57% of all the wage taxes !
Granted, that is only taxes on wage income, but it is already hugely progressive. The argument seems to be that it should be even more progressive, so as to be "more fair". :roll:
But, of course, we have capital gains "Investment income".
Taxed at approximately 15%, or the rate at which wage income is already taxed for the top 25% of wage earners. So even this income can be seen as progressively taxed. in that it is taxed at a higher rate than over 70% (estimate from chart) of Americans pay on their regular wages ! Admittedly, capital gains are not taxed for FICA etc.
But according to some, this is not enough. They want investment income taxed more. They apparently want business income taxed more as well, even though we already have the second highest corporate tax rates in the developed world.
That corporate money and investment money can go other places with ease folks. Its one great way to lose even more jobs to other countries. You want to raise taxes on investment even more (note that money paid on investments has usually been taxed as corporate profits already), then you will get less investment. It will go elsewhere.
There is no future in mooching unless one is a politician who benefits from making folks wards of the state.
Tell us what is fair libs. And please tell us why. Thanks.