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 7 years ago
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