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Old 04-10-2010, 06:49 AM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 20,609,688 times
Reputation: 3587

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I hear lots of banter about this tax which is currently set at 15% no matter how much or how little you make. Instead of trying to "fix" this tax, why not just DUMP the thing and TAX capital gains as INCOME? This would insure that the RICH pay their fair share as opposed to a straight 15% with no Social Security and Medicare tax AND it would insure that the working class retiree that maybe gets $24,000 a year in SS and investment income does NOT have to pay 15% on the investment income.
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Old 04-10-2010, 06:52 AM
 
Location: Marion, IA
2,796 posts, read 5,364,113 times
Reputation: 1576
Are you upset that some people make more money than you do? Do you need a hug?
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Old 04-10-2010, 06:57 AM
 
1,650 posts, read 929,011 times
Reputation: 442
Quote:
Originally Posted by KevK View Post
I hear lots of banter about this tax which is currently set at 15% no matter how much or how little you make. Instead of trying to "fix" this tax, why not just DUMP the thing and TAX capital gains as INCOME? This would insure that the RICH pay their fair share as opposed to a straight 15% with no Social Security and Medicare tax AND it would insure that the working class retiree that maybe gets $24,000 a year in SS and investment income does NOT have to pay 15% on the investment income.

I agree with this payroll taxes should also be added to this income. That may fix SS and Medicare.
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Old 04-10-2010, 07:01 AM
 
Location: Texas
5,774 posts, read 6,660,322 times
Reputation: 2856
Obviously you don't understand the tax implications for such a scenario. Should that specific scenario play out for an individual making JUST $24,000 IN COMBINED SS & investment income will not pay the 15% tax if the asset is held for more than 12 months before being sold. I am going on the assumption that it's income derived from the sale of an asset, not an annuity. Otherwise you might want to look into a structured sale, or maybe even a 1031 exchange depending on the asset. If it's an annuity, well then you can thank Newt Gingrich and his cohort for that, jack in the box.
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