>>There are also a lot of middle class people that pay 15% captial gains tax. Does your model of "fairness" include taxing our ( the middle class) captial gains at more than 15%? If not, where do you draw the arbitrary line for paying more than 15% captial gains? $250,000? $500,000, $1,000,000?
/edit/
Arbitrary lines always create an industry of contrivance to game the system. Another solution might be to exempt owner-occupied residences after (say) 5 years which would mollify many middle class voters whose main asset is their own home.
Care to guess what the capital gains tax is in New Zealand? ;-)
"... They ne'er cared for us
yet: suffer us to famish, and their store-houses
crammed with grain; make edicts for usury, to
support usurers; repeal daily any wholesome act
established against the rich, and provide more
piercing statutes daily, to chain up and restrain
the poor. If the wars eat us not up, they will; and
there's all the love they bear us."
-- Shakespeare: Coriolanus, Act 1, scene 1
