Mitt's tax info

[kydonky]

I think gains should have a graduated rate. Maybe allow gains to be claimed as income but only amounts above 2 million dollars.

I know that sounds silly, but if you want to see the lower rates for gains, then you MUST take income above 2 million from your investments....AND the first 2 million is taxed as income at 36%, while the next x million is taxed at 15%, the regular capital gain rate.

AND if you want to really know what Romney paid, you need to see how much HIS profits in his BUSINESSES was taxed. Remember the GAINS is paid on profits, but the PRINCIPLE of those profits had already been taxed at maybe upwards of 36%.

I really WISH folks could understand that.

Later,

Geo.

Geo, why would you tax the first 2 mil. at the higher rate and any amount above this at the lower rate?

This would be a little unfair to the small investor and reward the largest investors only. Why not reverse this to the first 2 mil. income at the low rate and the amounts above this at the higher rate? You would have more investors that would translate to more investment. If the small investors were taxed that high rate I would think they would not risk even their small investments.

So I invest $20,000.00, have a return of 8% for a profit of $1600.00. Tax the $1600.00 at 36% would net $1024.00. An investment that returns 8% these days carries risks, I could just as easily lost $1600.00 or even the entire principal. Think I will buy a new Tracker pontoon instead.