PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: tonto who wrote (514346)	12/22/2003 1:43:11 PM
From: Lizzie Tudor	Read Replies (4) of 769670

Lizzie, passive income has already been taxed at earned rates. My passive income was first earned and taxed at the highest rates allowed and that money being earned is being taxed again and again. That is the law, it is not fair to tax us to death on what we have earned, but our only other choice is to not invest it and lose value. You have got to be kidding. When I made hundreds of thousands in capital gains in the 90s doing nothing more than talking to my buddies about what was going on, that "passive income" was not taxed at high rates, ever. The listed companies and their EARNINGS are taxed at some smaller proportion to earned rates (much smaller actually given all the loopholes which Fica does not allow for)- but as an investor I was just speculating like everybody else. I paid less taxes on 500K of income than my employees paid on their 60K salaries, that is a fact. I paid no FICA on my income, my employees were socked with that. Some of my money was "long term" at which point it received the lower rate. Capital gains are a travesty, a sham.

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