@RW Standing,
RW Standing wrote:
A New Economic System
We have an erratic economic system today, with very little global control, and open to wild capitalist speculation. Is it not time to change some part of this to provide stability. In a global economy taxes are difficult to collect fairly, and any fall in revenue can have circular repercussions on production.
If instead of relying on direct taxation of people, companies, and goods, this were reduced substantially, another source of revenue would be needed. If the shortfall was made up by effectively taxing the nation, by "printing money," this would work through the economy in the same way as normal taxation, but be fairer to all, and the revenue would be calculable each year.
Nothing wrong with the economy that raising the minimum wage, long term capital gains tax, restoring unemployment insurance won't fix, especially the long term capital gains tax.
Why should the rich investors pay only 15 percent long term capital gains tax while those who work for a living pay 39.6 percent maximum income tax?
Quote: The term "net long-term capital gain" means long-term capital gains reduced by long-term capital losses including any unused long-term capital loss carried over from previous years.
Generally, for most taxpayers, net capital gain is taxed at rates no higher than 15%. "
http://www.irs.gov/taxtopics/tc409.html
“No lesson is so deeply inculcated by the experience of life as that you should NEVER TRUST EXPERTS.” Lord Salisbury
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