Tax Breaks For The Wealthy | featured news

President Obama told Americans on Monday he wants Congress to extend tax cuts for the country's middle class while letting them rise on high income earners. As he attempts to turn voters' attention from the stagnant unemployment numbers — now standing at 8.2% — and limp economic recovery, Obama spoke at the White House as he made an opening campaign pitch for continuing middle class tax relief.

The tax plan by GOP presidential hopeful Newt Gingrich would provide big tax breaks to the rich and blow a huge hole in the federal budget deficit, according to an independent study released Monday.

Why are "capital gains" taxes so much lower than taxes on other income? The reason capital gains taxes are lower is because most of the income of the rich is from capital gains. And the reason most of the income of the rich is from capital gains is because capital gains taxes are lower.

Countries such as the United States are avoided by large technology companies because of their high income-tax rates. The U.S. corporate income-tax rate is 35%, while the U.K.'s is set at 28%.