Since Romney is "only" paying a 15% income tax rate (SHOCKING!), and it's mostly because a lot of his income is from capital gains, I had to rant.
I've heard the comments (and actually made some) that say that capital gains come from money that's already been taxed. I meant that you pay taxes, then take after-tax dollars, invest them, then have to pay income tax on the returns. While true, that isn't quite as accurate as it should be.
I was listening to Rush this week and he made a comment about the corporations paying the capital gains pay dividends with after-tax dollars. I didn't believe him (why, Erin, WHY?!) and went to go look it up. Turns out it's true. Corporations earn money, pay taxes on that money, pay dividends to us (or whoever happens to invest in their company), and then that money is taxed AGAIN.
Egads....how many times should it be taxed? And how is that Romney's fault? He didn't write the tax code. If there was a flat tax, there wouldn't be "loopholes" (another word for "laws") that he or other "rich" people could "find" ("follow the law"), and then everyone would pay their "fair share" (equal percentage).
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