Quote:
Originally Posted by Praetorian
As a currency analyst, a substantial portion of my paycheck comes from performance bonuses (capital gains). Obama's tax hikes will double the capital gains from 15% to almost 30%. By doubling the cap gains, that cuts my bonuses in half, and as a result, most of my paycheck. Why did I work so hard in college just to see it go to other people?
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The poor schmuck making only $33,000 a year in hourly wages or salary pays a 25% tax rate, plus social security & medicare taxes on his earnings - which you don't on your bonsues. He can not save up enough on that income to buy a house, so he has no mortgage deduction. He's not married, so no child credits or deductions. He's still paying off the student loan debt, and he worked just as hard as you to get through college. Why should he pay almost twice the tax rate you do just because you and your employer are cleaver enough to structure a large portion of your compensation as capital gains instead of ordinary income?
That's what the Obama tax plan is about - more fair and equitable distribution of the tax burden.