OohPooPahDoo
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- #81
The "rich" mostly avoid capital gains by not selling things and putting their homes and land into a trust for their children.
They fail to avoid it to the tune of 1 trillion dollars annually, as eliminating the tax would eliminate 1 trillion in capital gains tax revenue.
Five GOP Presidential Candidates Have Proposed Eliminating Capital Gains Tax, A $1 Trillion Giveaway To The Rich | ThinkProgress
You pointed out earlier that the rich write the tax code, and then you act like the rich actually pay taxes on the code they write.
The richest 400 pay 17% on average.
Richest 400 Earn More, Pay Lower Tax Rate - Forbes.comThat works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.
If you can't figure out what's wrong with the richest 400 paying a lower tax rate than yourself or me - I can't help you.
Note they paid 30% in 1995 - at the height of an economic boom. Clearly - taxing them does NOT lead to a bad economy.