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Politics : Mainstream Politics and Economics
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To: Broken_Clock who wrote (50162)8/4/2013 2:44:27 PM
From: TimF  Read Replies (1) of 85487
 
Capital gains are for the upper 20%, and more specifically for the upper 1% of society.

No anyone who can make a purchase and sell for a profit can make a capital gain. The poor are don't have much capital, but they sometimes have capital gains as well. Far more often the middle class makes capital gains.

The 15 percent tax rate on dividends and capital gains is the reason why Warren Buffett's tax rate is lower than the tax rate paid by middle-income families (including Buffett's secretary).

Except that when Buffet pays capital gains on sales of stock, he already effectively paid taxes when the companies he owned paid taxes. Stock owners are part owners in a company. In Buffet's case often a rather large part. When your property pays taxes it impacts you.

Also many middle class people pay less then 15% in federal tax, their top marginal rate might be higher, but the percentage of the income they pay is often less.

See gregmankiw.blogspot.com

And note the rates there are for all federal taxes, not just income tax.

All of which is irrelevant to the point that the tax cut was for everyone (all income tax payers, obviously if your not paying income tax an income tax cut doesn't help you), it wasn't just capital gains rates that were cut.
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