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Progressive Taxation for Capital Gains

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opednews.com

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The very richest people are experts at dodging taxation. This is because they make most of their money not from salaries (wages) but from capital gains (money you make because you own something like stock or real estate).

Wages are taxed progressively: (fake numbers) the first $20,000 you make isn't taxed, the next 20,000 is taxed at a low rate, the next 20,000 is taxed at a higher rate and so on, so the more money you make the more you help the country out.

We need real progressive taxation for capital gains. I say the first $10,000 should be taxed at 20% and everything above that should be taxed at 40%. This is a solid increase over what the rates are now. It protects middle-class small investors by taxing the first bit at a low rate and finally forces the mega-rich to pay up at a rate similar to what they would have to if they made their money by actually working.

Our government would have more money for programs to balance our budget, clean up our environment, make health care a human right, and create guaranteed employment for the poor. There is a trade off though: rich people won't be able to buy as many yachts :) These are the minimum conditions under which capitalism might be acceptable.

 

My intellectual awakening is ongoing. Lately, politically, I'm most interested in efforts to break down two-party rule in this country. I registered Green after the Democrats won control of Congress. The more I think about it, the happier I am with (more...)
 

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