During this election year, the Republicans are trying to convince the American voter that an income tax cut is needed. The problem is that they want to give the guy making $300,000.00 about $50,000.00 and folks like me get around $250.00. Personally, I can live without that. Especially since it means the government will not be paying down the national debt. The big investors have been draining the federal coffers by making interest off the debt so long that they are fighting to keep their boondoggle going. If we pay off the debt, this money will gravitate into the stock market and help continue the expansion of our economy.
The capital gains tax was instituted back in the beginning of this century
after the nations newspapers reported that the richest men in America did
not pay income tax because they had NO INCOME. In 1996 the Republican
Congress attempted to eliminate the capital gains tax. but they were stopped
by President Clinton and the Democrats in Congress. I have never been asked
to pay capital gains tax. The only capital gain I ever had was from selling
my home and since I invested that gain by buying another home it was not
taxable. So, maybe I am not qualified to make a judgment on the issue but,
my instincts tell me that every American, even the richest, should pay
a fair share of the cost of keeping America alive and well.