What blows my mind about bee keepers opposing the OWS movement is WHY do you (and the Republicans) support the current tax system with much lower tax rates for the billionaires than for the other 315 million citizens? It is patently unfair. I know there is a lot of money in bee keeping, but is everybody on here in the top 1%?
that's not accurate. can't express an opinion on faulty data.
i don't support the current tax system. i have told you. i support a flat tax the everyone pays. rich, poor, and in between.
The top 0.1% of the country are making 50% of the capital gains in this country as reported by Forbes. http://news.yahoo.com/top-0-1-nation-earn-half-capital-gains-172647859.html
capitol gains are made on investment. they have the money to risk, so they make the money when those risks pay off.
Those gains are taxed at 15% as per Bush’s tax give away to the super rich. The rest of us are taxed at 25% or 28% on our regular income (depending on your bracket). Yes there are deductions as Scads points out, but the big dogs have those to. They still end up paying lower rates than the rest of us.
you are confusing capitol gains and income. capitol gains is money made on investment. that money has already been taxed as income before it is invested, or has been re-invested without profit being taken.
As the Forbes article says, it is Bush’s low capital gains tax give away that promoted the transfer of wealth from the 99% to the 1%. When money is transferred from one group of people to another through government action, what do you all call that? Come on, you remember. Hint, it starts with a C.
i doubt that's what the article said. that's how you read it. the tax cuts actually raised the income tax for the wealthy and lowered it for the middle class. it lowered the capitol gains tax. that's why obama/democrats wouldn't get rid of the tax cuts. it would have had a far greater impact on the middle class than on the wealthy. in fact, a wealthy person who only got his wealth from income, would see an income tax cut.
there are a couple of reasons for keeping capitol gains taxes lower. one is that the income used to make the investment is already taxed at the higher rate. another is that those who invest, and this includes businesses, tend to keep investing. the more they can make the more they will invest and risk. that's how business get much of it's investment capitol. they offer stock, people buy it, the business has money to invest in itself, and....if the business does well, the investor makes a profit. of course, if the business doesn't do well, the investor loses his money. poor people don't take those kinds of risks. they buy lottery tickets instead.