WHITE HOUSE PETITION: Equal taxes for investment and work income

[yurbud]

I know this overlaps the Buffett Rule proposal, but it's worth showing the public supports it in every way possible.

This petition thing might be more popular than the White House expected: they upped the threshhold of when they'll respond to petitions from 5,000 to 25,000.

My petition:

Tax investment income the same as salaries and wages--no special rights for Wall Street speculators

While investors who risk their money in business ventures make a valuable contribution, it is no more valuable than those who show up everyday and give their time, work, and creativity to the success of that business.

Since there are many tax loopholes and political favors done for wealthy investors, they currently pay a much lower percentage of their income in taxes as Warren Buffett and President Obama have pointed out.

Therefore, there should be only one tax schedule with equal taxation for work and all kinds of investment with absolutely no special treatment for investments other than retirement ones that can't be accessed until old age.

Besides being more fair, this would increase tax revenues and go far toward reducing the deficit.

Sign on http://wh.gov/2Fx">the White House website, and pass around the short url below:

http://wh.gov/2Fx">http://wh.gov/2Fx

[dkf]

1. Then you should get to take all your losses against your income.

[yurbud]

3. I've thought of that too. Why is it we pay taxes on INCOME but business pay only on profits?

We should be able to deduct all of our expenses of surviving and supporting our families since that's the ''business'' we're all doing.

[dkf]

4. So you would only tax savings?

Then everyone would be incentivized to spend everything. And then you would have a truly dependent population.

[yurbud]

5. that's how it works with business right now, which is why they lavish so much on exec salaries

it's a way for the already wealthy to reward themselves without the business being taxed for it.

[dkf]

6. There was a survey on DU a few days ago.

More millionaires than any other cohort if I recall correctly.

[yurbud]

7. this isn't anti-millionaire. it's anti-preferential tax rates for investors

[JoePhilly]

8. Why?

If I can make 10k in income from investments, taxed at 15% ... or make 10k in income from carrying heavy shit taxed at about 25%, clearly one is better.

The idea that rich folks will stop investing is ridiculous. They are so rich that they can ride out any collapse.

[NYC_SKP]

2. Done. (nt)

[quaker bill]

9. Not good enough

Labor should get a tax preference over passive gains.

[yurbud]

10. I wouldn't oppose that.