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In my opinion all forms of income should be treated equally by the government. It shouldn't matter if you make your money through a job or by living off of investments. We should not let professional investors pay lower taxes while requiring people with jobs to pay higher taxes.
Do you want them to continue investing? I think you do.
Tax rates are lower on those forms of income because as a society, we WANT people investing their money. If you'd rather they hold onto that money, then raise those rates all you want. I don't think you understand what the ramifications of that would be, though. Hint: If you think the unemployment rate is high right now...
Then where do you propose that businesses get investors if we are taxing investment at a high rate? Wanna see the economy get even worse? Let the stock market tank again, there will be a massive selloff if this goes through.
The same place we get workers even after taxing them at the current rates.
The argument "People won't invest unless they have a 15% tax rate" doesn't make sense. People work jobs even though they pay tax rates as high as 35%.
Quote:
Originally Posted by swagger
Do you want them to continue investing? I think you do.
Tax rates are lower on those forms of income because as a society, we WANT people investing their money.
Do you want people to continue working jobs? I think you do. Then why do we tax labor so highly?
What are they going to do, stop investing and get a real job?
A real job, like in a factory built by investors, or in a store or office built by investors, equipped by investors, with payrolls financed by investors? You mean that kind of job?
A real job, like in a factory built by investors, or in a store or office built by investors, equipped by investors, with payrolls financed by investors? You mean that kind of job?
Workers and investors go hand in hand to make business happen. Neither one could do without the other. It makes no sense that our tax code is so lopsided in favor of the investors and against the workers.
Sources of personal income and sources of personal income.
Arguably, the rich don't have to have any income, they have enough as it is, at least at that time period. They can pay their bills, they don't NEED to invest to have an income. The middle class NEEDS to work to pay their bills, they will work no matter what the tax rate is.
Also, those who work do not create jobs for others. Those who invest do. There are much larger ramifications for increasing the tax rate on those who invest versus those who simply work as far as job creation and economic prosperity.
Now do you see why it's apples and oranges?
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He made a general statement saying they pay less than the middle class, with teh example being Buffett and his secretary.
