[quote=TheBreeze]
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. [/quote]
Our tax system have so many wholes because it was written by the rich for the rich. You don’t truly believe these fat cats in Washington actually care about you, do you? Who are you to draw $250k as rich? Why not $150k? that’s a lot more than 85% of Americans. If you want to reward work, then stop rewarding people who don’t work. Why would they work if they’re getting rewarding for not working? A guy who’s on welfare and who would get all these extra tax credit from Obama wouldn’t want to get off his ass and get a minimum wage job to end up w/ less than what he gets for doing nothing.
I’m all for closing all the tax loop holes and make everyone pay their fair share, including all those people who don’t have a job and are on welfare. They can do community service and such to EARN their welfare. I just don’t see it happening. You can try and prove me wrong, but asking me to put my trust in a guy I don’t know… well, I’ll just have to say “In God I trust, everyone else, bring data”.
