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To quote Mark Cuban (he is a reasonably rich guy), there should be no special treatment to Capital Gains tax. "Capital Gains" should be treated as income, for tax purposes. Now what? He's a socialist?
yes
my favorite socialist, in that I am a HUGE Mavs fan, but a socialist none the less.
I don't understand why anyone cares about the rich unless they are on their payroll.
The love is not returned, from what I can see. Since the wealth of the country is gradually moving into fewer and fewer hands, it stands to reason that the taxes should be raised on these people to pay the bills for the country that made it possible for them to become wealthy.
THere is not a lot of sympathy for the rich out in Middle America.
So in your view, the rich OWE us for whatever economic and social conditions made it possible for them to make their money?
On average, the rich do pay a higher percentage tax rate. But for some reason those who make their living with dividends and capital gains do not.
That would be our grandparents, who are living off their 401K or their investments.
Quote:
Originally Posted by gvsteve
In my opinion all forms of income should be treated equally by the government. It shouldn't matter if you make your money through a job or by living off of investments. We should not let professional investors pay lower taxes while requiring people with jobs to pay higher taxes.
People earned money, and took a risk to invest it into the stock of a company, sometimes they lose money in these risky ventures, but the key here is that they already paid taxes on the money they invested.
So you want to tax them at 25% on the income they earned, and if they are lucky enough to not lose on their investment, you want to tax it at 25% again? How will this encourage people to invest, when the chances to lose it all are very real?
"It's mainly the middle class who has mutual funds."
Show me the data indicating the middle class own a plurality of mutual funds.
And what the hell is middle class? Whatever the income level that you earn now, it does not define who you are, or where you will be. A young woman can be struggling to get buy, making $7/hr, and then finally graduate from college and earn $200k a year, in less then 5 years, and then she can decide to work in the Peace Corps and be back down to living at the poverty level. A wealthy business owner can make bad investments, or suffer a tragedy and go bankrupt, and be working for another person, and only making $30k a year.
Marxism deals with defining people by class, we are not a Marxist society, their is not a European styled class system in America.
And what the hell is middle class? Whatever the income level that you earn now, it does not define who you are, or where you will be. A young woman can be struggling to get buy, making $7/hr, and then finally graduate from college and earn $200k plus a year in less then 5 years, and then she can decide to work in the Peace Corps and be back down to living at the poverty level. A wealthy business owner can make bad investments, or suffer a tragedy and go bankrupt, and be working for another person, and only making $30k a year.
Marxism deals with defining people by class, we are not a Marxist society, their is not a European styled class system in America.
This is intellectually dishonest. This is like suggesting that rich people suffer because they may have to pay a higher tax rate. Let's say a person made $1 million a year, and they had to pay a ridiculous amount in taxes, say 80%. That would leave them with making $200,000 a year and would still leave them in the top 10% of wage earners in the US and in the top 1% of worldwide earners. Of course, they pay rates nowhere near that amount. These people are not suffering in the least and it's pretty hard to be on their side.
Capital Gains: You invest money in some business and it works. The money invested is used to grow the business which positively impacts the economy creating new jobs and wealth for a large number of people. For your effort the Government says "thank you now fork over 15% of your return for your effort". Obama says "15% means these people who have helped the economy and have grown jobs are not paying enough for the effort lets get 30%!"
Dividends: You invest in a corporation that pays part of the profits back to its share holders. These profits are defined as money left over after all expenses and TAXES have been paid. Dividends are double taxation to start with. Obama now wants to double down on double taxation.
Great guy Obama. He likes punishing sucess and rewarding failure.
This is intellectually dishonest. This is like suggesting that rich people suffer because they may have to pay a higher tax rate. Let's say a person made $1 million a year, and they had to pay a ridiculous amount in taxes, say 80%. That would leave them with making $200,000 a year and would still leave them in the top 10% of wage earners in the US and in the top 1% of worldwide earners. Of course, they pay rates nowhere near that amount. These people are not suffering in the least and it's pretty hard to be on their side.
and here is the really silly part.
It isnt about millionairs suffering under heavy tax burdens.
it is about what is best for the economy. These millionairs understand that they work hard and are rewarded for it. When these people work hard, many other people have jobs and live nice lives. When these people relize that working hard will not benifit them, they simply wont work as hard.
Guess what that means for the middle class people who depend on these rich people working hard? it aint good.
Go forth and learn the Laffer curve.
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Do you really need a source for this? Are you sure you are old enough to be posting here because most americans who work have things like 401k's..
