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you only are taxed on the part you've not been taxed on and if you lose money you can write it off, i'm mostly a libertarian and don't like capital gains taxes but i do get that it's not retaxed, by that logic state sales tax is retaxing so is state income tax, but those aren't either and no one claims they are...i know one person said if you spend the money they leave you alone not in most states, sales tax and tagging your car and such are consumption taxes, all states have gas taxes, so if you spend you get taxed too...there's a lot of those taxes i don't like but i argue that, not that they are retaxation.
Exactly.
Enough with this BS mantra right wingers. It's not "already taxed". You're only taxed on the gain.
the apparent goal is to make sure that day traders and guys on Wall St pay no tax, even though most of the GOP base don't make their income from capital gains.
They've somehow been sold the bill of goods that what's good for Wall St. is good for Main st...either that or they hate liberals so much that they'll shoot themselves in the foot to do whatever they think runs counter to liberal policies.
Either way, retired angry white guys in Indiana making $30K's from social security and a part time job at Wal Mart who carry water for Wall St. is a phenomenom that I will never understand...I can't see it other then being so brain washed by Limbaugh et al that they don't even realize their own best interests.
If I understand you right, this is not true. What money was initially taxed at 30%? The money you invested? O.K.
So you invest $10,000. At the end of two years you have $11,500. Only the $1500 is taxed. Why shouldn't it be taxed as income as it is income?
With the 10,000 invested 2,000 was made but corporate income tax took away 500 so you only get 1500, why should it be taxed again?
A corporation is where people pool their money together so they can grow it faster. Corporate income tax hits ALL of their profit...THAT is their income tax....this is not rocket science.
If I earn my money legally and choose to invest it wisely, what claim does the government have on the returns from my investment? Should my money be confiscated and redistributed because others don't have the foresight or the discipline to earn investment income?
Let's put it another way. Say I invest $10,000 and and at the end of two years I only have $8500. Is the government going to reimburse me for my loss? If not, then what right do they have to demand a chunk of my gains?
You are twisting the facts. No one is confiscating your money and redistributing it. We independents/Liberals and Democrats also pay taxes and the money is just that a TAX. I see this Republican tactic daily. They are confiscating my money! Standard Republican rhetoric to confuse the low information voter. These are our tax laws. Catch a clue!
My capital gains rate if I hold more than a year is 15%. That money was already taxed at approx. 30 percent initially. That is if you hold more than a year. Short term gains are taxed at ordinary income. Combine that up that is 50% tax give or take a few points either way. Tax tax tax, take take take, redistribute redistribute. Thats all they know.
Uh, no. Your capital gains have not been taxed, only the initial investment.
Enough with this BS mantra right wingers. It's not "already taxed". You're only taxed on the gain.
the apparent goal is to make sure that day traders and guys on Wall St pay no tax, even though most of the GOP base don't make their income from capital gains.
They've somehow been sold the bill of goods that what's good for Wall St. is good for Main st...either that or they hate liberals so much that they'll shoot themselves in the foot to do whatever they think runs counter to liberal policies.
Either way, retired angry white guys in Indiana making $30K's from social security and a part time job at Wal Mart who carry water for Wall St. is a phenomenom that I will never understand...I can't see it other then being so brain washed by Limbaugh et al that they don't even realize their own best interests.
Never mind that every action from the Fed, Geithner and Bernanke the last 4 years has been to see that Wall Street was able to continue on with record profits.
With the 10,000 invested 2,000 was made but corporate income tax took away 500 so you only get 1500, why should it be taxed again?
A corporation is where people pool their money together so they can grow it faster. Corporate income tax hits ALL of their profit...THAT is their income tax....this is not rocket science.
1. That is not the original argument
2. If you want to make a different argument you need to do a better job of it.
3. You made $1500 on your investment. The $1500 was taxed. Why should it not be taxed as income as it is income?
Bill the contractor makes 200K, employs 20 people from the blood sweat and tears of his HARD HARD work probably pays about 17% net tax. Bill works 70 hours a week.
Rich the hedge fund manager makes 200 MILLION dollars in a hedge fund. He also works 70 hours a week. His net rate is 15%.
That is just messed up.
We need to raise cap gains rates UNLESS they are venture capitalist gains. If ***strictly*** defined as true venture capitalism the rate should be zero. By venture capitalism I mean some rich guy taking his money and creating a company IN THE US EMPLOYING US CITIZENS. At that point anything he gains with that much risk is gratis and with gratitude.
We should eliminate inheritence taxes and replace with an IRON CLAD requirement for all gains being recognized at the death of the last spouse and no chaining spouses, incorporating yourself etc. Everything gets taxed ONCE.
If someone renounces citizenship AFTER becoming ultra rich (that piece of poop facebook guy from Brazil comes to mind) we need a stiff exit tax and a stiff tax for every night that person wishes to spend in this country. If you really want to leave, REALLY LEAVE... FOREVER. Skip out on the tax... gloves off smackdown, you arent a citizen any more, I dont give a rats behind what happens to you. Oh and we send a bill for the smackdown on top of the tax we extract + fees +interest...
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