Raise Tax Rates on Capital Gains & Dividends

Almost lost in the tug of war over whether the top income tax rate should be 35 percent or 39.6 percent is another consequential tax issue: the proper rate for capital gains and dividends.

It was the absurdly low rate on those forms of income — just 15 percent — that yielded Mitt Romney’s embarrassingly small tax payments. And that’s what also led to Warren E. Buffett’s lament that his tax rate was lower than his secretary’s.

So as we scurry around looking for new revenue to help address the yawning budget deficit, let’s zero in on this special preference.

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