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Money, Power & The American Dream

America, the land of opportunity? Is the game `rigged` by the rich and creating unprecedented inequality in the U.S.A.?

submitted by: kitteh9lives
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Money, Power & The American Dream. America, the land of opportunity? Is the game `rigged` by the rich and creating unprecedented inequality in the U.S.A.?
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Hits: 5426 | Favorites: 2 | Emailed: 0 | Rating: 3.4 | Category: Lifestyle | Date: 12/05/2012
 
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Dragonace
Male, 30-39, Eastern US
 298 Posts
Friday, December 7, 2012 6:04:59 AM
Basically what I'm trying to say is I think they need to change the tax code on capital gains, not normal income.

Dragonace
Male, 30-39, Eastern US
 298 Posts
Friday, December 7, 2012 6:02:28 AM
The 27% tax rate is for the households that actually pay income tax on normal income, which in most cases are small business owners and the like, there are very few of the mega rich who even collect normal income (i.e. paychecks). As I said before most of the mega rich in this country get 100% of their income from capital gains, which means they pay no other taxes than the 15% on their capital gains income. Aside from that most of their other assets are held overseas in tax havens (as Romney displayed he does) so they don't have to pay taxes on interest.

5Cats
Male, 50-59, Canada
 24381 Posts
Thursday, December 6, 2012 3:36:56 PM
@DragonAce: What's incorrect?
The OVERALL rate of taxation is 27% on the top 1%. It`s simple math! It doesn`t matter HOW MANY "loopholes" exist: the NET revenue from them = 27% of ALL TAXES collected.

So if the Capital Gains portion of their income maxs out at 15%? That means the rest of their income is taxed at a much higher rate! Duh!

Overall, when all is said & done: `the rich` pay higer rates period.

Not "on paper", not "before exemptions & loopholes" AFTER all that, they pay 27% of ALL Federal taxes gathered.

Dragonace
Male, 30-39, Eastern US
 298 Posts
Thursday, December 6, 2012 12:30:28 PM
Incorrect, long term capital gains are usually taxed at a flat rate of 15%.

Taken directly from the IRS site (link below):

"The tax rates that apply to net capital gain are generally lower than the tax rates that apply to other income. For 2010, the maximum capital gains rate for most people is 15%. For lower-income individuals, the rate may be 0% on some or all of the net capital gain. Special types of net capital gain can be taxed at 25% or 28%."

Ten Fact about Capital Gains and Losses

5Cats
Male, 50-59, Canada
 24381 Posts
Thursday, December 6, 2012 10:30:20 AM



Oh, I do have one saved!
See? The left shows ACTUAL TAXES PAID while the right shows acutal income earned. It's "upside down" from what we`re used to seeing, but the green (top 20%) PAYS apx 70% of ALL taxes gathered, while they earn just over 50% (right side) of income earned.

The top 1%? Earn about 20% of all income, but PAY about 27%...

Any way you slice it: The rich pay more already!

Not "in theory" not "before loopholes" IN FACT.

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