Quote:
Originally posted by sebastian_dangerfield
Taking away the lower capital gains rate is an unfair wealth redistribution. No matter how you slice it, it is penalizing success, killing the margins for people who have accumulated capital, and for what? To what glorious end? To fuck up Wall Street and hand the money to the government to waste?
It's also insanely reckless considering our country's awful savings rate. Are you really suggesting we should force more older people back into the work force? Are you really suggesting we should carve more money for our "government" out of retirees' hides? The last thing we need to be doing in this country is taking money AWAY from people who have diligently planned and saved in part based on the knowledge that a large part of their reitrement income would be taxed at a discounted rate. You're hurting the older members of the middle class. I don't see how you can say that is fair.
BTW, I did not lump you into the group of people desiring HDTV for welfare mothers. You've debated with me enough to know that. Your appetite for progressive taxation is far from that, but I still say its a form of wealth redistribution.
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It's not taking money away from people who have saved. I'm just saying that the same tax should be imposed on income from investment as from salary or wages. As for retirees, if they are counting on the income from savings being taxed at a lower rate, they get that through (i) a lower marginal rate on their lower retirement income and (ii) the appreciation for their working years tax-free.
