Feb. 16 (Bloomberg) — From Warren Buffett’s secretary to Mitt Romney’s tax returns to the general uprising against the 1 percent, tax reform is on everybody’s radar. In the cross hairs is the preferential treatment for capital gains.
Profits from investments are taxed at a maximum rate of 15 percent, which is less than half the 35 percent maximum tax rate imposed on wages and other ordinary income. One can hardly open a newspaper or click on a blog without seeing a call to eliminate this special rate for capital gains to increase fairness and raise federal revenue.
Copyright 2012 The National Memo