This oped even admits that money earned and used for investments has already been taxed. You know, taxed at the same income rates everyone else pays, which are much higher and punitive to those who earn more, in comparison to those who earn less.
But, even though this money has already been taxed, if you happen to invest and make a profit on your income, then libbie logic is you should be taxed again. This is where the asinine argument comes of the wealthy paying a lower tax rate then their secretaries - missing that they paid the tax on the income already! They saved, made choices, and invested. Why do some want to penalize investment and success?
The op-ed wants you to think that capital gains only affects a small part of the population, furthering the millionaire-billionaire rhetoric. But you also pay capital gains on home sales, and stock options and RSUs that might have been given in lieu of salary today. It does not remember seniors who are living off their savings and investments too, who are also taxed twice.
If we must be taxed on our earnings, we should be taxed once, with the same rules and deductions applying equally to everyone. I shouldn't get less of a deduction per child because I planned and can actually afford them. You shouldn't pay a second time because you pinched pennies and saved for the future or invested well.
http://www.standard.net/stories/2011/09/21/our-view-enact-millionaires-tax-hike
But, even though this money has already been taxed, if you happen to invest and make a profit on your income, then libbie logic is you should be taxed again. This is where the asinine argument comes of the wealthy paying a lower tax rate then their secretaries - missing that they paid the tax on the income already! They saved, made choices, and invested. Why do some want to penalize investment and success?
The op-ed wants you to think that capital gains only affects a small part of the population, furthering the millionaire-billionaire rhetoric. But you also pay capital gains on home sales, and stock options and RSUs that might have been given in lieu of salary today. It does not remember seniors who are living off their savings and investments too, who are also taxed twice.
If we must be taxed on our earnings, we should be taxed once, with the same rules and deductions applying equally to everyone. I shouldn't get less of a deduction per child because I planned and can actually afford them. You shouldn't pay a second time because you pinched pennies and saved for the future or invested well.
http://www.standard.net/stories/2011/09/21/our-view-enact-millionaires-tax-hike