[quote=asianautica]TheBreeze, don’t look now but the “rich” are your boss. They’ll make you feel the pain first before they’ll take the pain on themselves. You also agreed with FLU without even knowing it. The fat cats will not be hurt by Obama’s plan, they have plenty of ways to get around this. The one will be hurt are the people who actually work for their money. The one who will benefit most are the lazy a$$ who sit at home and do nothing and pay no taxes. They’ll get even more tax credits for doing nothing.[/quote]
Whether the fat cats can get around Obama’s tax increases will depend on whether Congress goes the extra step and closes any loopholes.
The concept is pretty simple: Anything someone receives for doing work should be taxed as income. This includes stock. Stock options should be taxed as income when they are exercised. All income above $250K should be subject to the Social Security and Medicare payroll taxes.
The capital gains rate should also increase for those with income+capital gains exceeding $250K. Perhaps the easiest thing to do would be to make the fat cats capital gains tax rate equal to their income tax rate.
In any event, all the loopholes mentioned above can be closed. Hopefully a Democratic President with a Democratic Congress will actually close the loopholes. All it would take is some legislation that Obama could sign into law.
