It's Time To Eliminate Capital Gains Tax

Published: August 6, 2007, 1:07 am

Does it ever bother you that the rich don't pay as high a tax rate as you probably do? Are you even aware that this inequity exists? I'm not talking about the high-powered lawyers and many tax breaks the rich take advantage of (although those need to be addressed). I'm talking about the capital gains tax, which covers most of the income of the truly rich in this country.If you make between $30,650 and $74,200 (which covers most working people in the U.S.), then you pay a tax rate of 25% on your income. If you're doing a little better and make between $74,200 and $154,800, you pay a tax rate of 28%. Guess what the tax rate is for the filthy rich -- 15%.That's because the really rich folks don't earn most of their money through a salary. They get their income through stocks, bonds and other investments. This kind of income is not taxed at the same rate as your hard labor is -- it is taxed through something called the capital gains tax, and the tax rate for capital gains is 15% (thanks

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