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If you're in the 28% rate you're minimally earning around $82,000 if you're single. If you're "killing yourself" at that rate, something is probably askew with your spending. Don't get me wrong, I'm completely opposed to rates much higher than 28%, but even after income tax and social security tax, a single person at that earnings level can be quite comfortable. While a 15% LTCG rate may seem inadequate, the rate encourages capital investment that in turn spurns job creation. Without the jobs created by a lower LTCG rate, the income tax rate would need to be increased. In other words, increasing the LTCG rate would likely increase your personal income tax rate to maintain the same governmental receipts. It's certainly easier to explain an increase in governmental expenditures (welfare, unemployment, health care) because the expenditures don't have much of an impact on the revenues. Change the 15% LTCG rate though, and there will be a large impact to government revenues.
Dustin
 "I've contributed alot of good tech help to this site that
no one here could have figured out" - JuniorTT 02/15/06 |
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13:31:17 03/25/11
