There are instances of high income persons manipulating the system to convert ordinary income into Capital Gains, thereby reducing their tax rate from 35% to 15%. This loophole must be closed, and the Capital Gains tax rate should be modified to be 10% less than the income tax that would be paid on total income, thereby making it fair, yet still providing an incentive for investment.
And the tax policies govern international investments and businesses favor the displacement of American workers by shipping the jobs overseas. Harvard Law has a good description of the policies and recommends changes that would be more fair to the American worker.
http://www.hlpronline.com/2006/07/kvaal_01.html
Let's get these changes made to reverse the maldistribution of wealth in this country that is the hallmark of the Bush Administration, and that John McCain not only plans to follow, but to double down on these tax breaks for the rich.
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