How about the fact that we actually got a look at a high 1-percenters federal income tax returns and he didn't pay the 35% top marginal tax rate or even half of that rate, which is at one of its lowest points in modern American history.
His 14% federal income tax rate doesn't exactly jive with the narrative that "job creators are being strangled to death under Obama." I wonder how often that was brought up on the Hannity show?
This. Just raising the rates will hurt the middle and upper middle class but not the rich unless the tax code is truly reformed.
Do away with capital gains, do something about offshore accounts and hidden shell companies overseas, and allow the Bush tax cuts to expire and we will have taken some real steps toward the kind of fiscal responsibility that the right has been preaching this election cycle.
You don't want to entirely do away with the preferential capital gains tax, but raising it to a point wouldn't hurt enact a prohibitive barrier to investment.
The whole model needs to be restructured. You have huge companies funneling management fees -- which should be taxed at the top marginal tax rate of 35% -- through their investment funds so that they look like capital gains and thus avoid the regular tax rate.
It has become a massive loophole for the very rich and there should be a real debate about what to do with it going forward.