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View Diary: DNC launching campaign to extend temporary payroll tax cut (110 comments)

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  •  Income redistribution (4+ / 0-)

    Right now we've got a 15% top capital gains rate.  Combine 6% payroll with a 25% rate for people making in the $30-80k range, and you're looking at twice the tax rate for normal joes than hedge funders and stock brokers.

    I'd be fine with cutting payroll taxes and getting rid of the specialty capital gains rate because I don't think we need to keep coddling the profits of the investor class.  Why tolerate a regressive tax system?

    •  that's wrong.. people in the 25% bracket pay (0+ / 0-)

      14-15% as a percentage of their income, if they are on the lower end - and that's if they are filing singly.  Much less than that if they have kids and other deductions.

      A couple making $60k pays under 14% taxes as a percentage of income.

      There's a tax calculator here:  Tax Calculator and brackets

      I don't disagree with getting rid of the cap gains and dividend loopholes - tax it at the highest rate.

      But let's try to deal with facts.

      •  Did you include... (0+ / 0-)

        ...the payroll tax in your calculation?  Because it looks to me like that was the intent of Zifnab's comment, which was to look at the combined effect of the payroll and income taxes.

        Political Compass: -6.75, -3.08

        by TexasTom on Tue Aug 23, 2011 at 10:58:45 AM PDT

        [ Parent ]

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