Wednesday, June 20, 2012

College graduate should be taxed at the capital gains level

Here's an odd thought? What if my income was taxed at the same rate as Mitt Romney's?

Good ol' Mitt really hasn't worked for many years. He might speak now and then and receive a fee for that, but he really is just living off his money from Bain Capital, which earned him that money by laying off hard working people. And if you're a conservative, do not give me the, "Well, they have a right to make a profit." BS!, if in the same breath you then gripe about jobs being shipped overseas.

I digress. Back to my point: Every American who graduated from college should be able to write their taxes off as capital gains.

How? You ask. Remember the recruiter for your college. You bristled at the price tag, and they said, "It's an investment in your future." An investment...that is what capital gains are. So when the recruiter convinced you to go, you went planning on a descent salary. An investment right?

Now, I know of my most ardent GOP friends will erroneously say, "That's not your investment. It's the banks'!" How do you think we got into the crisis we are in? People gambled with bank money. We on the other hand didn't gamble with it. We tried to be safe and get a degree that would pay a living wage after graduation. 

Considering most people who graduated from college don't make a decent salary and many make just enough to not qualify for federal aid, yet enough to starve, I think every dime of their income that is withheld should be withheld at the capital gains level of fifteen percent. This should be in effect until they pay off their student loans. Once those are paid off, they are then obligated to pay their tax bracket. Until then, they are investors reaping on their return. Good capitalists who paid and are paying and should thus be taxed accordingly.

Now, I know many will say, "If this is the law so many people will want to get into college." Is that bad? And if we turn them down, is that bad? Set the bar high, set the reward high, and people will flock to you...kind of like how they should approach dealing with teachers.

End point - College graduates should pay only 15% on their income as other capital venturists. It's an investment and only fair. Isn't that what all my good conservative friends want? An equitable tax code? I've no problem with college graduates struggling and fighting out of the gate. It's good for us. But tax us accordingly.