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It absolutely does not tax the creation of wealth. It taxes the SPENDING of wealth.
Nonsense.
If you sell an equity or a piece of real estate, you are taxed on the gain regardless of whether or not you spend the proceeds.
What is taxed is the wealth that was created between the purchase and the sale.... your cost basis having already been previously taxed when it was originally earned.
And it depends who is in power how you are rated. When a democrat is in office you will be defined as rich as in this administration. So they can create class warfare and use the poor and middle class to go after upper "income" people. When a republican is in office the same people with the same income are middle class.
If you sell an equity or a piece of real estate, you are taxed on the gain regardless of whether or not you spend the proceeds.
What is taxed is the wealth that was created between the purchase and the sale.... your cost basis having already been previously taxed when it was originally earned.
You absolutely positive dont have a god dam clue what the hell you are talking about..
Not only do they pay attention to the concept of class, but they rate them.. once again BY INCOME
A Wikipedia page is not the Census Bureau. Not even a good try.
The Census bureau does measure income. But they do not assign people into classes based upon it. Others might... but as I said, there are as many different ways of assigning people into classes as there are pundits. The Census Bureau explicitly asserts that they don't even have a definition of middle class they would use.
Again... you yourself have destroyed your own argument that class is based on income by pointing at that some upper class people have no income, and some lower class people have high incomes. At this point, the only person you are actually arguing with is yourself.
Oh but it will generate $9 billion in NEW revenue to the government over the next 10 years.
Do they think people will just roll over and pay taxes now ?
NO..they will seek alternate methods of deferred investment.
And we have a president that does not know this? Really? Scary isn't it. Or is he purposely misleading the American people who do not understand this
Take you're pick. Is Obama too dumb to know the wealthy will move assets accordingly or is he purposely misleading the American people. Neither option is good.
Quote:
Originally Posted by pghquest
Ahh, I see, but 10 minutes ago it did..
Which becomes an even dumber statement, considering we dont tax wealth in america, we tax income,
Hey tell me HistorianDude, if income has nothing to do with class, then why the hell does the US Census measure people by income?
Why does Obama say, people making $200K / $250 or more. He is going after income. Obama is not saying tax people who have a net worth of xxxx
In Obama's relentless quest to make the American believe he is going after the wealthy “pay their fair share,”. And now he will try to blame the effects of his tax increases on sequestration even though he pulled money out of the economy. The first time the Bush tax cuts were going to expire Obama extended them and acknowledged is not good practice
Seriously? You think that arcane loophole means no taxes are ever paid on the gain? Get real... it only delays the taxation for the period of time the assets are used to generate revenue... which is of course taxed.
A Wikipedia page is not the Census Bureau. Not even a good try.
The Census bureau does measure income. But they do not assign people into classes based upon it. Others might... but as I said, there are as many different ways of assigning people into classes as there are pundits. The Census Bureau explicitly asserts that they don't even have a definition of middle class they would use.
Again... you yourself have destroyed your own argument that class is based on income by pointing at that some upper class people have no income, and some lower class people have high incomes. At this point, the only person you are actually arguing with is yourself.
"All cash investor, has $10M to invest before April 30th, prefer state Florida, Georgia, or Louisiana, NNN 1031 required, to AA credit tenant or better, email proposal"
Just out of curiosity why would an all cash investor be interested in a 1031 transfer?
Seriously? You think that arcane loophole means no taxes are ever paid on the gain? Get real... it only delays the taxation for the period of time the assets are used to generate revenue... which is of course taxed.
Again... not even a good try.
I never fn said taxare are NEVER paid, what started this discussion was that you said it sped up the collection of funds to the IRS, the SAME dam thing a 1031 tax exchange does, something the WEALTHY uses, not the poor..
But you only used it to chase a red herring. It is not my fault that you are unable to keep up with your own arguments.
You tried to claim that the Census Bureau collected income figures to use it to classify people into classes. But the Census Bureau does not classify people into classes at all.
Again... simple declarative English sentences. Comprehension counts.
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