Taxing the rich

Posted on July 15, 2008 | Comments Off on Taxing the rich

Thomas Sowell wonders if facts are obsolete in Democrat politics? Afterall, Baby Barry’s current popularity seems dependent on such old "change" mantras as raising capital gains taxes to make the privileged pay more so government can spend more. But teachers, nurses and mechanics are among the almost half of Americans whose 401K pension income programs depend on involve stocks, and they will take the hit along with the wealthy.

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0 responses to “Taxing the rich”

  1. Eva's avatar Eva | July 15, 2008 at 6:42 pm |

    Explain to me. What does capital gains have to do with 401K’s. Either I am missing something or I do not understand that you put money aside, tax free, in a 401K and pay regular tax rates on these funds when you withdraw them after you retire. Joe

  2. Dick Stanley's avatar Dick Stanley | July 15, 2008 at 8:35 pm |

    You’re right and I’m wrong, Joe. I fixed the post to reflect my mistake. Sowell (at the link) said pension income, in general, not 401Ks, and since I’m drawing from a 401K now, at, as you say, the regular tax rate, I should have known better. But there are other pension and retirement programs that are influenced by the cap. gains rates. As I believe our bud Lee Luckey could tell you, the rich already pay more than their share in taxes, anyhow.