If the government needs x amount of dollars under its current system, where are all of the tax dollars going to come from if rich pay less tax? Are you suggesting that the lower and middle class pay a higher percentage to make up for it? I thought those classes already had enough problems making it as it is.
I propose raising tax to the needed median for all. This means enough to stay on budget, but charge the same rate for all. No one will be paying more tax than when this plan started. Remember, we’re cutting our Social Security.
The way I currently see our system, the higher your class and the more wealth you accumulate, the more you have to lose. Sure the lower class get’s benefits from the government, but if things go under, they do not have as much to lose. The upper class needs the government to protect their assets and way of life.
Yanny, I cannot see where you have much to complain about. You have money to invest, (which is doing obviously well in today’s market) and you are living at home. It is not like you have a needed cashflow. .
Well first off, I’m 15 :) The reason I am bringing this up is I lost a lot of my profit to my higher tax bracket. Say I make 100,000 dollars a year. In NJ, half of that is taxed by income tax in my tax bracket. However, if I made 60,000 dollars a year, only a third would be taken away by income tax. How is this fair? Success should not be punished by high taxes. Its not an issue of my age or my economic situation. It is an issue of an unconstitutional law that should be overturned.
If you were so worried about those capital gains and having to pay taxes, you should have held onto your investment and rode the unrealized gain until you could file yourself and not under your parents. This would have saved you from paying the higher tax
I saw an oppurtunity and seized on it. My stock had a fast point gain one day, I saw it, and sold it on the spot. Holding it for another 15 minutes would of lost me money.