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Politics : President Barack Obama
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To: Lizzie Tudor who wrote (54812)5/23/2009 4:57:33 PM
From: Metacomet  Read Replies (1) of 149317
 
I do support a flat fica tax rate on ALL income including capital gains though.

Actually, I would submit that we need a flat income tax...on all income.

The trick is, as you suggest, characterizing all income as income.

It has never been clear to me why different categories of income have different names and different tax treatments.

Inheritance is income. It is not a "death tax". It is income to the heirs. Capital gains is income. Professional fees are income.

It should all be categorized as such and a single rate applied to everything. From the first dollar of income to Gates last million. One rate. No deductions no exclusions.

I believe that would generate enough revenue to fund our SS and Medicare systems too, at a single digit rate.
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