There is a reason that regular income is taxed at 35% on the high end for the highest tax bracket, but that’s a completely irrelevant statistic because the really high earners like Mitt Romney are making their money in capital gains where the rate before deductions is 15%. And 57% of all capital gains go to the top 1%. This isn’t unintentional…this isn’t the result of the middle class being envious of the wealthiest Americans. No – this is a result of legislators who are giving sweetheart deals in the tax code back to those wealthy financiers who helped keep them in power in the first place via political influence and personal wealth. It’s broken. It is time for the 1% to pay a higher tax on their income including capital gains. It is time to pass President Obama’s minimum 30% tax on anyone making $1 million a year or more regardless of the type of income i.e. capital gains, regular income, etc.
Source: Mind-Blowing Charts From the Senate’s Income Inequality Hearing | Mother Jones.
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[...] So – how did his rate go from 35% to 17%? That’s where the spending comes in. As Ezra Klein points out – the benefits of the government spending through tax expenditures are done in a way that is not seen. So most people don’t realize that they’re benefiting from a government program. Another really excellent example is capital gains. If a person makes $100,000 in capital gains i.e. selling stock, selling a home etc they pay 15% minus deductions; however – if a person makes $100,000 in salary – they pay 28% + a payroll tax – deductions. There is a very, very clear reason why – 57% of all capital gains go to the 1% – source HERE. [...]
[...] the reality – that money flows up to investors…and as we have talked about - HERE - 57% of all capital gains goes to the 1% of wealthiest Americans. Corporations are not evil; [...]
[...] that the vast majority of those shareholders fall in the 1% of richest Americans. In fact – 57% of all capital gains go to the 1%. So – while the rich gets sweet loopholes that Mitt Romney declines to say whether or not [...]
[...] And make no mistake – corporate tax rates have been going down for DECADES. Every $ not paid by a corporation in taxes is a dollar you’re going to pay in taxes or a $ in services that’s going to be cut. Now – some will tell you that consumers just pay higher costs if there are higher taxes…and while that’s partly true – the real untold truth is that those tax cuts go directly to the bottom line paid directly to shareholders. And we know that 57% of all capital gains go to the 1%. [...]
[...] Before I present the proposal – here is what you would pay under the proposal based off of income levels. Now – it’s important to note that this effective tax rate INCLUDES the payroll tax and would fully fund Medicare, Social Security and Medicaid. So when you see the chart below – that’s your turn-key write the government a check amount. Very simple. Also – if you make $100,000 in capital gains or $100,000 in salary; it really doesn’t matter – you would pay the same % on your income. If you’re making the money – you pay whatever the rate would be based off your final income. The reason there is so much protection against taxing capital gains at a higher rate is because 57% of all capital gains go to the 1% highest earners. [...]
[...] gains lower than income taxes … that’s because 57% of all capital gains go to the 1% (source). There is a reason that there are loopholes like the “carried interest” rule that [...]
[...] care about their donors. Their donors are very wealthy individuals and corporations. And since 57% of all capital gains go to the 1% – there is a direct correlation between the profits of the 1% and the profits of [...]
[...] about their donors. Their donors are very wealthy individuals and corporations. And since 57% of all capital gains go to the 1% – there is a direct correlation between the profits of the 1% and the profits of [...]
[...] The video above is of Rep. Paul Ryan (R-WI) in 2005 when he was trying to sell his plan to privatize Social Security. Paul Ryan was one of two people to sponsor the privatization of Social Security in the failed attempt under the Bush administration. It would have a hidden tax on middle class workers and by forcing the SSA Trustees to invest in stocks …. anyone who owned stocks would see HUGE windfalls in their wealth. And 57% of all capital gains go to the 1% wealthiest Americans. Fact. (source) [...]
[...] #1 – Pay it out in dividends. Most of the people who own stocks in the banking industry are part of the 1%. Some are mutual funds and 401k’s but 57% of all capital gains go to the 1% (source). [...]