Tuesday, January 24, 2012
Mitt's lower tax rate
The rich. They really are different from you and me. ...
Please, spare me the baloney argument that Mitt's paid a 15 percent capital gains rate on money he "already paid the top 35 percent income tax rate on when you first earned it." Mitt and other financiers make their fortunes by investing other people's post-income tax money. Mitt and other financiers don't make their fortunes by investing their own post-income tax money. We all know this. It's basic knowledge. It's not a secret. It's how venture capital, private equity and hedge funds work. The financiers make their money by investing other people's money. And yet people like Mitt and other financiers regularly pay lower capital-gains tax rates based on investment returns from other people's money? ...
What a tax system!
Btw: By "other" people's money, let's face it: we're largely talking about funds from 401(k) accounts, public pension systems, IRAs, mutual funds, and other "institutional investors," as they're euphemistically called to downplay the fact that financiers are making fortunes off of average people's retirement money.
The rich. They really are different from you and me. ...
Please, spare me the baloney argument that Mitt's paid a 15 percent capital gains rate on money he "already paid the top 35 percent income tax rate on when you first earned it." Mitt and other financiers make their fortunes by investing other people's post-income tax money. Mitt and other financiers don't make their fortunes by investing their own post-income tax money. We all know this. It's basic knowledge. It's not a secret. It's how venture capital, private equity and hedge funds work. The financiers make their money by investing other people's money. And yet people like Mitt and other financiers regularly pay lower capital-gains tax rates based on investment returns from other people's money? ...
What a tax system!
Btw: By "other" people's money, let's face it: we're largely talking about funds from 401(k) accounts, public pension systems, IRAs, mutual funds, and other "institutional investors," as they're euphemistically called to downplay the fact that financiers are making fortunes off of average people's retirement money.
