Monday, October 22, 2012

Capital Gains.

       Ya know what rich folks biggest worry is? Its that somebody will come along and figure out that capital gains should be taxed the same as labor income. Now lots of folks, some who aren't even 1% ers have a little capital gains income, but the really wealthy have lots or even most or all of their income as capital gains.
So the argument they use against higher taxes on themselves is that this is money they already paid taxes on.                           How dumb. And to think we all buy that argument.
       But see, it isn't the money they already paid taxes on that should now be taxed. Its the income from that money. Look, if I dig a ditch and get paid to do it, I pay taxes on that income. But I can't then say that since I paid taxes on that work once, I should never have to pay taxes on any income from my work again. You pay taxes on the income from your work every time you work. And if your money does the work for you instead of your back or your brain, then you should pay the same tax on the money income as the labor income.
       I wish I knew who it was that decided that their money is more important than my back. Since when is labor less valuable than money? Just wait till your toilet doesn't work. Then we'll see which is more valuable. Or how about when you get hungry and the farmer says, "sorry, but my produce is no longer available because my back is sore"? Then we'll see which is more valuable, your money or his back pain.
       Just imagine if the situation was reversed. If income from investments were taxed higher than income from work, don't you think there'd be a great uproar by the wealthy? Rich folk get a lot of perks that just aren't available to most of the rest of us except for special occasions like vacation trips or the like. But this lower tax rate is one time, and one perk, the wealthy just don't deserve.  

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