FACT CHECK: Are wealthy taxed less than secretaries?
September 20, 2011 at 2:30 am in Grand Forks Herald
President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries. There may be individual millionaires who pay taxes at rates lower than middle-income workers – Warren Buffett (pictured) recently said that’s the case for him – but, on average, the data tell a different story. Continue Reading
I’m starting to feel bad for the wealthy, I think we should hold a telethon for them.
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No need for a telethon, the “wealthy’ know how to obtain money without anyone’s help.
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This really comes down to an issue of income taxes vs capital gains taxes. Income tax rates range from 10-33%. Capital gains taxes are a flat 15%. So, if you make $250,000 in income the rate you pay on the last dollar earned is 33%. If you make $250,000 in capital gains the rate you pay is 15% on the last dollar earned. AND, if you reinvest that $250,000 of capital gains back into an “in-kind” investment, you don’t pay a dime in tax. I am not for raising the capital gains tax, because it will deter investment. I am, however, in favor of making investors pay the 15% capital gains tax on captured gains, prior to them being able to reinvest that money.
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