RE:Tax the ""RICH"",,,,,,,,,,,,,,JUST a LITLE MORE.............
Reddeer, I read that article a while back....and many others over the years that highlight the same reality: our tax system! The more you make the more tax you pay. What's your point?
Of course "the rich" will contribute a total larger dollar amount than the rest.
They make more, they pay more, they are left with more.
"the top 5% pay 40% of tax revenues" ??? OF COURSE they do! What's unfair or wrong with that?
What do you suggest instead??? Pick a revenue figure needed to run the country and divide that amount by the number of tax filers and have every tax filer pay the same amount???
Would you be happy then? Would that be tax "fairness" in your mind??? It don't make sense.
A worker with 111,733 of income pays 17.7% in federal tax
If he also has a cap gain of 340k...he'll still pay 17.7% on his work income + 15.8% of his cap gain
This is AFTER June 25th!
If anticipating his cap gain he took the year off....he'd pay 11% of his cap gain in fed tax
If there is a reasonable logical reason why income from capital gains should be taxed at a lower rate than income earned from every day work....I have not heard it. Neither has Warren Buffet who admits there is something wrong when his receptionist pays tax at a higher rate than he does.