3 ms·
I think Buffet should pay a higher tax rate than his secretary. http://money.cnn.com/2013/03/04/news/economy/buffett-secretary-taxes/ http://money.cnn.com/2013
by drewrv 10y ago
I think Buffet should pay a higher tax rate than his secretary.
http://money.cnn.com/2013/03/04/news/economy/buffett-secretary-taxes/ http://money.cnn.com/2013/03/04/news/economy/buffett-secreta...
And I think Mitt Romney should pay a higher rate than me.
http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/ http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/
The problem is that we treat capital gains differently than we treat income. Most of the top 3% work and pay income taxes, but the top .1% don't really pay income tax.
- refurb 10y agoAre you proposing we eliminate the charitable tax deduction? That's one of the main drivers of Romney's low rate.
- drewrv 10y agoPerhaps my comment wasn't clear enough: I'm proposing we treat capital gains as income. From the article on Romney: "The reason Romney's rate is so low -- despite having one of the highest incomes in the country -- is because his income was derived almost entirely from capital gains and dividends from his extensive portfolio of investments. And that form of investment income is typically taxed at just 15%, well below the 35% top tax rate for high earners."