Should earnings from horserace betting be taxed at a lower effective rate than the earnings of the the guy who shovels the horse shit out of the stable stalls?
We accept these stupid notions about how investment income should be taxed at a lower rate because we have been fed this load of crap by wall street and their bought and paid for politicians since we were born.
I am not denigrating those who gamble and win in the market, but the income they earn in the market is not more noble than the income earned from shoveling horse shit.
All income should be taxed at the same rate. Government should not be picking and choosing which kinds of income should be punished and which should be rewarded.
Amen!
Middle class America is going to have to get it's head out of the political rhetoric about class warfare and realize that this is not about "economic classes" but is about power groups seeking to impose their vision on America.
As near as I can tell, a lowly private in the American army calling King George a tyrant was not "class warfare" but was recognizing "opposing powerful interests."
There are powerful interests in America today: media, entertainment, labor, banks, investment, insurance, health, law, and on and on.
I am an average American voter, not vested in any power group, who doesn't want to be fleeced by any of those groups or enslaved to any of those groups. How do I best maximize my outcomes?
You will notice that those groups have huge money and are the primary donors to political campaigns. They expect a return on their investment. It can even be sinister.
I'm so sure of this that I think Romney is running for the presidency for some covert objective of his regarding Bain Capital (and other investment houses). I don't think you spend multi-millions to get a 200,000 a year job without some hidden agenda.
That is not class warfare. It is healthy suspicion of a man who represents a powerful interest group(s).
“Should earnings from horserace betting be taxed at a lower effective rate than the earnings of the the guy who shovels the horse shit out of the stable stalls?”
Absolutely they should. The gambler has already paid an income tax on the money that he then uses for gambling. In addition, he can not fully claim his gambling losses and be reimbursed from the government.