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Old 01-22-2013, 11:54 AM
 
Location: Barrington
45,822 posts, read 34,049,024 times
Reputation: 15309

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Quote:
Originally Posted by InformedConsent View Post
Did that money just appear out of nowhere? Explain why you believe so.
If I earn $100,000 I pay tax on it. Let's assume I am left with $75,000 after taxes. I do not pay further taxes on it. If I invest that $75k I will owe taxes on that portion of the investment that is profitable, when and if I sell it. Let's assume I do make a $5000 profit and sell the investment in 2 years. I now owe a 15% capital gains tax on $5000.

If on the otherhand, my investment lost money and I sold, I can use that loss to offset future gains and do so indefinitely.

The maxium capital gains tax rate for manyy of the prior 60 years ranged between 25-39.875 %. Many of those years were the best years in terms of the economy and did not prevent anyone from investing in innovation.

Those who prefer no capital gains taxes are free to move to countries with no income taxes. Instead of paying income taxes, you will pay otherworldly import taxes on everything you consume.
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Old 01-22-2013, 11:59 AM
 
Location: Barrington
45,822 posts, read 34,049,024 times
Reputation: 15309
Quote:
Originally Posted by InformedConsent View Post
Not at all. We FULLY realize that we're penalized for investing in growing the U.S. economy.
And somehow this is something new that Obama invented?

Good lord, be happy the U.S. no longer taxes gains at nearly 40% as it once did.
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Old 01-22-2013, 12:01 PM
 
66,486 posts, read 30,325,536 times
Reputation: 8667
Quote:
Originally Posted by middle-aged mom View Post
If I earn $100,000 I pay tax on it. Let's assume I am left with $75,000 after taxes. I do not pay further taxes on it. If I invest that $75k I will owe taxes on that portion of the investment that is profitable, when and if I sell it.
Why? Do you get a similar tax credit for the loss you take on food, clothing, automobiles, real estate, etc., that you have spent your already taxed income on and have lost value?
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Old 01-22-2013, 12:05 PM
 
Location: Barrington
45,822 posts, read 34,049,024 times
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Quote:
Originally Posted by InformedConsent View Post
Totally false. This U.S. Senate document clearly states that only 49% of filers AND non-filers have any federal income tax liability whatsoever:
http://finance.senate.gov/newsroom/r...1-ffc00b5c00ef

That means a full 51% pay no federal income tax whatsoever.
My source was the Heritage Foundation. Maybe they used different sources/years.
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Old 01-22-2013, 12:22 PM
 
Location: Barrington
45,822 posts, read 34,049,024 times
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Quote:
Originally Posted by InformedConsent View Post
Why? Do you get a similar tax credit for the loss you take on food, clothing, automobiles, real estate, etc., that you have spent your already taxed income on and have lost value?
Nope. It only applies to qualified investments. Food, clothing, shelter and to some extent autos are basic needs. Generally speaking, the IRS does not view your primary owner- occupied home as an investment because we all have to live somewhere. As an aside, once again generally speaking, investment in real estate will almost always underperform the stock market, over time. That's not to say that in some spot markets it's not possible to realize a tidy short term profit on a flipper. It was this sort of speculation that inflated the real estate bubble in the 2000's.

There are no tax consequences until a profit is realized, meaning the investment was sold.

If I lose $10,000 in the market and choose to sell and realize that loss, that $10,000 loss will offset future taxable gains upon sale, and do so indefinitely.

If I lose $10,000 upon selling in 2010 and made $12,000 upon selling in 2012, I will owe 15% tax on $2000.
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Old 01-22-2013, 12:24 PM
 
66,486 posts, read 30,325,536 times
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Quote:
Originally Posted by middle-aged mom View Post
Nope. It only applies to qualified investments.
So, invest already taxed income and gain money, you're taxed. Invest already taxed money in food, clothing, shelter, etc., and lose money, tough sh*t.
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Old 01-22-2013, 03:39 PM
 
19,050 posts, read 12,213,490 times
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Quote:
Originally Posted by urbanlife78 View Post
So let me get this straight, you make about $5million a year and you spend your time posting on City-Data? I think I smell BS in the room and it is coming from your direction.
I don't make $5 million per year. Are you kidding? I guess you think that "the rich" (this is beer and potato chips rich) don't pay their taxes. I pay, with state, federal, property, medicare, and social security taxes that amount. A little quick math (we live in a HIGH state income tax state) can arrive at the appropriate number.

I really love it when the under achievers in life find it unbelievable that someone can make more money than they do. I guess I never set out to make a lot of money- it is just an artifact of hard work. Perhaps you should have worked harder or chosen a different path in life if money is so important to you.

This is the problem with liberals- greed and envy.
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Old 01-22-2013, 04:11 PM
 
66,486 posts, read 30,325,536 times
Reputation: 8667
Quote:
Originally Posted by hawkeye2009 View Post
I don't make $5 million per year. Are you kidding? I guess you think that "the rich" (this is beer and potato chips rich) don't pay their taxes. I pay, with state, federal, property, medicare, and social security taxes that amount. A little quick math (we live in a HIGH state income tax state) can arrive at the appropriate number.

I really love it when the under achievers in life find it unbelievable that someone can make more money than they do. I guess I never set out to make a lot of money- it is just an artifact of hard work. Perhaps you should have worked harder or chosen a different path in life if money is so important to you.

This is the problem with liberals- greed and envy.
They absolutely HATE it when others work hard and smart, sacrifice, and excel.
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Old 01-22-2013, 04:28 PM
 
Location: Barrington
45,822 posts, read 34,049,024 times
Reputation: 15309
Quote:
Originally Posted by InformedConsent View Post
So, invest already taxed income and gain money, you're taxed. Invest already taxed money in food, clothing, shelter, etc., and lose money, tough sh*t.
The only reason to invest money is for a return on that investment. Rarely are all investments winners. It's your net profit that's taxed, not the principal investment. There is no dbl taxation.

The IRS does not define food, clothing and primary shelter as investments.

Capital gains have been taxed for at least 100 years.
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Old 01-22-2013, 04:55 PM
 
Location: Bay Area, CA
29,041 posts, read 45,029,897 times
Reputation: 20425
Quote:
Originally Posted by Phil306 View Post
ROTFLMAO!!! The only lifestyle choices those kids are going to have is minimum or maximum security.

She isn't taking that money and putting it into a college education fund. She is out partying it up, drinking it up, and smoking it up. That money will be spent before her next welfare check is deposited in the bank.
And you know this about a stranger how, exactly? Oh that's right, you don't... just another conservative making ASSumptions and demonizing the needy.
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