Reader comment on: Kristof, Taxes and Billionaires
Submitted by Andy (United States), Jul 7, 2011 14:44
"Mr. Kristof doesn't explain why labor should be taxed higher than capital..."
I would think that the answer is obvious. Most of us who are workers pay a higher rate than 15% on our wages; I do not employ any personal capital in the day-to-day work that I do yet the government taxes me at a marginal rate of 25%. The only thing I bring to the equation is my labor. Hence, if I am paying a higher rate on my labor, why shouldn't wealthy hedge managers?
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The Future of Capitalism replies:
Why not just tax all income at the same rate?
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