I think you underestimate the amount of savings owned by older people. They average some 35K per family in savings. This used to be in CDs but has migrated into the stock market because of zero returns on savings accounts. It is not a huge amount per family but with some 50M families the total is large. Right now they are paying a maximum of 15% and most are paying less than that. Raise it to 20% or higher and the average older family will pay out about 2 to 3K in taxes a year. Where do you think that money will come from? I would think grocery stores, home improvement, and gas as they will drive less.
"Money left in the hands of the working class and retired x-workers is by far a better benefit to the middle class and the economy."
That's what I said isn't it? Tax investment income higher and use the proceeds to give breaks to lower income...that will put more money back in the economy relative to low taxes on investments which mainly benefit the rich.
"Vote for you hero" I am a resident but not a citizen therefore not eligible to vote.
There are no changes proposed to MLPs, but remember something is likely to happen with Congress. Raising dividends to ordinary income would destroy the economy as many elder people live on dividend income.
It might cause hardship for elder people, but would this by itself 'destroy the economy'? I am doubtful. Didn't dividends used to be ordinary income before the Bush Tax cuts? It didn't seem to destroy the economy then. And isn't interest already ordinary income? So why would dividends being taxed as ordinary income destroy the economy whereas the same not apply to interest income? I would think more people get interest income than get dividend income.
I respect your opinions, arb, just not convinced by this statement.
(the above is not to imply I am rooting for an increase - it would not be nice for my dividend paying Canadian E&Ps).