"The Gang of Six plan is silent about taxes on capital gains and dividends, but tax experts said it would be difficult to generate more than $1 trillion in additional revenue without increasing taxes on investments. The current top rate on capital gains and dividends is 15 percent — well below the top rate for ordinary income."
And, of course, the superwealthy earn effectively all their income as capital gains. Buffett, for example, used to disingenuously imply what an ordinary guy he was because he only "accepted" a salary of $250k. Others, including the google founders, used to imply they were sacrificing themselves for the good of the company by only accepting *ordinary* income of $1 per year. Of course, what always mattered but was never asked or answered, was how much they got in stock options and other capital gains....
Anyway, this is TRANSPARENTLY another plan to further screw over the middle class. Disallowing deductions which are seldom used by the upper class (who don't get mortgages on their houses to begin with so need no deduction for interest) while getting rid of things which can HURT them (e.g., the alternative minimum tax). And, of course, "lowering the top rate from 35 percent to somewhere between 23 percent and 29 percent will help me ...but also anyone who earns more, while probably tightening the screw on those who earn slightly less...such as a typical doctor. That could provide a windfall for wealthy taxpayers because the 35 percent tax bracket currently applies to taxable income above $379,150."
However, I probably ought not to tell Clo about this because THIS plan looks like it would actually substantially lower MY taxes ... not as much as it would please the oligarchs but more than it is going to please those in the upper end of the middle class. It looks like it is custom designed to REALLY screw over the professional class ... and all the middle class in general.
Just my first take but I personally SHOULD support this plan ... IF I HAD NO CONSCIENCE!! "Divide and conquer"? Divide and EAT is more like it!
http://news.yahoo.com/bipartisan-tax-plan-trims-mortgage-deduction-191345875.html
Here you can learn about "the Big Club", if you aren't in the know about who Obama serves. It is George Carlin so not for the sensitive...
http://www.youtube.com/watch?v=acLW1vFO-2Q&NR=1
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