Re: Gibson raided
I believe capital gains is 15%.My aunt,who is 88 and not rich,just sold her house which her and my uncle bought at the Delaware shore in 65 for $12,500. Sold it for $400,000. Nice,but the feds are going to take $60,000 from her. She isn't rich.Never made more than $25,000 a year durring her 50 years of working.And while she was working,she paid income tax,sales tax,gas tax,property tax etc,etc. Now when her savings are starting to run out,she selles the place so she has money to live on,but the feds get $60,000 for what? What did theydo to deserve that money.As I pointed out, they already took taxes from her all her life.That's fine.Now they want more?
So it's not only the rich who get hit by capitol gains,it middle Americans too. As too the argument about do the rich pay their fair share,I believe that the tax rates they pay are fine,maybe even a bit too high.Obama's Simpson Bowles Commssion recommends lower tax rates and closing loop holes. I agree,but the president has ignored his own commssion. Jeff Imelt,head of General Electric, is also head of Obama's jobs councilLast year,GE made a profit of $7.2 billion but paid no taxes because of "loop holes".That's not right.But it's also not right that 47% of all working Americans pay no income tax.They not only pay no income tax,they get money in return.One of my customers owns a restaraunt.He had a gril working for him last year that ended up paying no income tax,but got over $2,000 back from the child tax credit.Where does that money come from? From those of us that pay in,and from people like my aunt. I think everyone from GE to the lowest paid worker should pay something.We all benefit from this country and we all need to give something back,even if it's a very small amount in the case of the lower income workers to the highest money earners like GE.
