Quote:
Originally Posted by Relentless
It being their money is not in question. It being protected from taxation in ways that differ tremendously from money earned by producers (rich or poor producers) is very much in question. The fact that they did not earn it should not come with any kind of additional exemption. A national sales tax would go a long way toward correcting the problem.
I'm not 'crying' about it in any sense different than someone 'crying' about poor people having access to food stamps. Just as I do not seek to protect lazy non-producers who abuse the system by fraud at the low end, you ought not to be trying so hard to protect the lazy non-producers who exploit the system via loopholes at the high end. They are both part of the problem.
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The rich are NOT using a loophole to pay 20% on their investment earnings. EVERYONE is taxed the exact same rate on their investment earnings. Tax free bonds? also available to anyone who wants them.
Pretending a tax rate is a loophole is not going to win the argument.
carried interest is a loophole, the tax rate for investments is not.