blake murphy > wrote:
>On Sun, 17 Jul 2011 21:41:19 -0500, Pete C. wrote:
>
>> sf wrote:
>>>
>>> On Sun, 17 Jul 2011 20:38:27 -0500, "Pete C." >
>>> wrote:
>>>
>>>>
>>>> sf wrote:
>>>> >
>>>> > On Sun, 17 Jul 2011 17:34:46 -0500, "Pete C." >
>>>> > wrote:
>>>> >
>>>> > >
>>>> > > There are a lot of loopholes, because the rich are already over taxed.
>>>> >
>>>> > You bought into the right wing ideology hook, line and sinker.
>>>>
>>>> So what is your reasoned argument that give justification to taxing one
>>>> person 15% of their income and another 35% of their income, in direct
>>>> violation of equal protection.
>>>
>>> The rich are NOT over taxed, so get it right. Why do the rich pay
>>> only 15% on their income, which is mainly capital gains,
>>
>> From irs.gov, it appears that the capital gains tax rate is 28%, so your
>> claim of the rich paying 15% is way off.
>
>what the **** are you talking about? from the IRS site:
>
>
>7. The tax rates that apply to net capital gain are generally lower than
>the tax rates that apply to other income. For 2010, the maximum capital
>gains rate for most people is 15%. For lower-income individuals, the rate
>may be 0% on some or all of the net capital gain. Special types of net
>capital gain can be taxed at 25% or 28%.
>
><http://www.irs.gov/newsroom/article/0,,id=106799,00.html>
>
>the one time you provide a cite, it disproves your assertion.
>congratulations.

Possibly Pete was looking at the short-term capital gain rate.
In casual conversation, "capital gain rate" means the long term
rate, the rate that is preferentially lower than other tax rates.


Steve