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The Republicans refuse to continue tax cuts for 98% of people in order to protect the other 2%. This is proven by their stance on capital gains and inheritance taxes, which primarily affect only the same 2% of the country. Also, no mention by either side of redefining carried interest as ordinary income instead of a capital gain. Romney, and all financiers, make a fortune on this tax dodge. Neither side wants to irritate their wealthy patrons too much.
When many of the multimillionaires in the U. S. are on the side of raising taxes on themselves and others similarly situated, why does the GOP cling to protecting the ultra-rich from paying as high a percentage as a married couple earning $75,000 from two jobs. Why are the millionaires and billionaires so important. Just look at the list of the top Romney donors. The top ten gave Mitt 12 times as much as the top ten for Obama. There is the story in the nutshell. The Republicans are owned by the wealthy and will not let them pay more than 15% while many of us working folk pay up to twice as much.
There is not one reason in the world why capital gains shouldn't be the exact same amount in taxes as regular income. .1% get more then half of the cap gains tax advantage in this country. They own and control the regressive party.
Those making over 250K not only pay the majority of taxes in this country but will now be subject to several new taxes and increases because of obamacare.
This mob-rule mentality of the majority demanding demanding the government confiscate a minority populations property must stop. We cringe when a majority takes away a minorities right to marry and yet the very same people believe it is OK to take someones elses property (and yes, money is property).
"There is not one reason in the world why capital gains shouldn't be the exact same amount in taxes as regular income".
The money was already taxed as regular income. There's one and I have a bunch others but you really are not interested anyway.
Oh, and when the regular folk retire and have to pay a higher capital gains tax on their retirement savings do you think they will be happy to do it?
Things that make you go Hmmmmm. The math doesn't add up. If Obama wants $1.6T in new taxes, how does letting the current tax rates expire for those making $250K a year add up to $1.6T? At best it would pull in $89B a year. Where does the rest come from?
Holding the country hostage again? For a few? There will be no goptp left in 2 years.
jimjim The money was taxed already? Wrong! The only thing taxed is the profit, not the investment.
How come the Senate will not vote on the House Bill? How come the Senate will not vote on a Federal Budget?
formergop - You do not know that earned income is taxed? You don't know that people use earned income to make investments?
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