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What do you think about hedge fund managers who earn billions of $ a year and are only taxed at capital gains rates because they can buy representation. The working class, a lot of whom pay more in SSI than income tax for a retirement check they'll never see, pay a greater % of their income in taxes because they can't afford representation. They are barely able to afford food and gas.
Well, the Republicans sure aren't going to fix it. They want all the wealthy to have the government to take it easier on their taxes. But the chief problem is that so many people hate the Democrats and won't vote for them, that it's hard to get rid of the Republicans.
What is current capital gains tax? 15-20%? What are middle class American's paying on taxes? 15-25%... what is everyone who are successful but not uber rich to be able to live on capital gains paying? 28-35%... So tell me... who is getting "screwed"...
Well, the Republicans sure aren't going to fix it. They want all the wealthy to have the government to take it easier on their taxes. But the chief problem is that so many people hate the Democrats and won't vote for them, that it's hard to get rid of the Republicans.
In truth, I don't see a whole lot of difference between Democrats and Republicans. Once elected, they're all comrades in arms and only vote to maintain the status quo. The status quo is unacceptable.
What is current capital gains tax? 15-20%? What are middle class American's paying on taxes? 15-25%... what is everyone who are successful but not uber rich to be able to live on capital gains paying? 28-35%... So tell me... who is getting "screwed"...
The little guy who also has the 15% burden of payroll taxes, something that the hedge fund manager avoids by structuring his compensation as capital gains. IMO gains for anyone who is a professional investor should be taxed as ordinary income.
I have proposed - A progressive income tax based on all income from all sources with a basic deductable of (in current dollars) $150 K. Set the tax rate to cover government operating cost, including all current military spending, and only borrow for major capital items like road and bridges. I suggest tax rates similar to the Eisenhower (great Republican BTW) days. America was stable and prosperous
The little guy who also has the 15% burden of payroll taxes, something that the hedge fund manager avoids by structuring his compensation as capital gains. IMO gains for anyone who is a professional investor should be taxed as ordinary income.
It must "hurt" when the middle class gets screwed by the uber rich while the wealthy is screwed by the middle class... which one do we fix?
"Wealthy" and "screwed" are not compatible in a financial sense unless you're talking about some sort of fraud.
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