With the recent release of Republican presidential candidate Mitt Romney's 2011 tax returns, experts are returning to the controversial topic of tax inequity. While the majority of U.S. citizens are paying up to 35% of their salaries in taxes, wealthy Americans are only taxed 15% on the capital gains that make up a large part of their incomes.
Like many critics of the current tax code, Professor Bradley Borden does not believe in the potential benefits of favorable capital gains rates. “Capital gains is just one of the many ways the wealthy can lower their tax burden that is not available to most Americans,” he told Fox Business News. “And it is usually at the expense of those in the middle class.”
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