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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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  •  furthermore... (0+ / 0-)

    it should not be a "flat tax" at 15%. There are a lot of reasons we have a progressive tax system. Why is the capital gains rate flat?.... perhaps because it's for rich people, and the rest of us wouldn't understand.

    Also, primary residences are exempt from capital gains, and I think they should continue to be.

    The capital gains rate needs a major overhaul.. actually, I'm glad Romney is running & we're having this discussion. Too many people are just clueless about this whole thing.

    Freedom isn't free. So quit whining and pay your taxes.

    by walk2live on Sun Sep 23, 2012 at 10:26:41 PM PDT

    [ Parent ]

    •  Capital Gains Tax Rate Not Flat (0+ / 0-)

      The capital gains tax rate is not technically flat. There's a zero percent rate as well. It's just that people in the 10% and 15% income tax brackets don't typically have a lot of tax-exempt long-term capital gains, so the long-term capital gains tax rate might as well be flat.

      I also agree that all interest, dividends, and capital gains should be taxed at ordinary progressive income tax rates based on the inflation indexed value of the gains. I also think that the Social Security payroll tax income cap should be lifted completely, and payroll taxes should be extended to interest, dividends, and capital gains. Furthermore, payroll taxes should not even be withheld if the wage earner is earning at a rate equal or lower than the poverty line.

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