Quote:
Originally Posted by jimjamuser
The rich pay less taxes through the mechanism of Capital Gains. The rate is LOWER than rates on income!
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So do the poor and everyone in between. A capital gain which can be due in part or in whole to inflation, for example, is a very, very different animal than earned income. It is based on any gain from the sale of an asset. In some countries NO tax is paid on capital gains. I think in the UK capital gains are taxed at 10%, much lower than in the US.
Last I heard in the USA 47% pay NO income taxes because they do not earn enough!!! That is almost half of us.