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Why Mitt pays low taxes on huge income
Debate » The tax codehas long favored investment earnings instead of wages.

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The 2003 law also started taxing qualified dividends at the same rate as capital gains.

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Liberals and some moderates argue that lower taxes on investments are a giveaway to the rich because they are the ones who get the most benefit. Last year, two-thirds of all capital gains went to people making more than $1 million, according to the nonpartisan Joint Committee on Taxation, the official scorekeeper for Congress.

Only 13 percent went to people making less than $200,000.

"I'm a liberal person, and I believe strongly that the wealthy should pay more than the working poor," Marr said, regardless of whether the income is from investments or labor.

Obama has taken up this argument, though his budget proposals have called for only small tax increases on capital gains and dividends, to a top rate of 20 percent.

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Instead, Obama has developed the "Buffet Rule," named after billionaire investor Warren Buffet, which says rich people shouldn't pay taxes at a lower rate than their secretaries.

Mitt Romney 2011 Tax Return

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