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PoliticalPoints: Tax Cuts for the Rich 101

10/15/2012

1 Comment

 
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PoliticalPoints: Politics quick, fast & in a hurry.

Between listening to presidential debates and political TV pundits, you’ve probably heard a lot of discussion about “taxes for the rich.” Are the wealthy really at a tax advantage over the poor? How can you tell when a specific tax break favors those with abundant income? How is the government involved? As it turns out, wealth does indeed give a person a “leg-up” when it comes to taxes. There are several asset-based tax credits and breaks; most middle or low-income families have few or no assets and therefore don’t apply for the benefits. Capital gains tax, for instance, is a tax attached to stocks, bonds and investments at a low rate of 15%, which allows individuals to keep most of their investment income and contribute a small portion back into the economy. The tax rate on an average citizen’s wages is 35%. The government creates tax laws and codes, so politicians are often accused of adding more cuts and passing legislation that is partial and more beneficial to the wealthy. The fact that most government officials are affluent and could possibly be influenced by equally affluent lobbyists, fuels speculation of bias. To see a list of 5 main tax breaks that help the rich stay rolling in the dough, click here.

1 Comment
Crystal D.
10/15/2012 06:33:59 am

I can see how some of it would start to get into grey areas. Money market accounts might fall into the area of capital gains because they are high interest accounts similar to CDs in which the bank applies interest based on what the market is doing. Is the money received interest or earnings? It's difficult to say.

I've always wondered why there wasn't just a flat percentage. It would make doing taxes so much easier and we wouldn't have to worry about people getting unreasonable write-offs. A two-percentage system like Paul Ryan has proposed might be a good idea. He suggested a system with a percentage for the poor and middle class and a higher percentage for those who are more wealthy.

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