Does this seem fair to you? Is there any justification for someone making over a million dollars a year to pay a smaller tax rate than those making less than $170,00 a year (many of them making far less than that)? (Figures are from the Bureau of Labor Statistics and the Internal Revenue Service.) The richest Americans make most (or all) of their income from interest income or stock gains. That means they pay the Capital Gains Tax (15%) instead of Income Tax (about 35% in their bracket). This must be changed. The Capital Gains Tax should be raised to equal the Income Tax, or eliminated and the rich forced to pay their tax in the Income Tax system. Continuing this system of taxation is unfair to most Americans.
Sunday, June 13, 2010
The (Un)Fairness Of Income Taxes
Does this seem fair to you? Is there any justification for someone making over a million dollars a year to pay a smaller tax rate than those making less than $170,00 a year (many of them making far less than that)? (Figures are from the Bureau of Labor Statistics and the Internal Revenue Service.) The richest Americans make most (or all) of their income from interest income or stock gains. That means they pay the Capital Gains Tax (15%) instead of Income Tax (about 35% in their bracket). This must be changed. The Capital Gains Tax should be raised to equal the Income Tax, or eliminated and the rich forced to pay their tax in the Income Tax system. Continuing this system of taxation is unfair to most Americans.
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I'm not sure where I stand on this issue. 15% of $1,013,200,000 is $151,980,000. I gather "As low as" means they could be paying higher taxes than that. So why should 25 people pay $150 million dollars each? Do we really owe the government and equal fraction of our money or should government have a more linear price tag? Clearly those who are able to pay more without noticing a change in lifestyle at all should do so. On the other hand, at what point after you've been taxed $100 million have you done your part for the country?
ReplyDeleteI think that the country should get a percentage of everything you make. It is the infrastructure, education system, hospitals, internet, libraries, etc. that we all pay for that enabled you to use your abilities and create that wealth. So like a franchise you should pay a percentage back to continue the support of that infrastructure. NO Man is an island.
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