http://en.wikipedia.org/wiki/Capital_ga … ted_States... I hear alot about the wealthy not paying their fair share of taxes, but it seems to me it's about loopholes rather than paying a higher percentage of income since the tax system is already progressive on normal income and capital gains. The above link shows that all income is progressive until next year when the long term capital gains revert back to equal percentages for most income levels except the lowest bracket.
If income is held in the corp as a share and is not paid out as of yet, then isn't the yearly corporate capital gain tax already diminishing the return, in effect taxing the future return?( a sort of double tax since there will be future tax on redemption of the share as well.)
-this is a question of sorts and not necessarily a statement-
Is this current tax argument really about loopholes or returning the long term capital gains back to being progressive? I personally think closing loopholes and offshoring is more crucial than the actual percentage rate paid.
I think you make a good point about tax loopholes being the real issue. If you couple it with wasteful spending of the taxes that is collected, well you got one heck of a mess that looks pretty familiar
by Nick Lucas 12 years ago
I don’t understand this concept that Obama and many liberals keep clinging to…..So allow me to make it simple. If everyone is taxed at say 10% people who make more do pay more as 10% of a greater amount is more……example 10% of 100 = 10 10% 1000...
by Mikel G Roberts 12 years ago
I believe Capital Gains should be the most heavily taxed form of income there is. As much as 90% should go to support the social system that makes the capital gains possible.Being given money simply because one has money, should be treated as the bullying that it is.I believe the formation of this...
by Jesusjohn78 4 years ago
Everyone hates the "rich" and I do not understand why. I was always under the impression the American dream was to become successful and stay successful? SO why are we always trying to punish the rich?
by Petra Vlah 11 years ago
At the very specific question “what would you cut in terms of deductions like home mortgages, child allocation and charity contribution in order to reform the tax system and reduce the deficit”, Romney’s response was something like that: “ I will help the middle class by giving them a $25.000...
by ga anderson 8 years ago
You work hard to build a fortune that you can pass on to your kids, or otherwise distribute however you desire on your passing. It is your money. Shouldn't you be able to do whatever you want with it, within our legal boundaries of course?What business does the government have taxing your estate...
by x 12 years ago
Those who are more knowledgeable than me (which is pretty much everyone ) can sort this one out..."Yet Mr. Ross told me that he paid 102 percent of his taxable income in federal, state and local taxes for 2010. “My entire taxable income, plus some, went to the payment of taxes,” Mr. Ross...
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