Course the next generation, their children, have a different story. Almost everybody worked, I think even 70% of the women. They do have more than their parents, with 401 k’s, several with pensions, etc. and other holdings taxed at various rates and surely significantly more income than above. I’m sure, however, our glorious politicians will figure out a way to send them to the poorhouse too. Have you noticed the babyboomer backlash? I see it dang near every day on the web. It ain’t gonna be pretty.

Dianne- the average senior income is about $23K that would put their taxes at about $3000- or 13% so currently 1/2 of seniors pay less in taxes than they would if retirement investments were taxed at the capital gains rate.

I agree that working income should be taxed at a lower rate than investment income but that is just the opposite of what the Wall Street Journal advocates.

That notwithstanding, Obama also proposes raising the amount on which one pays SS tax and I’m sure there will be other taxes raised as well. There isn’t a democrat who doesn’t believe in taxing the “rich” which usually equates to the middle class.

As a rule it’s a good idea to ignore people who use lies to advance their theories so I stopped reading when the WSJ piece argued that 100 million Americans would benefit from lower capital gains taxes because they are stock owners: the vast majority of those people do not pay capital gains taxes because their money is in a 401K!

When you drop the capital gains tax, revenues go up. When you raise the capital gains tax, revenue go down.

I guess as a proponent of small government you should be for astronomically high taxes- it’s the only way to keep the government from collecting money hand over fist.