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And yes sometimes cutting capital gains increases revenues. But the revenue increases are only short term, and in the long run cutting capital gains decrease revenues. The following source explains the above.
Ironically, since the Bush Tax cuts expired, the deficit became under control. If only Obama could pass tax hikes on the 1%.
Really, taxes for realized income are fine at 39.6%. Just need to tax capital gains the same as earned income. That's how the 1% manage to short change everyone else.
Most European countries have lower capital gains and marginal corporate tax rates than the US because they understand you catch more flies with honey than you do with vinegar.
Taxing millionaire's income won't do serious damage to the US economy if overall income taxes are kept low, but heavily taxing investment and corporate profits will set the forces of economic growth to seeking greener pastures.
As for that "under control" deficit, cut in half it's still twice the largest Bush only deficit and that was with Pelosi and Reid on board.
Let us help you out. What part of that chart is so confusing to you?
If you make $100,000 a year, you pay 28% in taxes.
If you make $400,000 dollars a year (and your not a CEO) you pay 39% in taxes (and thats not right.)
From being in this forum I have come to believe the problem is this,
A non-CEO making $400,000 a year is paying the same tax rate as someone making $2,000,000 a year. But the person making $400,000 a year, should be paying a lower tax rate than the person making $2,000,000.
Our federal tax brackets should not stop at $400,000 dollars, they should continue something like the following, (so people making $400,000 are not being punished, and people making $2,000,000 are not being coddled.)
If you make $100,000 a year, you pay 28% in taxes.
If you make $400,000 dollars a year (and your not a CEO) you pay 39% in taxes (and thats not right.)
From being in this forum I have come to believe the problem is this,
A non-CEO making $400,000 a year is paying the same tax rate as someone making $2,000,000 a year. But the person making $400,000 a year, should be paying a lower tax rate than the person making $2,000,000.
Our federal tax brackets should not stop at $400,000 dollars, they should continue something like the following, (so people making $400,000 are not being punished, and people making $2,000,000 are not being coddled.)
And CEO's capital gains taxed "personal" income, should be taxed at the same rates as the federal tax bracket table.
If you taxed capital gains like you taxed income every corporation would move overseas with a couple of years and take their taxes and jobs with them. Why do you think companies are moving to Ireland right now?
If you taxed capital gains like you taxed income every corporation would move overseas with a couple of years and take their taxes and jobs with them. Why do you think companies are moving to Ireland right now?
Thank god you are not in charge of the country.
No they wouldn't. Why should the guy simply investing in gas stocks pay less tax than the guy driving the truck hauling it?
If you taxed capital gains like you taxed income every corporation would move overseas with a couple of years and take their taxes and jobs with them. Why do you think companies are moving to Ireland right now?
Thank god you are not in charge of the country.
You really truly do not understand anything of what you just said. You know that right?
Start there. The owners of the companies might move (doubtful that a ton would). But not the companies.
They move to Ireland because of the low corporate rate.....this is how many US companies show a $0 tax rate-they shift profits and expenses around such that the profit is made in bermuda or ireland.
And generally they move their incorporation address there, while maintaining their businesses in the home countries.
Most corporations love having unlimited access to huge American market, if faced with tariffs the would rather pay and stay in America then move to china and sell to Chinese.
If this moron Clinton hasn't signed GATT we would have a healthy economy today and wouldn't owe half the country to china.
Quote:
Originally Posted by shooting4life
If you taxed capital gains like you taxed income every corporation would move overseas with a couple of years and take their taxes and jobs with them. Why do you think companies are moving to Ireland right now?
Thank god you are not in charge of the country.
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