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Old 12-13-2011, 02:45 PM
 
Location: Riverside
4,088 posts, read 3,689,776 times
Reputation: 3076

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I know, what a shock, huh???

-Income over $1,000,000: 20% cut

-Income under $100,000: 3.5% cut

-Eliminate capital gains and inheretance tax

http://www.google.com/url?sa=t&rct=j...eaMYPiVrpIdKLQ

Don't worry, my fellow 99%ers- just get your tin cups out. Maybe the "Job Creators" will "trickle down" a little pocket change!
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Old 12-13-2011, 02:50 PM
 
12,050 posts, read 11,142,366 times
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The topic of this thread couldn't be more obvious. Gingrich's tax plan favors the rich? Duh. He's a Republican.
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Old 12-13-2011, 03:28 PM
 
2,944 posts, read 3,004,114 times
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How is this plan favor the rich?

Eliminate capital gain: Duh... why punish savers? Savings is the driving force for private sectors.

Eliminate inheritance tax: a bigger duh. This money is already taxed, don't know how many time. Now they want 55% of fair market value. Which family MUST sell at below market because of fire sales and PAID capital gain tax on it.
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Old 12-13-2011, 03:32 PM
 
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I know government love government love class warfare for control. But what I don't understand is why everyday people like to use class warfare again other people.

Any tax cut is good. That mean more money with the people instead of government. At least with the people, they can spend it and be satisfied with it. When the government at the government's hand, they just wasted it and ask for more.
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Old 12-13-2011, 03:41 PM
 
Location: Hinckley Ohio
6,722 posts, read 4,428,077 times
Reputation: 1376
go figure
Quote:
Originally Posted by Gurbie View Post
I know, what a shock, huh???

-Income over $1,000,000: 20% cut

-Income under $100,000: 3.5% cut

-Eliminate capital gains and inheretance tax

http://www.google.com/url?sa=t&rct=j...eaMYPiVrpIdKLQ

Don't worry, my fellow 99%ers- just get your tin cups out. Maybe the "Job Creators" will "trickle down" a little pocket change!
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Old 12-13-2011, 03:47 PM
 
Location: Hinckley Ohio
6,722 posts, read 4,428,077 times
Reputation: 1376
yep it was taxed when the person earned the money. But of course they died and passed it on to someone else, therefore it is taxed as income to the person recieving it in the form of an INHERITANCE tax. Being taxed when someone else earns it doesn't mean the next person to receive or earn it gets it tax free.

if i earn a dollar, i pay taxes on it, if i then give someone a dollar they pay taxes on it, too. is that double taxation???
Quote:
Originally Posted by cw30000 View Post
Eliminate inheritance tax: a bigger duh. This money is already taxed, don't know how many time. Now they want 55% of fair market value. Which family MUST sell at below market because of fire sales and PAID capital gain tax on it.
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Old 12-13-2011, 03:52 PM
 
2,127 posts, read 1,685,144 times
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Quote:
Originally Posted by cw30000 View Post
How is this plan favor the rich?

Eliminate capital gain: Duh... why punish savers? Savings is the driving force for private sectors.

Eliminate inheritance tax: a bigger duh. This money is already taxed, don't know how many time. Now they want 55% of fair market value. Which family MUST sell at below market because of fire sales and PAID capital gain tax on it.
What? Do you not see how this plan favors the rich, or are you simply trying to argue that anything that favors the rich must be good for everyone?

His plan would give people earning over a million dollars a lower tax rate than people earning between $40k and a million. Hmm.. how does that favor the rich? Add in the fact that his plan creates much $850 billion less in revenue than the current policy, and this is clearly just pandering to the American elite. Like, literally the .01%.

Gingrich tax plan would slash revenue, add billions to deficit - latimes.com

Quote:
By 2015, according to the Tax Policy Center’s Howard Gleckman, 70% of all households would get a tax cut under Gingrich’s plan, compared to what they would pay if today’s rules still applied, but the top 0.1 percent would reap the lion’s share of the benefits, saving an average of $1.9 million. The tax cut for low-income households would average about $63.

But such a deep tax cut comes with a hefty price tag: Gingrich’s plan would add about $850 billion to the federal deficit in 2015. By comparison, Perry’s plan would add $570 billion to the deficit.
Are you still unclear on how this favors the rich? We'll add to the deficit by funneling money to the wealthiest people in society. Sounds great. Gingrich is looking to attract some wealthy campaign donors with a move like this; he knows how the game is played.
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Old 12-13-2011, 03:58 PM
 
17,751 posts, read 15,639,452 times
Reputation: 6391
Quote:
Originally Posted by cw30000 View Post
How is this plan favor the rich?

Eliminate capital gain: Duh... why punish savers? Savings is the driving force for private sectors.

Eliminate inheritance tax: a bigger duh. This money is already taxed, don't know how many time. Now they want 55% of fair market value. Which family MUST sell at below market because of fire sales and PAID capital gain tax on it.

Because neoclassical economic rewrote the text books to define a robbery as a service. The consumer classes buy goods and services which tends to reward a producer. The wealthy have one of two options. Much of the capital gain has rent seeking behavior embedded within it. Capital needs to be defined properly as human created assets. Rent seeking is the primary reason why trickle down has utterly failed.
In their quest for value, people choose between two paths. They can obtain value through exchange by providing a good or service that others consider valuable. Alternatively, they can seek to have value transferred to them without providing anything in return. The first path is one of profit seeking, and it has the desirable side effect of forcing people to serve the public by providing products the public wants at prices they will pay. The second path has become known as rent seeking, a term descriptive only to those who know something of the history of economic analysis. Unlike profit seeking, rent seeking has no desirable side effect, but rather can cause a serious waste of society's scarce resources. In different terms, profit seeking is a positive-sum game, whereas rent seeking is a negative-sum game.


Rent Seeking

The rich actually make people poorer not richer since they typically rent seek more than they invest. Our tax laws are broken.
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Old 12-13-2011, 03:59 PM
 
2,944 posts, read 3,004,114 times
Reputation: 1109
Quote:
Originally Posted by dunks_galore View Post
What? Do you not see how this plan favors the rich, or are you simply trying to argue that anything that favors the rich must be good for everyone?

His plan would give people earning over a million dollars a lower tax rate than people earning between $40k and a million. Hmm.. how does that favor the rich? Add in the fact that his plan creates much $850 billion less in revenue than the current policy, and this is clearly just pandering to the American elite. Like, literally the .01%.

Gingrich tax plan would slash revenue, add billions to deficit - latimes.com



Are you still unclear on how this favors the rich? We'll add to the deficit by funneling money to the wealthiest people in society. Sounds great. Gingrich is looking to attract some wealthy campaign donors with a move like this; he knows how the game is played.
I don't understand how does this favor the rich? Have you look at our tax code lately? Probably not. We have a progressive tax rate. That mean, you pay at a higher percentage when you make more money.

progressive tax rate is anything but fair. If you want to make it fair, tax everyone at the same rate. If you want to tax those making $1m at 50%, then tax those making $100 at 50%. If you want to tax those making $100 at 5%, then tax those making $1 million at 5%. This is fairness.
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Old 12-13-2011, 04:02 PM
 
2,944 posts, read 3,004,114 times
Reputation: 1109
Quote:
Originally Posted by gwynedd1 View Post
The rich actually make people poorer not richer since they typically rent seek more than they invest. Our tax laws are broken.
The rich does not make people poor. The rich, like anyone else, do what best for themselves. Just like you and me. When we work for others, we want more for our services.

The government is what make people poor. If you look outside of the US. The wealthy country is a country with the smallest government and the most economic freedom.
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