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Discussion in 'Political Action Forum' started by Bands rule, Jan 23, 2012.
Run for office Amen brother!
Where can I send my campaign contribution?
Really...that's the math formula you are going with?
You assume he paid 35% income tax on the money used to create the capital gain. It's likely the source is other capital gains which was taxes at the 15% rate.
The income already taxed does not get realized as new income therefore not subject to the 15% capital gains tax.
The 50% number you have quoted is wrong.
With today's release of 2010 tax returns - I stand corrected. Newt is the one paying over 30% to the IRS.
Heart warming that the Median Taxpayer will get their $1,026 in Federal Income Taxes back thanks to EIC - have a wife & child - even better.