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I'm watching a documentary on the French Revolution, and it brought up the very well known fact that in the decades before the bloody event the wealthiest nobles were paying virtually nothing while the middle classes and below were paying ridiculously high taxes. In America at the moment, guys like Mitt Romney are paying around 15 percent and guys like me (a very middle class Soldier) and probably you are paying near 30 percent. Come on my Republican brethren, isn't it about time to double the taxes of the wealthiest Americans so we can return to some semblance of economic normalcy?
The French have had something like 6 revolutions since our single 1 and you want to follow their example?
Do you know where income taxes come from? They come from people working. Do you really want to reduce people working, when that work builds/expands business, provides jobs and provides tax dollars?
Personally I think tripling it would be insane, you never want negative shocks like that, but I do feel taxing it at the same rate as earned income would be reasonable, along with a reduction in loopholes.
Actually heres a good question for you. Lets say the taxation on taking profits from your investments WAS tripled-and assigned to the date of the bill being created. Would you take profits at a massive taxation level, or let them sit in the investments until the taxes came back down?
The problem I have with increasing the capital gains tax is if you increase it too much i.e. triple it as was suggested, then you discourage people from investing, including the average Joe investing in their 401k's because the tax bill once you take the money out would be a very painful pill to swallow. It would further encourage off shore investing which would eliminate the revenue we currently do receive in capital gains tax.
In answer to your question though. If the taxation where to triple, I'd pull what I have now invested out and pay the lower tax rate before the rate goes up and re-invest it where the penalties aren't as harsh. There are countries with much lower capital gains taxes than what we have right now. I would probably then split new investment money with half going into our domestic investments and ride it out until the rates go back down to something more reasonable and the other half would go off shore. Just thinking off the top of my head as I'd have to spend some time researching before I did anything.
Do you know where income taxes come from? They come from people working. Do you really want to reduce people working, when that work builds/expands business, provides jobs and provides tax dollars?
Personally I think tripling it would be insane, you never want negative shocks like that, but I do feel taxing it at the same rate as earned income would be reasonable, along with a reduction in loopholes.
Actually heres a good question for you. Lets say the taxation on taking profits from your investments WAS tripled-and assigned to the date of the bill being created. Would you take profits at a massive taxation level, or let them sit in the investments until the taxes came back down?.
Do you know where investment comes from? Do you know what investment is and how that drives the economy?
Investment comes from people's savings. Investment is to put your own money at risk hopefully to get some return. It's never a sure thing and most people lose money; however, without investment, there will be no jobs available.
Take the Keystone project for example. A Canadian company wants to put up billions of dollars to build a pipeline in US. To building this pipeline, they would need to hire thousands of people in America. Since Obama turned it down, there would be investment - no jobs for the Americans. For big projects like that, it typically takes 5-10 years to see the return on investment.
And you want to tax the capital gain higher. Why? To discourage investment? The investors would say "screw that. It takes 10 years to recover my investment and now I have to pay taxes? I'll just put the money in the bank."
Do you know where investment comes from? Do you know what investment is and how that drives the economy?
Investment comes from people's savings. Investment is to put your own money at risk hopefully to get some return. It's never a sure thing and most people lose money; however, without investment, there will be no jobs available.
Take the Keystone project for example. A Canadian company wants to put up billions of dollars to build a pipeline in US. To building this pipeline, they would need to hire thousands of people in America. Since Obama turned it down, there would be investment - no jobs for the Americans. For big projects like that, it typically takes 5-10 years to see the return on investment.
And you want to tax the capital gain higher. Why? To discourage investment? The investors would say "screw that. It takes 10 years to recover my investment and now I have to pay taxes? I'll just put the money in the bank."
Do you know where investment comes from? Do you know what investment is and how that drives the economy?
Investment comes from people's savings. Investment is to put your own money at risk hopefully to get some return. It's never a sure thing and most people lose money; however, without investment, there will be no jobs available.
Take the Keystone project for example. A Canadian company wants to put up billions of dollars to build a pipeline in US. To building this pipeline, they would need to hire thousands of people in America. Since Obama turned it down, there would be investment - no jobs for the Americans. For big projects like that, it typically takes 5-10 years to see the return on investment.
And you want to tax the capital gain higher. Why? To discourage investment? The investors would say "screw that. It takes 10 years to recover my investment and now I have to pay taxes? I'll just put the money in the bank."
Then you get no jobs. :-)
BWahahaha
OK lets be honest here. #1 what does the bank do with the money you put into it. Go ahead...think that through.
Yes I want to tax capital gains at the same rate as earned income is. I find nothing unreasonable about this. But suddenly you treat it like the end of the world. why?
Your link requires subscription but wiki has an article and here's the interesting part:
"In 2011, Senate Democrats, arguing against another repatriation tax holiday, issued a report asserting that the previous effort had actually cost the United States Treasury $3.3 billion, and that companies receiving the tax breaks had thereafter cut over 20,000 jobs."
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