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The issue is about fairness of the capital gains tax. Reducing taxes on the middle class is a separate issue and not really an"instead of" as it moves us the other way.
But I thought the antheisis of trickle down economics is trickle up?
Why would you care so much about "fairness" (a war on the wealthy)if the middle class' taxes are cut and that supposedly spurns more economic growth then cutting the wealthy's taxes.
It sounds like you and those who want to tax the wealthy more, only have a vendetta.
You spelled the problem, while supporting it. Capital Gains should not be a refuge from income taxes. If I had millions laying around, I won't mind taking such "risks". It is why, for certain duration of investments, capital gains should be regarded as income, with rates progressively reduced for long term investments.
That includes millionaires, not just those who can barely make their ends meet.
Show me one millionaire that pays NO taxes. I'll wait. Warren Buffet doesn't count, since he's SUPPOSED TO, he just doesn't WANT to.
In the meantime, you may want to ponder the fact that most seniors would pay more if capital gains was increased, since their money is earning "gains". Money they invested, scrimped and saved all their lives to live off of. Still willing to toss granny and her wheelchair off the cliff?
Show me one millionaire that pays NO taxes. I'll wait. Warren Buffet doesn't count, since he's SUPPOSED TO, he just doesn't WANT to.
Did you simple regurgitate the number you heard/read somewhere? Or, did you think about what and who the numbers included? But then, if you did more than mindless parroting, you wouldn't be asking that question. And since you asked, the least I could do is provide you with one multiplied by seven thousand.
because capitol gains are taxed more than once. The money that is made by the corp is taxed, and then the proceeds of those earnings are taxed when they are paid to shareholders.
We are discussing individual compensation not corporate, your response does not answer the question.
so in other words you would sacrifice investments in this country to raise the capital gains tax rate? that is stupid. it has been shown time and again that when the capital gains tax rates go down, revenues to the government go UP. when the capital gains tax rates go up revenues to the government go DOWN.
the reason capitals gains tax rates are lower than earned income rates is because of the risk involved. raise the rates on capital gains, and the risk remains the same, but the potential reward goes down. and when that happens, investments in this country go down.
The capital gains tax was as high as 50%, 28% back in the 1980's and investment was not an issue, why would raising it to 20-25% create an issue now. If history proves correct there will be no issue with a loss of investment. Why is capital gains an issue, it wasn't an issue in the past.
Where did you get revenue fluctuation specifically tied to capital gains?
Executive compensation in stocks avoids income tax, I don't think the CEO at Exxon is overly concerned with risk.
But I thought the antheisis of trickle down economics is trickle up?
Why would you care so much about "fairness" (a war on the wealthy)if the middle class' taxes are cut and that supposedly spurns more economic growth then cutting the wealthy's taxes.
It sounds like you and those who want to tax the wealthy more, only have a vendetta.
What was the point in the tax cuts in 2001, was there a lack of investment income, seems to me that the budget would be in better shape if we kept the capital gains at their prior level.
Did you simple regurgitate the number you heard/read somewhere? Or, did you think about what and who the numbers included? But then, if you did more than mindless parroting, you wouldn't be asking that question. And since you asked, the least I could do is provide you with one multiplied by seven thousand.
Now, go ahead and cry me a river.
What are you babbling about? I never GAVE a number - I asked for an example of one millionaire that pays NO taxes. And apparently, you don't have the answer. But like the good little liberal, you go straight for the namecalling attack.
Another example of the problem with the tax structure, Exxon CEO Tillerson gets $17.9 M in stock, $6.8 M in salary. One year from today he can turn around and sell his stock and be taxed at only 15%,similar situation for the Chevron CEO.
You can also turn around and sell stock after a year with only a 15% tax rate on capital gains. So can I. So can a homeless person. I've yet to encounter any means testing qualification on capital gains rates when filing my taxes.
Quote:
Originally Posted by Goodnight
Meanwhile middle class americans are paying higher rates on salary.
How many middle class do you think are paying either higher rates or total incomes taxes on salary vs. this guy's $6.8 million paycheck?
It's stunning that people can not understand the basic unfairness and defend this system, what is so difficult to comprehend. CEO's on the top end cashing in millions for 15% while middle class taxpayers pay far more.
Baloney. ANYONE who owns stock shares that are cashed in for a profit only pay 15% in taxes. That includes a poor janitor who buys a few shares of GE instead of blowing it on the lottery.
The only way to only get to your alleged fairness would be to require everyone to receive at least 80% of their compensation in CASH and not stock or other benefits. Their cash would then be subject to regular income rates.
Last edited by Colonel_Straker; 04-17-2012 at 10:39 AM..
You can also turn around and sell stock after a year with only a 15% tax rate on capital gains. So can I. So can a homeless person. I've yet to encounter any means testing qualification on capital gains rates when filing my taxes.
How many middle class do you think are paying either higher rates or total incomes taxes on salary vs. this guy's $6.8 million paycheck?
If he cashes in his stock from last year it will most certainly move his overall tax rate lower.
Who said there was means qualification on low income for capital gains, that is now the point. Anyone can use the capital gains but low income have very little excess income to devote to investment. How many shares of stock can somenone low to middle income purchase, they are not able to lower their effective rate to close to 15% with investment income.
The largest benefit is to the top earners.
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