Reply to Romney Paid 13.9% Tax Rate on $21.6 Million in Income.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=takoma]On the issue of blaming the game or the player:

The difference between Romney and someone like Buffett is that although both follow the laws to save their money, Buffett publicly opposes those laws while Romney tries to make them even more favorable to himself.

I think I have asked this before, but missed the answer, if anyone has given one:  Can any of you explain why income earned by workers deserves to be treated more unfavorably than capital gains?  I understand that capital gain is tied to investment, which helps the economy, but earned income tends to be spent on consumption, which is the principal driver of the economy,[/quote]

Economists would tell you that capital gains deserve a lower tax rate (some would say zero) because it is effectively money that has been double-taxed (i.e., you made your investment with after-tax dollars and then you are taxed again when you realize a gain).

Personally, I disagree with the notion, but that's the policy rationale.[/quote]

We tax lottery "gains". Lotto "investors" paid tax on the $1 that they earned and then used to buy the lotto ticket. We have no problem taxing the poor man's gambling, but the wealthy have created a system where their gambling is not taxed as much and can be legally sheltered. [/quote]

I'm curious:  why do I have to pay "double-tax" on my income, given that my employer already pays corporate income tax on the money they earn which they then use a portion of to pay me?  Furthermore, it's unfair that I'm double-taxed on my income, but also when the money I use to buy things with go to a company or individual who is then forced to pay tax as well.

Look, there is no double-taxation here.  [b]The corporation[/b] is supposed to be paying tax (though it probably isn't given the massive range of loopholes and tax-shelters available).  That corporation then pays Romney.  The money he is paid is compensation.  He pays a tax on this money.  The whole "double-tax" thing is a fairy tale for the gullible.[/quote]

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