Originally Posted by alnorth
A few relevant charts:
So, a guy making over 10 million generally pays a lower effective rate than a guy making $750,000, due to capital gains. (which historically has generally been somewhere between 20% and 28% until GWB was elected)
(That is the top marginal income tax rate)
I'm not suggesting that we hike the top rate back over 50% like it was before Reagan, but the 1950's and 60's didn't seem that terrible.
Listening to the right fringe, you'd think that if the top tax rate goes up just ~3% back to where it was during Clinton, we'd have a global meltdown and unemployment over 25%. There's obviously other things going on with jobs than just the top marginal rate.
Alnorth, while I have other reasons I would like to see the CG tax raised, the fact of the matter is those at the high end who make a lot of their money from CG's are the one's who are investing and taking chances and making it possible to have jobs in the first place.
The irony of it all is Obama wants to run up the debt so he can "invest" in the economy to create jobs and tax those in the private sector higher for doing the same. The thing is those in the private sector that invest "their" monies and not tax payer monies are the one's who creat the lasting jobs.