Payroll/Income Tax vs. Capital Gains Tax

A couple of Broken Spines members were talking Friday night with an old friend who revealed that she was supporting McCain and that she had supported Bush in the 2004 election.  The conversation went to taxes and we were discussing the “inequity” of the payroll/income tax vs. capital gains tax.  A suggestion was made that we need to move to a single tax rate avoiding the loopholes for the wealthy in our current tax structure.  We discussed Warren Buffett’s philosophy that the system isn’t fair to the middle class that his income is taxed at a lower rate than the people that he employs (their average rate is 32.9% vs. Buffett’s rate of 17.7%.).

Check out Buffet’s interview with Tom Brokow where he explains how US tax policy has tilted toward the rich and away from the middle class for the last 10 years.  Decide for yourself…

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