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Demonizing the rich is one of the basic distraction tactics for Obama. He does not want people to look at his failing Presidency so he distracts their attention. Same goes for racial tensions they create. This divides and angers the black race which causes a diversion of attention from Obama's failed policies.
If you think they are angry now wait until the night of the Zimmerman acquittal.
Hoo boy!! I think people should hug their children extra tight when that night goes down...
Most of those people who have capital gains already paid full taxes on that investment money when they earned it. I'm not talking trust fund babies who never worked a day in their lives, I mean the regular people who made their money fair and square. I don't think they should have to pay huge amounts every year, it's already been taxed. What are we just going to tax everything to death, on second thought it is taxed again when that person dies.
Most of those people who have capital gains already paid full taxes on that investment money when they earned it. I'm not talking trust fund babies who never worked a day in their lives, I mean the regular people who made their money fair and square. I don't think they should have to pay huge amounts every year, it's already been taxed. What are we just going to tax everything to death, on second thought it is taxed again when that person dies.
The investment money isn't being taxed. What is being taxed is the gain produced by that money. If I buy stock with money, and then sell stock for a gain. I will not be taxed on my base investment, only on the gains I realized at the sale.
Could you imagine what the top earners here would say if they had tax rates here like after WW2.
At the end of WW2 the United States had a bottom income tax rate of 23 percent and an upper tax rate of 94 percent. Incomes over $500 were taxed at the bottom rate, while those earning over $1 million got hit with the massive 94 percent rate. Of course the wealthy had tax exemptiona and loopholes but they still paid a hefty chunk. Today the wealthy want low taxes AND exemptions and loopholes.
The huge tax rate after WW2 was to pay for the war..... well we need to pay for the longest war in America's history right now too.
No wonder the people with money and influence don't feel connected to the rest of the population. It's as if they live in a foreign country at the top of the world, like their own private Switzerland, at heights so rarified they can't imagine life down below. Here's the article.
So when we say the rich don't pay taxes or as much in taxes, we need to put things in perspective. A very large percentage of our population doesn't pay any at all.
the rich pay less in percentage, but pay more in actual taxes paid.
Considering what they earn, of course they pay more but they also have far more left after paying their low taxes.......
36% of a little leaves hardly anything whereas 36% of a million leaves wealth.
No wonder the people with money and influence don't feel connected to the rest of the population. It's as if they live in a foreign country at the top of the world, like their own private Switzerland, at heights so rarified they can't imagine life down below. Here's the article.
You should ask the three new lottery winners if they pay less taxes....
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