Tuesday, September 20, 2011

Taxing Fairly

In Lake Worth, we have a government that has determined what is fair and what is not. In their minds, Socialism prevails--they want us to all pay the exact same fee for a dubious "service," something they call a "benefit." More than likely they are confused on paying the same FEE and paying the same RATE.

Not fair in the mind of President Obama--

“Apparently Obama will propose that people earning more than $1 million a year pay at least the same tax rate as middle-class earners. That’s aiming mighty low. America’s median income is about $50,000. The typical taxpayer at that level pays approximately 20 percent in taxes. Granted, that’s a higher rate than most of today’s super rich pay because of countless deductions, credits, and loopholes – including, especially, their ability to take their incomes in the form of capital gains, taxed at 15 percent. That’s a big reason Buffett’s hundreds of millions a year are taxed at just over 17 percent — a lower rate than his secretary faces, as Buffett often says.”

Read the rest of Robert Reich's article at Nation of Change.

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