WHITE HOUSE PETITION: Equal taxes for investment and work income

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I know this overlaps the Buffett Rule proposal, but it's worth showing the public supports it in every way possible.

This petition thing might be more popular than the White House expected: they upped the threshhold of when they'll respond to petitions from 5,000 to 25,000.

My petition:

Tax investment income the same as salaries and wages--no special rights for Wall Street speculators

While investors who risk their money in business ventures make a valuable contribution, it is no more valuable than those who show up everyday and give their time, work, and creativity to the success of that business.

Since there are many tax loopholes and political favors done for wealthy investors, they currently pay a much lower percentage of their income in taxes as Warren Buffett and President Obama have pointed out.

Therefore, there should be only one tax schedule with equal taxation for work and all kinds of investment with absolutely no special treatment for investments other than retirement ones that can't be accessed until old age.

Besides being more fair, this would increase tax revenues and go far toward reducing the deficit.

Sign on the White House website, and pass around the short url below:

http://wh.gov/2Fx


Professor Smartass's picture
Professor Smartass
Joined:
Jul. 31, 2007 4:01 pm

Comments

You're comparing apples to oranges. The money people use to invest is money they have left over AFTER it is has already been taxed. It is now ready to taxed AGAIN.

Remember your Economics 101, if government wants more of something it lessens the tax, if it wants less of something it raises the tax rate. Forexample cigarettes and alcohol.

Investment in business is a good thing for society and something that should be encouraged.

Calperson's picture
Calperson
Joined:
Dec. 11, 2010 10:21 am

Apples and oranges? The money people spend on a new pair of shoes is money they have left over after they've been taxed....and they get taxed on the purchase of the shoes..

Get taxed when you buy a pair of shoes, yet don't get taxed when you buy a share of stock. Why is one taxed and one exempt?

I think I have it...The McDonald's workers buy shoes and don't buy stock.. Those buying stock get taxed on a wee bit of their income when they buy shoes...and aren't taxed at all on the bulk of their income spent in buying stocks.and financial paper..

Sales taxes are mainly for the many...while exempting the bulk of expenditures made by the few.

Retired Monk - "Ideology is a disease". ..

polycarp2
Joined:
Jul. 31, 2007 4:01 pm

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