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.
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