asterism
Congress != Progress
This is the level of stupidity the GOP spin machine depends on!!!Conservatives on this site (and others) love to quote the statistic that says 40% of the income tax revenues come from the richest 1% of Americans. This statistic is true.
What these same posters ignore is that the top 1% of Americans control 40% of America's wealth. Seems to me that they pay exactly the percentage they should.
Except taxes are on income, not wealth. Stored wealth has already been taxed once (or twice). The top 1% of income earners pay way more than their corresponding share of total income.
Unrealized capital gains is not taxed at all, not once and not twice.
For example, if you have $1 million in stock and it doubles to $2 million, the 1$ in capital gains is not taxed at all until it is realized. If you sell the $2 million the $1 million in cap gains is taxed for the first time and the $1 million you paid for the stock is not taxed.
Now you please explain how any of that $2 million got taxed twice!!!!!!!
I won't hold my breath for your reply.
For starters, the initial million has already been taxed once perhaps twice. Then the second million is taxed upon realization in most cases. In some cases it is taxed before it is realized.
Double taxation occurs when a closely held C-Corp earns income and then that income is passed to the owners.