Thursday, April 12, 2012

Just paid my taxes. It ain't fair. It really ain't fair. Seriously unfair. 


I (legally) don't pay a fair share of my taxes. I am fortunate enough to have much of my income come from qualified dividends and long term gains.


When Bill Clinton took office capital gains and dividends were taxed at 28%. In 1997, he lowered it to 20% in a deal with the Republicans to create the Children’s Health Insurance Program.  "W" then cut if further to 15%. 


"Trickle down" economics failed under Reagan, if failed horribly under "W", which is why Obama inherited the economy he did. And now, Ryan and Romney would lower taxes on the wealthy even further while at the same time slashing social programs for those who most need them. If Mitt had to pay 20% or 25% on his "carry income", long term gains, and qualified dividends, would it really effect him, his investments or those he is trickling down on? Nope, his investments would not change, he might pocket just a little less at the end of the year, but the same number of jobs would be created AND the additional tax he paid would sustain the government and help society as a whole. Wanna call it socialism, go ahead, I would prefer to call it pragmatism. Guess what Mitt, we go down, you are coming with us. 


Anyone who tells you that investments will not be made or that capital will flee the country if "capitalists"have their gains taxed at a higher rate is just plain wrong. 


Nuf said.



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