Comment

Americans Favor Letting Tax Cuts for Wealthy Expire

218
KingKenrod9/10/2010 11:07:40 am PDT

re: #214 WindUpBird

Because if you make millions a year and theres a high top rate:

1) you do nothing and the government takes some of it

or

2) you reduce your income by investing some of it

either way, you can end up with the same amount net

this is so blindingly obvious I wonder if you people do anything except listen to Limbaugh

Currently, you can’t reduce your income by investing it. You can only reduce your taxable income through valid deductions. Mortgage interest and health care costs, for instance. There is no deduction for investment - unless you lose money on an investment, then you are allowed $3,000 deduction/year.