why the wealthy want to get rid of capital gains tax

[luckyleftyme2]

whats wrong with elminating the capital gains tax=Romney paid 14% on his taxes in capital gains tax=nothing in income tax! he made 13,696,951; a few years ago he would have paid 3,835,146;a few yrs before that 5 million -the right wants to elminate the capital gains tax-that means you the worker have to pick up the void! think about that!!! think hard!! because they have shifted the tax burden by 40% to you in the last 10 years!
vote your pocket book=it ain't "alec" or the heritage foundation picking up the slack! its you and me while the big boys skate!
my off shore account is "0" WHATS YOURS?

[Liberal Gramma]

1. And I don't buy the double-taxation meme

It might have some resonance if capital was all earned money, already taxed, and then invested. Most of our wealthy investors inherited the money, so they haven't been taxed on it yet. And, if I buy a coffee with my taxed earnings, I'm paying sales tax on that, so "double taxation" is the norm. Personally, I think unearned income should be taxed at a higher rate than earned income.

[luckyleftyme2]

2. maybe

Ithink unearned income like capital gains should never be taxed less than 28%; which is about the avg income tax rate of the upper middleclass !

[Liberal Gramma]

3. Agreed.

Minimum tax rate for unearned income should not be lower than the average Joe pays for earned income.