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SENATOR OBAMA: Well, Charlie, what I've said is that [b]I would look at raising the capital gains tax for purposes of fairness.[b]
And that is where he no longer has my vote.
If I invest money and make $100, I will pay $15. If a "rich person" invests $10,000, they pay $1,500...a heck of a lot more. That is fair.
But he is not talking about fairness in payment, he is talking about fairness in life. The, "It is not fair that a millionaire has such an easy life and I have to work so hard, therefore, they should have to pay more money and suffer for that which they have" kind of fairness.
The truth is that you cannot legislate life to be fair. If you could, I would demand a law wherein naturally skinny blonds with great legs could only go out in public wearing a ball cap, sweatsuit and no makeup.
Not really, the rich are getting richer, and the middle class is getting poorer. The idea that rich people are taking risks with their money is a joke. When they screw up, the middle class suffers (and pays for the bailout).
SENATOR OBAMA: Well, Charlie, what I've said is that [b]I would look at raising the capital gains tax for purposes of fairness.[b]
And that is where he no longer has my vote.
If I invest money and make $100, I will pay $15. If a "rich person" invests $10,000, they pay $1,500...a heck of a lot more. That is fair.
But he is not talking about fairness in payment, he is talking about fairness in life. The, "It is not fair that a millionaire has such an easy life and I have to work so hard, therefore, they should have to pay more money and suffer for that which they have" kind of fairness.
The truth is that you cannot legislate life to be fair. If you could, I would demand a law wherein naturally skinny blonds with great legs could only go out in public wearing a ball cap, sweatsuit and no makeup.
A better analogy: Bob works at a job and collects a $12000 paycheck of which $4200 goes into income taxes (and Social Security and Medicare on top of that. . . )
while Chuck invests his money, earns $12000 and pays $1800 of capital gains taxes on it. He makes the same money, enjoys the same government services as Bob, but pays less than half the taxes.
Bob should be angry that he's getting shafted while Chuck gets off easy.
A better analogy: Bob works at a job and collects a $12000 paycheck of which $4200 goes into income taxes (and Social Security and Medicare on top of that. . . )
while Chuck invests his money, earns $12000 and pays $1800 of capital gains taxes on it. He makes the same money, enjoys the same government services as Bob, but pays less than half the taxes.
Bob should be angry that he's getting shafted while Chuck gets off easy.
If Chuck worked hard and invested wisely enough to earn the amount of money it takes to make a $12,000 return (and paid the taxes along his way to earning it) then Bob should find other things to be angry about in life.
They do because they can. What can you risk when you have nothing to?
But they don't have to.
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