Lv 7
John asked in Politics & GovernmentPolitics · 7 years ago

How do Liberals see ths?

There are two kind of wealthy out there. The "income wealthy" and "asset wealthy." The income wealthy are those that go out there and work for their money and are taxed out the wazoo. The asset wealthy are the really rich and are barely taxed, still like the Gates, the Buffetts and the Imelts.

Where is indignation from the left ?

2 Answers

  • 7 years ago
    Favorite Answer

    Let me just start off by saying that it's not really true that high earners are "taxed out the wazoo." Since the tax deal to avoid the fiscal cliff, the top marginal income tax rate has gone up to just under 40%. But that's only assessed on income over 400, 000 dollars. This rate is lower than it has been for all but twenty seven years of the century that we've had the income tax (and in most of those cases it was only a few points lower). This is despite the fact that over the last thirty years the share of wealth controlled by the top few percent has skyrocketed. And keep in mind that the payroll tax, which is the most significant tax which most people pay, only applies to the first 113,000 dollars of income. So once you get up above that you're getting a nice tax break.

    But in general, liberals want to lessen, or even eliminate, the tax benefit given to investment income. Most liberals see it as bad morals and bad policy to tax productive labor at a higher rate than investment. If you look at liberal media outlets and liberal policy proposals you'll see a lot of people advocating for raising the capital gains tax to match the federal income tax. You'll certainly find all, or almost all, liberals looking to raise the capital gains tax in order to lessen the disparity between earned and investment income. In fact, one of Obama's original bargaining points in the fiscal cliff debates was an increase in the capital gains tax from 15% to 20%.

    • Commenter avatarLogin to reply the answers
  • 4 years ago

    The Conservatives are the only ones that may get us out of Debt and working again. We now have let men and women within the country and they want jobs. The more of us working the better, so some excellent can come from the Labour reign of Terror. The halt on the country wide coverage develop, keep folks in work. The funds in 50 days, that offers them time to make experience of darlings book preserving and provide you with a plan. The Liberals have some excellent ideas and as the 2d celebration, might be a excellent opposition. In answer to you query we want the Conservatives within the riding seat and the Liberals in coaching. The Labour get together used to be a excellent notion after the warfare, but since they turned their back on the working person they have no use.

    • Commenter avatarLogin to reply the answers
Still have questions? Get your answers by asking now.