Monday, February 28, 2011

Guest Opinion: Ted McLaughlin, ‘The (Un) Fairness of Income Tax’

Does this seem fair to you? Is there any justification for someone making over a million dollars a year to pay a smaller tax rate than those making less than $170,00 a year (many of them making far less than that)?

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Statistics are from the Bureau of Labor Statistics and the Internal Revenue Service.

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The richest Americans make most (or all) of their income from interest income or stock gains.

That means they pay the Capital Gains Tax (15%) instead of Income Tax (about 35% in their bracket).

This must be changed. The Capital Gains Tax should be raised to equal the Income Tax, or eliminated and the rich forced to pay their tax in the Income Tax system. Continuing this system of taxation is unfair to most Americans.”                                                                                           Link to original post

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