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I think you are straying from the subject. We were talking about taxes on Capital Gains. Capital Gains encompasses many things, from simple passbook interest to selling derivatives and seeing a gain.
So, is there a double tax on simple passbook interest to selling derivatives and seeing a gain? If so, please explain.
If not, then I think I am sticking to the subject - which was the objection you raised that capital gains are taxed twice.
So, is there a double tax on simple passbook interest to selling derivatives and seeing a gain? If so, please explain.
If not, then I think I am sticking to the subject - which was the objection you raised that capital gains are taxed twice.
Ken
I believe I already have. Once again, I earn a salary, that salary is taxed and I am left with $1000.00. I put the $1000.00 into the bank and it earns interest. I must then pay tax on that interest. There it is.
As for derivatives, I merely said they, one way or another, come under the topic of capital gains. I have no expertise on how they are taxed. Perhaps someone else can assist you (and me) on that.
I believe I already have. Once again, I earn a salary, that salary is taxed and I am left with $1000.00. I put the $1000.00 into the bank and it earns interest. I must then pay tax on that interest. There it is.
As for derivatives, I merely said they, one way or another, come under the topic of capital gains. I have no expertise on how they are taxed. Perhaps someone else can assist you (and me) on that.
OK, well I guess we'll just have to agree to disagree. To me the interest you make on that $1000 is new income and should be taxed like any other. The double taxation argument on stock sales I can understand (and even partially agree with - except that, as I mentioned earlier, that by buying and selling stock instead of owning your own company you're getting a break on the risk - and to me that offsets the "double taxation".
In any event it's been an interesting conversation and I've learned a lot from the many knowledgable folks here (even those I've disagreed with).
Sorry, $80k isn't affluent. $100k isn't even affluent.
As far as I'm concerned, affluent is someone making in excess of $250k. And even that's questionable.
I think the word "rich" is way overused in this society. To me, rich is someone who's total assests equalled a million dollars (not including their home).
Political issues:
(1) bring our troops home
(2) global warming is going to affect everyone
(3) having a country left when the next election happens (secure our borders)
(4) seniors who have been paying social security for years deserve to reap the benefits
(5) private social security would be a disaster, most people can't manage money
(6) leave our guns alone, guns don't commit crimes, people do
(7) more consideration for the victim than the criminal
(8) America's image abroad
(9) Freedom of religion--this should have been number one.
(10)National sovereignty--One of the political candidates scares me on this one. Listen closely to what the candidates are saying
1. Iraq is a mess. Bring our troops home now! Let that region rot.
2. Corruption at every level in the Executive Branch of the Federal Government. I want Bush and Cheney removed from office ASAP.
3. I want my freedom and right to privacy restored. What's the use of being safe if Im not free?
4. I want unprecedented amounts of money and research put into alternative fuels
5. Abolish the Electoral College. One man, One vote.
6. The Supreme Court is too conservative. Not good for America.
7. Universal Health Care. Long overdue. Im still trying to figure out how to pay for it, but I like the idea.
8. Id like to see a flat tax rate of 15% across the board.
9. Gays should be allowed to marry if they so choose.
10. If a person is a responsible gun owner, let them keep 'em. If not, then take them away.
11. Abortion should be legal and churches need to butt out.
12. Legalize Medicinal Marijuana.
13. Legalize all illegals now here and afford them all the oppurtunities of legalized status-and then build the scariest damn fence in the history of the world along our border-with fiery moats if need be. We dont need to posture to any third world country.
14. Prisoners should work to pay for their own incarceration. They should be picking fruits and veggies in place of illegals. They should also be working on all public works projects.
15. K-12 public schools. A general understanding of Science and Art should be a requirement for HS diplomas. Vocational Training should begin in 9th grade for those looking to go that route.
Normally,
Id be far more interested in local issues but things are so messed up now that national issues now dominate my concerns.
Recently someone started a thread requesting CD participants to state their income level. Over 50% claimed an income of $81k and over.
I guess that for the affluent, issues such as finding jobs, liveable wages, affordable housing, and affordable healthcare are just moot. And rising gas prices are merely meaningless numbers that change at the pump every once in a while.
What are the issues that affluent people consider important? What, if any, changes would you like to see? Also, do you consider yourself on the political right?
health is important
probably a french socialist.
i like zarkozy a lot.
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