If the tax rate doubled on Capital gains, I sure as hell would find somewhere to invest that is more tax friendly.
Sorry, Tom, but with all due respect, I feel you are not clear on the concept.
I'm retired. I don't work a job, have no business of my own, just a bum, I guess (go ahead with the pot shots, LB!).
Why should my retirement income, which was deducted from my paycheck all the while I was working, be taxed as earned income while the "deferred income" some butthead financial investor gets at a later date be taxed at a lower rate, the rate of capital gains?
The concept is this....ALL income is income....nothing should be taxed at a lower rate. Everyone should pay the same rate of taxation on their gross income. I should think the well-off should like that suggestion, after all they seem to think they pay way more than their fair share, and they seem increasingly incensed that there are the poverty stricken who pay little or nothing, or even WORSE, get huge refunds because of the Earned Income Credit.
None of that crap should happen...there should be NOWHERE that you can invest that is more tax friendly. Everyone should pay the same percentage, whether Warren Buffet or the most destitute.
Of course, I understand you won't like that idea...you're use to being able to reduce your tax rate through investing in tax-dodges.
I say "Shame on you", Tom...and, please understand, I don't mean that personally, I mean that EVERYONE who thinks that because they are wealthy that they deserve to pay a lower tax rate than I do should be ashamed of that "sense of entitlement"....I mean, after all, aren't the Conservatives trying to get rid of "entitlement programs", why do the wealthy think they are entitled to be taxed at a different rate?
Flame suit on....fire away!
Doug