In an interview, Obama was informed that raising capital gains taxes, historically, have LOWERED the amount of revenue the gov't took in. He responded it's more about fairness. Well, he's RIGHT!! Sure, the rich pay higher rates of INCOME taxes, and 50% of people don't pay income tax at all. And sure, they pay the majority of taxes all together. BUT....the rich, and ANYONE else who recieves capital gains, does pay a lower rate than some are paying in their income and payroll taxes. Two separate taxes all together, as most people don't recieve capital gains at all. So anyone paying capital gains, rich, middle or poor, pay the same low rate. SO..............
I say Obama is right. No one should pay a rate of income/payroll taxes higher than Warrent Buffett's rate on capital gains.
Thus, Obama should demand ALL tax rates be LOWERED to the level of the capital gains rate
Great idea Mr. President.
Obama is only right when the people of this country claims this country is the "land of no opportunity."
