[ridesthemiles]

Funny, my average rate has always been higher than what Mitt claims ~ and he made an awful lot more money than me.”””

It isn’t how much money is made-—it is the category of the money made which determines the rate.

MOST money made on INVESTMENTS has already been taxed at the company which made the income in the first place.

Therefore, the same beginning income got taxed TWICE.

There is EARNED income & PASSIVE income.

Have your local CPA explain this.

[muawiyah]

Why should I do that? There's a world of information on the internet if I need to access it. One example is I sell my house I will be hit with capital gains tax unless I immediately buy into a property of equal or greater value (or I reach the magic age where they give me a half mil, or is it a mil, exemption)

Note, if you take earned income and put it into a 401(k) plan, once you reach the appropriate age you can begin withdrawing those funds and any investment income you may have earned inside the fund, and pay taxes at the personal income tax rates.

Which means, of course, that there's investment income that's NOT eligible for the capital gains rate. Rather inequitable eh!

Frankly the Constitution says INCOME, and the courts say they can carve out income any way they wish, and use variable rates, flexibile rates, progressive rates, or no rate at all!

The federal income tax is an antiquated vehicle that's outlived its usefulness. Time to cut back government expenditures and cut back on taxes.

Starve the Beast.

The income tax is a failed federal program. Do not imagine tax lawyers, tax accountants and cpas are the only people who know something about how it works.