"A capital gains tax rate (making money off money) that is lower than the earned income rate (making money off work) is just not fair; bestowing that rate on hedge-fund managers through a specially designed loophole is just not fair" -Wick Allison, American Conservative, Nov 12, 2012.
We all know that eliminating the Bush tax cuts on the wealthy will not make much of a difference in the deficit ($42 billion a year, by most estimates). But anybody who preaches on that point will find himself talking to an empty auditorium. And if raising taxes on the rich is redistributionist socialism, someone should should have told Eisenhower, Nixon, and Reagan, whose rates on the rich were 91, 70, and 50 percent.
A capital gains tax rate (making money off money) that is lower than the earned income rate (making money off work) is just not fair. Bestowing that rate on hedge-fund managers through a specially designed loophole is just not fair. Allowing the rich to take mortgage deductions for second and third homes, or for homes worth over $1 million, is just not fair. Allowing business owners like me to take myriad deductions that our employees cannot take is just not fair. But, most of all, allowing the wealthy to pay very low tax rates while interest on the war debt accumulates, deficits continue, and middle-class incomes deteriorate is just not fair.
The Real GOP Fiasco: Fairness [Wick Allison/The American Conservative]
(via Wil Wheaton)
(Image: Mitt Romney's America, Mike Licht, NotionsCapital.com, CC-BY)