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Pawlenty just told me, on tv, that Romney is paying twice on his money, consequently he is paying more than 40% of his income in taxes............
If I pay 30% on my paycheck of $1,000 and I use it to invest and make $500 on my investment, I only pay capital gains on the $500 NOT the $1500, and I only pay it when I cash in the investment. Lying republicans anyway............
If I pay 15% capital gains and 30% income tax and my investment pays me $1000 on a $1,000 investment, on that $2,000 I end up paying 22.5%...........NOT 45%!
Pawlenty just told me, on tv, that Romney is paying twice on his money, consequently he is paying more than 40% of his income in taxes............
If I pay 30% on my paycheck of $1,000 and I use it to invest and make $500 on my investment, I only pay capital gains on the $500 NOT the $1500, and I only pay it when I cash in the investment. Lying republicans anyway............
If I pay 15% capital gains and 30% income tax and my investment pays me $1000 on a $1,000 investment, on that $2,000 I end up paying 22.5%...........NOT 45%!
Better yet, if you make $1000 from investments and pay 15%, and then you turn around and reinvest that $1000 to make $2,000, you still only pay taxes on the additional $1,000 that you earned through investment income--again at 15%. It's a 15% total tax bill. I actually work for a living--my tax bill is double that. Huh.
You mean the same Tim Palenty that just days before the Ames Straw Poll last August told a local conservative talk radio show host that the reason he was running was so that someone like Mitt Romney doesn't become the GOP nominee? That Tim Palenty?
That's like O'Reilly last night saying that people won't invest if you raise capital gains taxes. He said it would involve too much "risk"... That made me LOL, because the risk is only on your gains in the viewpoint of taxes. So you can either keep your money under the mattress and earn nothing or invest it. Taxes and risk don't really make sense when you are talking about gains. Especially when you take the risk of inflation into account (which is huge).
Also consider this proposal (something I think everyone can agree on):
Long Term Capital Gains Income within 1 year 0 - $500,000 = No Taxes
$500,000 - $1,000,000 = 15%
$1,000,000+ = 30%
This would encourage people who invest long term to keep their money invested and only withdraw it when necessary. Thus you wouldn't get big time investors pumping prices as much. It would not hurt retirees what-so-ever.
Under this system, Romney, who withdrew $21 million in gains in one year would pay $6.075 Million in taxes, for an effective tax rate of 29%. Instead of the ridiculous 13% he paid currently.
Retired grandma who withdrew $200,000 on gains within one year (one rich grandma!) would pay no taxes on it. Pretty sweet deal.
Romney would probably end up withdrawing either $500,000 or less than that so he wouldn't pay any taxes. Thus that money would remain invested in mutual funds, stocks, and investments that help the economy grow.
Pawlenty just told me, on tv, that Romney is paying twice on his money, consequently he is paying more than 40% of his income in taxes............
He is, the businesses he owns is also paying taxes.
Quote:
Originally Posted by Goodpasture
If I pay 30% on my paycheck of $1,000 and I use it to invest and make $500 on my investment, I only pay capital gains on the $500 NOT the $1500,
Your example shows exactly how its double taxed.. First the paycheck is taxed, and then the investment is taxed.
Quote:
Originally Posted by Goodpasture
and I only pay it when I cash in the investment. Lying republicans anyway............
How is that any different then you only paying taxes when you get paid, not when you work? You not understanding this doesnt make him a lier.
Quote:
Originally Posted by Goodpasture
If I pay 15% capital gains and 30% income tax and my investment pays me $1000 on a $1,000 investment, on that $2,000 I end up paying 22.5%...........NOT 45%!
And the business you own is also paying a profit tax BEFORE you get your $1,000 gain.
Quote:
Originally Posted by Goodpasture
In actual fact, increasing the taxes on capital gains will increase employment.
I might have to review who the moron is because you cant increase employment by taking more money out of the economy . explain to me exactly how that works
Quote:
Originally Posted by Goodpasture
Spend money and deduct the expenditure. "Let the government buy the truck." So the money gets spent, stimulating the economy.
Clearly you are someone who's never claimed deductions because you dont deduct the expenditure. The truck would reduce the taxes owed by only the amount of profit you gave up, and increasing the tax rate wouldnt increase the demand for trucks.
Quote:
Originally Posted by Goodpasture
No taxes on it? "Don't buy the truck, without taxes we have no incentive to buy."
So you think UPS wouldnt buy delivery trucks if it wasnt for taxes?
My god, just when I thought I couldnt see a dumber posting, you proved me wrong.
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