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View Diary: Mitt Romney: It's fair I pay a lower tax rate than people making $50,000 (348 comments)

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  •  so what wasn;t thsi an issue in (0+ / 0-)

    oh say 2008? 2009? 2010? When we had control and COULD have passed a bill?

    Here's a clue: It wasn't a priority (or even a thought)  for the Dems (or needless to say the gop).

    •  Income inequality attributable to capital gains (0+ / 0-)

      A recent (Dec 2011) Congressional Research Service Report entitled "Changes in the Distribution of Income Among Tax Filers Between 1996 and 2006" identifies increases in income from capital investments as a main cause of income disparity.  The author Thomas L. Hungerford states "Changes in capital gains and dividends were the largest contributor to the increase in the overall income inequality."

      You can find the report in a rather strange place - the website for the Federation of American Scientists.  They normally concern themselves with nuclear war and such.

      To another point made earlier, IMHO the double taxation argument is bogus because while the corporation paid taxes on retained earnings, i.e. income, the investor paid capital gains on the increase in market value of the shares - a totally arbitrary amount assigned by whims of the market.   The value of the stock has little to do with whether the corporation earned income in the year of the stock sale, but instead is a reflection of whether the the new purchased thinks the corporation will earn income in the future worthy of the purchase price.  

    •  Priorities. (0+ / 0-)

      Health care, War, equal pay were all on the table and dealt with in those years.   And tax rates were in discussion constantly during those years.  Tax brinksmanship took the spotlight, but there was discussion about all aspects of the tax code:

      A line item on taxing carried interest at ordinary income rates was included in the Obama Administration's 2008 Budget Blueprint.[7] On April 2, 2009, Congressman Levin introduced a new and substantially revised version of the carried interest legislation as H.R. 1935.[8] Proposals were again made by the Obama Administration for the 2010,[9] 2011[10] and 2012[11] budgets.

      "Wall Street expertise, an industry in which anything not explicitly illegal is fair game, and the illegal things are fair game too if you think you won't get caught." — Hunter

      by Back In Blue on Mon Sep 24, 2012 at 06:32:09 PM PDT

      [ Parent ]

      •  Ah yes ,priorities (0+ / 0-)

        That suddenly appear, with no chance of passage during the election year. Those priorities.

        •  People wake up when they wake up. (0+ / 0-)

          As I pointed out, there were proposals in every year of Obama's administration and there were other big issues that took priority.  It's not like there isn't a very long list of issues that don't get the attention they deserve.  

          I think up until Romney's taxes became an issue (by his own making) most Americans had never heard of carried interest and only those who have investments understood capital gains.  Now that people are starting to understand how ridiculous and basically unfair carried interest is taxed, they are not too happy.

          Clearly, the Obama admin has focused on the issue of Romney's taxes (again Romney made this an issue in the first place and is making it far worse) because it is working, but they focused on it early on (before it had such amazing traction) because it is in stark contrast to Obama's position.  IF the Obama admin did not have at any record on this issue, I would agree with you more, but they do and this is directly in line with their positions.

          Obama has said many times in different ways that it's up to the American people to drive the agenda in D.C.  It's up to us to make sure D.C. follows through.

          "Wall Street expertise, an industry in which anything not explicitly illegal is fair game, and the illegal things are fair game too if you think you won't get caught." — Hunter

          by Back In Blue on Wed Sep 26, 2012 at 11:30:39 AM PDT

          [ Parent ]

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