Let's take one more example of the "Buffet Rule" since the current "politic speak" is, "Why should Warren Buffet pay less of a tax rate than his secretary? This is not FAIR!" Well look at FACT Check's research here: http://www.factcheck.org/2011/10/shes-no-buffetts-secretary/ Or this one about the teacher who makes $50,000.00 a year: http://www.factcheck.org/2011/09/obamas-teacher-tax-whopper/ Part of this "half baked" idiom is that Warren Buffet pays himself less of a "salary" than his secretary, so on ordinary "payroll" income; he would pay a lower percentage. Do you think that he really pays fewer taxes than his secretary? Here's a Forbes article on the subject: http://www.forbes.com/sites/paulroderickgregory/2012/01/25/w... As to those that "inherit" their wealth over those who actually invent stuff and work for it like a, now deceased, Steve Jobs, here are a couple of links if you care to read. Money magazine had an article a few years ago as well and estimated that only 10% of the top 1% of the wealthiest persons actually "inherited" it. http://www.consumerismcommentary.com/most-wealthy-individual... If you expand it to just billionaires: http://moneytipcentral.com/self-made-vs-inherited-billionair... As to who pays what and what is FAIR? Here's the real story: http://ntu.org/tax-basics/who-pays-income-taxes.html The bottom line, this "the rich don't pay their fair share" is a bunch of bunk foisted on the American people by political "charlatans" who exploit those who won't do the research, into believing "half truths" and "twisted stories" and "slanted presentations of the whole story" to gain political favor and get "voted in" so that they can reward their "political buddies" who helped them gain power. The only way you and I can help "clean up Washington" is to make informed decisions about who we sent to represent us (no matter what party you have a tag to!), and send people who are willing to tackle the tough problems "head on" with no "cock-n-bull" stories and let the American people know the facts - period. As long as we vote these disingenuous individuals in, we will get what we vote for. Let's FIRE the ones that don't do a good job - they work for US - not the other way around!
I can see the benefit of a low capital gains targeting seniors or other middle income Americans. We could reinstate a marginal rate for capital gains similar to most of the rest of last century. Are you aware of what the marginal rates were? http://en.wikipedia.org/wiki/File:MarginalIncomeTax.svg A very basic example of a fairer capital gains code, would be for earnings over 1M, it is taxed as normal income. Look, I do brain tumor research. I went to school for 20+ years to do it. I work to develop cures and treatments for a very deadly disease. If you are very savvy, you might get me to buy in on a philosophical level how someone like Warren Buffett or Mitt Romney does something commensurable to pay at a level of 1000x or 200x mine. But, you will never get me to agree that they should be taxed at half the rate. That's not a worldview I will buy. Tax rates shouldn't decrease as earnings do. Being wealthy is a pretty good reward, no need for a regressive tax rate.
I'm curious Hootsbox, what are some of the areas of politics that you think Left and Right agree on? What can we get done as a country? Where is there common ground? Now ask yourself this, how often do you focus your energy on these things?
On a very high level, at this point in the discussion, I would say both the Right (or Center Right) and the Left (or Center Left) would agree that: 1. Corruption is bad no matter where, when, who, and what realm it is in.
2. The concept that people take financial and political advantage of people and that is wrong is a point of agreement - that applies across the board I would think.
3. That politicians have taken the place of "statespeople" and honest representatives and made our current government structure one that is not enviable IMHO. That would be a point of agreeement.