I didn't like what Romney said about capital gains taxes (Ron Paul, thought)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
When asked the question about the 47% that pay $0 fed income tax, he was right o the money when he said that savings should not be taxed, but then said that capital gains shouldn't be taxed either!- what???!!! Haven't we seen these Wall St types destroy enough of our economy with generating paper profits at the expense of real output? Capital gains taxes already enjoy as little as half taxation for long term gains as opposed to the ordinary income rates that we taxpayers are forced to pay. That should show you who Romney is FOR.
Thought you were a Huntsman fan, but guess you haven't been paying attention to the specific issues:
Huntsman will advocate a dramatic, revenue-neutral restructuring of the tax code that will remove all loopholes, deductions, and tax expenditures. The result is consolidating the tax code into the following: Three individual tax brackets: 8, 14, 23%. ... An elimination of the capital gains and dividends taxes
When asked the question about the 47% that pay $0 fed income tax, he was right o the money when he said that savings should not be taxed, but then said that capital gains shouldn't be taxed either!- what???!!! Haven't we seen these Wall St types destroy enough of our economy with generating paper profits at the expense of real output? Capital gains taxes already enjoy as little as half taxation for long term gains as opposed to the ordinary income rates that we taxpayers are forced to pay. That should show you who Romney is FOR.
It's only for those making $200,000 and under. Many Republicans want to do away with capital gains tax all together. It doesn't actually affect that many people in that income bracket.
Just because I support Ron Paul, doesn't mean I agree with everything he says, but I love his plan on repatriating a part of the $1.5-3trillion in US dollars that have left the US. This would be closer to achieving the results that are desired by those who want to eliminate the capital gains taxes outright without the right plan in place, and avoid the negative effect that it can have over the regular joe shareholder that is simply planning their retirement or investing their hard earned money.
When asked the question about the 47% that pay $0 fed income tax, he was right o the money when he said that savings should not be taxed, but then said that capital gains shouldn't be taxed either!- what???!!! Haven't we seen these Wall St types destroy enough of our economy with generating paper profits at the expense of real output? Capital gains taxes already enjoy as little as half taxation for long term gains as opposed to the ordinary income rates that we taxpayers are forced to pay. That should show you who Romney is FOR.
You really need to look at a few facts. If you have $100,000 in a savings account, what kind of interest is it earning? Almost zero. Even the best CDs earn only a little more than zero. Eliminating taxes on "interest" is almost immaterial economically. It would increase the effective interest rate from 1% per year to 1.2% per year. That will hardly help the middle class improve their life.
If by savings you include common investments like mutual funds, you may earn a bit of dividends and a mixture of short and long term capital gains. For the typical small investor, long term capital gains are essentially interest.
I haven't decided whether or not changes are needed for capital gains. But before you simply say reducing tax rates on them you need to study the economic impact any changes would have.
You really need to look at a few facts. If you have $100,000 in a savings account, what kind of interest is it earning? Almost zero. Even the best CDs earn only a little more than zero. Eliminating taxes on "interest" is almost immaterial economically. It would increase the effective interest rate from 1% per year to 1.2% per year. That will hardly help the middle class improve their life.
If by savings you include common investments like mutual funds, you may earn a bit of dividends and a mixture of short and long term capital gains. For the typical small investor, long term capital gains are essentially interest.
I haven't decided whether or not changes are needed for capital gains. But before you simply say reducing tax rates on them you need to study the economic impact any changes would have.
Believe me, I am painfully aware how little the interest rates are for savings these days! I feel that it's insulting to tax what little is paid.
When asked the question about the 47% that pay $0 fed income tax, he was right o the money when he said that savings should not be taxed, but then said that capital gains shouldn't be taxed either!- what???!!! Haven't we seen these Wall St types destroy enough of our economy with generating paper profits at the expense of real output? Capital gains taxes already enjoy as little as half taxation for long term gains as opposed to the ordinary income rates that we taxpayers are forced to pay. That should show you who Romney is FOR.
Capital gain tax need to be abolished.
Why punished savers? It is not only Wall Street invest. Investing is the only way to protect yourself from US printing press.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
