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Even before the election, there’s was a huge discussion about tax fairness.  The presidential campaign hasn’t done anything but amplify the discussion.

As many people have noted, Romney pays only about 13% in taxes.  This is because most of his income is derived from capital gains.  Before we continue, we should gain at least a general idea about what this is.  For tax purposes, this is considered income, but it isn’t the same as income derived from a paycheck.  It is not a corporate tax, those are a separate form of taxes. 

When people consider capital gains, most think of it as only money made on stock trades.  This isn’t necessarily so, it could be from almost anything.  We should also distinguish the difference between long term and short term capital gains.  Short term capital gains are taxed at a much higher rate than long term.  Long term…

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