What is a fair income and capital gains tax rate for the rich to pay?
In 2006 the top 2% paid 60% of all income taxes but earned only 30% of the income.
Shouldn't we lower their tax rate to make it more fair?
Is the tax rate higher for income or capital gains?
I've already accumulated about $45,000 in short term capital gains this year. I need to liquidate another $40,000 in stocks or sell part of an inherited IRA which, as I understand, will be taxed as income. Is the tax hit going to be the same either way?
Last year I had taxable income of about $53,000 with next to no capital gains. This year I expect about the same taxable income plus the capital gains.