The real scam in America is about special classes of income. It shouldn’t be about wealth and it shouldn’t be about income. Every American from a retiree to a GI to a hedge fund manager to an investor, should pay the same tax rate. If we did it would lower tax rates for most.
How did we establish that a GI putting his life at risk should pay a higher rate than a billionaire NYC hedge fund manager because of his special class of income? Income is income.
I don’t understand why a retiree withdrawing from his IRA pays a much higher tax rate than a hedge fund manager or a investor with capital gains.
If you make money you should pay the same tax rate as do others. There should not be special tax rates for some and not for others.
There should not be a tax free muni bond for the same reason. These municipal authorities are issuing tax free bonds to help their cronies. Income is income whether it be on a W2, 1099, capital gains or anything else. There shouldn’t be special rates for some and higher rates for average Joes.