Actually my concept of FAIR is based on the following reality of living in America and has NOTHING to do with ideology. Its all pragmatic numbers which cannot be denied.
case #1 George Brown. Works as a record producer and has risen up in the ranks due to hard work and his own talent. He made an income of $800,000.00 in 2011. His tax rate is 35%. Without any deductions, his tax bill is $280,000.00 in federal income tax.
case #2 is Susan Green. She does not work at a job. She has a portfolio of investments and lives off that income. In 2011, she earned an income of $800,000.00 in long term capital gains. Her tax rate is 15%. Without any deductions, her tax bill is $120,000.00 in federal income tax.
case #3 is Tom Wallace. He did not work in 2011. He did inherit $800,000.00 from his father who died leaving him the money. Because of the 5 million dollar exemption, his tax rate on the $800,000.00 is zero percent. His tax bill is nothing - zero dollars in federal income tax.
So we have three Americans all who placed $800,000.00 into their pockets in 2011.
One paid $280,000.-- in federal tax upon that sum.
Another paid $120,000.00 in federal tax upon that sum.
A third paid $0.00 in federal tax upon that sum.
Now explain to me, why the American people - the vast vast majority of which get their money from wages and salary, should support this sort of system which discriminates among sources of money and applies discriminatory rates to them?
No apples to oranges.... dollars to dollars ...... tax bill to tax bill ...... rate to rate.
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