“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.