Capital gains taxes are what I am talking about. I paid for a couple of farms out of taxed income. Although Uncle Sam did allow me to deduct the mortgage interest while I was doing it. The gains on those to properties alone were substantial, in the hundreds of thousands. There has been no capital gains taxes paid on those farms and probably never will be. Plus we will fall in the asset class of non inheritance tax payers. If I were to sell those two parcels the capital gains would be taxed at 15% capital gains rate.
An worker that had his wage increase $20k over a number of years would pay 15% in fica taxes alone, plus the income tax or the ordinary income. So his $20K should be taxed each and every year but my substantial capital gains should not be. Explain the logic behind that?
I don't know about you but I don't invest because the tax rates are low. I invest because I want to make money and that is the only motivation for me. I am building asset for my old age and for my family. I cannot understand why my good fortune should go untaxed. I agree with capital gains taxes but I think they should be on the same level as ordinary income. WE should appreciate people that show up for work and do the tasks instead of giving preferrential treatment to those that invest and won. His gain is just as precious to him as your gain is to you. Yet the investor class wants the working class to pay higher tax rates.
Let's see. The businesses don't want to pay taxes. The stockholders don't want to pay taxes and the wealthy does not want to pay estate taxes. What do they think is the ideal tax formula. Consumption taxes> Why? Because the wealthy spend only a small percentage of their income on cunsu7med items. The working stiff needs to consume most of his earnings. And yet, many of that so called fortunate class think that the working class is over paid and should be cut down to size..
