Monday, November 26, 2012

Scarborough: It's "Immoral" For Wealthiest To Pay 15% Tax Rate

Breaking with Republican economic policy, Joe Scarborough said that it is "immoral" for the richest Americans to pay a 15 percent tax rate. The statements were made today on a "Morning Joe" panel discussing tax reform and a New York Times commentary calling for raising the tax rate on capital gains. Watch:

SCARBOROUGH: You see again this huge divide between the richest Americans and the poorest Americans... and you sit there going, you know what, these people that live in these mansions and have private jets and live an extraordinary life like few Americans live 30 years ago — they can probably deal with a 20 percent tax rate on capital gains instead of 15 percent... Why are we fighting and risking our [Republican] majorities protecting billionaires that are hedge fund guys who are paying 14 percent tax rates? ...There's something immoral about these people paying 14, 15, 16 percent of their taxes because the tax rates are the way they are while small business owners who make $250,000 a year in Manhattan and may employ four or five people are paying a 35% tax rate.

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