Quote:
Originally Posted by sbl
Like the last 9 yrs? When the rich were getting 350 billion per yr in tax breaks? While the middle class paid the same tax rate and found those benefits of the stimulated economy getting harder and harder to find.
I haven't borrowed on my house or my 401K or IRA, but we still have less and less to spend on discretionary items due to increasing cost, yet we are still asked to pay twice the income tax rate of the rich and you think that is fair?
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You don't pay twice the tax rate as the rich. You get the same benefits of long term capital gains treatment as the rich do. As noted previously, essentially nobody derives all of their income from long term capital gains and it rarely makes up a majority of a taxpayer's income, even for the rich. The rich are paying higher rates on their other income than you are.
I didn't everyone borrowed against their home (nor retirement accounts) but many people did and now that this source of spending has dried up the economy has tanked. That affects everyone, including those that were responsible with their borrowing. Tax cuts did not lead to the recession, decreased spending did.