Let's Be Fair about Taxation

When I hear others say "fair share," I know what is coming -- a diatribe against the wealthy followed by recommendations to more heavily tax "millionaires and billionaires." The specifics usually follow.  I learn that it isn't just millionaires and billionaires who are targeted.  The actual income threshold is $200,000 for individuals and $250,000 for married couples, and it is business and investment income that constitute the real target.  You know: the evil capitalists. Today, the current top tax rate of 15% for capital gains and dividends is getting a lot of attention because of the recent release of Mitt and Ann Romney's tax returns.  They reported millions of capital gains and dividend income and paid a tax of around 15%. Let's take a look at fairness in the context of investment income.  We will see a very different picture of their tax situation and the taxes paid by others with investment income. If an individual purchased stock 20 years ago...(Read Full Article)