what is an example of a policy that benefits the rich but hurts the rest of us? then the system is working, isnt it? am i correct that you have no complaints or problems with the price of oil?
Sure, you did. :rolleye33: The process is enlightening, even if you fail to convince. You certainly can't enlighten if you don't try. The fact that I argue your points does not mean that I ignore your thesis.
I'm not rich, and I benefit from the lower capital gains rate. Not only is it lower than the top of my marginal rate of 25%, but it also changes my beta and allows me to be more aggressive in my investing. It benefits all of us. The rich benefit more because they have more. I don't have issue with that, and you shouldn't either. Also, if the rate were higher the rich would probably cash less out, so you can't say a higher rate would increase revenue anyway. All things are not equal.
I'm not trying to convince, I'm shooting your argument down. Income is income is EXACTLY MY POINT! All income should be taxed exactly the same. Are you sure you know what you are talking about? :lol:
We all benefit a very small amount because most of our income is from salary or business profits taxed at the max. The very rich make most of their income on dividends, interests, and cap gains and are taxed far less than we are for the bulk of their income. Income is income. The rich are getting richer on this arrangement. The middle class gets a tiny break and are supposed to shut up about the vast pile that the rich are racking up. I quote Bloomberg's David Lynch "Tax revenue as a percentage of the economy is at a 60-year low, meaning that if the government needs to raise cash and can summon the political will, it could do so". All it takes is putting the rich back at their old tax rates. During the last 20years, 56% percent of all income growth went to the top 1% of households. Even more unbelievable, a third of all income went to just the top one-tennth of 1%. Some people are definitely not broke, but we cannot even think about raising their taxes.
I don't care how much gazillionaires benefit. I care that I benefit. Other people's business is not mine. It costs me nothing that a rich guy has a lower rate. I am getting richer on this arrangement. I usually don't advocate for things that result in the government taking more of my money. I think it is great that tax revenues are at a 60 year low. What the government should do is cut spending to go along with the tax collections. Problem solved. The wealth gap means absolutely nothing. Why should we want to raise taxes on the rich? Because they are doing well?
