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Tuesday, December 14, 2010

Mailbag: Bear Trader Writes; "Some Thoughts on Equitable Taxes"

Warren Buffet has said that he pays taxes at a lower rate than does his secretary. This is so.

The truly rich make almost all of their income from their investments. When the value of an investment goes up, this is called "capital gains", that is, as return on capital, that is, on money.

Interestingly, from my viewpoint as one of the "little people", capital gains are taxed at a much lower rate than "regular" income from wages, salaries, and the savings I have (taxed as "interest" at my regular rate). So it is for all but a very small portion of the population.

I cannot see why "capital gains" should be taxed as other than regular income. There a bogus arguments based on the idea that a low capital gains rate is merely to recompense for any "capital losses" - hey, I have capital losses, and certainly get no "recompense".

So, how about just abolishing "capital gains" from the tax laws? Income is income, right? Tax "capital gains" as regular income, WHICH IT IS.

Now my point.

Politicians are always laying on the B.S. that they are "for the little guy" and always pushing "the rich should pay their fair share". Well, then, why not get rid of this ridiculous "capital gains" tax treatment? Maybe the Big Boys wouldn't like it, eh? Maybe those Senators with net worth in the hundreds of millions of dollars would have to pay taxes on their incomes? Maybe the Billionairs would be pissed?

So, anyway, you can tell if a politician is lying easily. Are his lips moving?

At least the Pubs don't lie as much as the Dems. "I'm for the little guy" is a lie. Maybe someday a Pol will push for getting rid of special tax treatment for "capital gains" and tax the really rich guy's income the same way as "the little guy's". Nobody since Huey Long has tried it and he died in a hail of bullets - from his own bodyguard. Oh, well, maybe Hell will freeze over.

1 comment:

  1. Anonymous9:14 PM

    The money I make is mine. I worked for it. It does not belong to the government to give to some else. This is my property. Taxation is theft. Just because I work and make money does not mean I have to support some one that does not work.