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posted: 11/28/2012 5:00 AM

Raising income tax for rich won't help

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Those of you who believe in raising the tax rate of the very wealthy don't understand how taxes work. You could increase the top rate to 99 percent and you'd get very little more in income taxes from Mitt Romney and Warren Buffett, and you'd see only a slight increase from Barack Obama. This is because their income is investment income taxed at a 15 percent rate. Increasing the tax rate will get more from the salaries of the higher-paid population, but it doesn't address where the really wealthy get their income.

If you want to get more money from the wealthy, tax where the income is coming from.

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Jim Scanlan


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