Capital gains and earned income: tax it all according to the same rate schedule

“Treat all income the same. Tax it all according to the same rate schedule. A dollar is a dollar, whether you got it from your labor or your inheritance or your hedge-fund fees or your stock sales. It isn’t the only thing we could do to improve the tax code, but it would be the most transformative, and it expresses a principle that few would be able to argue against. [..] I’d like to see Mitt Romney—and any Republican, for that matter—be forced to answer this question: Why should investment income be taxed at a lower rate than income people work for?” — Beyond the Buffett Rule (via ryking)

Tell me why this weird, awkward, robotic multi-millionaire, singing “America the Beautiful” Bill-Murray-lounge-style in the video below, should pay a lower tax rate than average working and middle class Americans? And if you’re a GOP base voter whose knee-jerk reaction is to defend the idea that millionaires should pay less tax, but you’re not — and, unless you win the lottery, will never be — a millionaire yourself, please describe the methods by which the Republican Party brain-washed you. It’s really important we understand what happened, for the survival of future generations.

It will never stop unless we make it stop:

Romney’s New Loophole For The Rich – The former Bain executive has pledged to eliminate capital gains taxes for households with income under $200,000. Roberton Williams explains how this would work in reality:

Nearly 80 percent of households already pay no tax on gains and dividends—either because they have no investment income or because they’re in the 15-percent tax bracket or below. This cut—about $40 billion in 2015—can only help the remaining 20 percent. Not surprisingly, the bulk of benefits go to high-income households. And, because the threshold would apply only to non-gains and non-dividend income, households in the top 1 percent would get nearly a tenth of the tax savings.

About these ads

One thought on “Capital gains and earned income: tax it all according to the same rate schedule

  1. Our tax code is overly complicated. The super-rich can always afford to hire professionals to shelter their money from the tax code. I know, I work for a consulting firm that does it. On the other hand, I can’t justify anyone paying higher taxes even if it disguised as “addressingg wealth inequlityies”. The more we give to the government, the more cash they have to promote their own agenda – whether that be war in the middle east or pork-barrel spending. We are 15 trillion in debt – the government has already proven to me they can’t manage my tax dollars. Higher taxes only effect those too dumb, too ignortant, or too poor not to bend the tax code…

Comments are closed.