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A national sales tax isn't regressive. Make it a fixed percentage on new retail purchases and it consumes the same percentage of everyone's income, no matter what their income is.
It's insane that we make half of the wage earning population, who get little in terms social assistance payments, fund the other half who pay nearly nothing yet consume nearly all social assistance payments. It has created a situation that politicians constantly abuse for political purposes. It's destructive as hell.
"It's insane that we make half of the wage earning population,"
Why are you in that situation?
Incompetent, stupid, lazy?
You think the rest of us should work our jobs and give YOU money from OUR WORK.
Because the government knows people are more inclined to buy municipal bonds if those gains aren't taxed. There is less risk and greater possible ROI when this is the case.
This concept also applies to general stocks and business investment. The more you tax those gains, the more you discourage such investments which hurts our economy.
People making between 100k a year and 1 mil a year paid... per your figures...
52.58% of our taxes.
That's the 79.45% (100k to over 10 mil) subtract the 26.87% (1 mil to over 10 mil) to get at what people making between 100k and 1 mil pay...
52.58%
Those are the people who earn a good chunk of income via W2 jobs and small businesses.
They are the ones who get hit like a hammer by the AMT every year.
The people making over 1mil (and definitely over 10 mil) are paying a good chunk of money, but they are also not as likely to be "regular" workers or small/medium-sized business owners.
Ever see how most of the ones who do work for regular corporations get paid? Low wages and huge stock offerings.
Tax avoidance.
The real story here is that those of us in the 100k to 1 mil bracket are carrying everyone, including the multimillionaires.
So, yeah... that's why people say "the rich" should pay their fair share.
You just pointed out who "the rich" really are.
Excellent post! That goes to the heart of the current unfair system.
Because the government knows people are more inclined to buy municipal bonds if those gains aren't taxed. There is less risk and greater possible ROI when this is the case.
This concept also applies to general stocks and business investment. The more you tax those gains, the more you discourage such investments which hurts our economy.
I personally want to move from income and property tax to a VAT/sales tax on all purchases. To me this makes the most sense. We shouldn't be taxing people on their income but on what they purchase.
As capital gains if you hold them over a year. The max you can be taxed is at 20%.
Now municipal bonds are not taxed at all.
Incorrect.
The capitol gains tax of 20% only applies to the profit (if any) derived from the stock.
Say I get given (earn) 50K stocks that are valued at $10 a stock ($500K). I have to give 1/2 that to the government (~$250,000) in the form of income tax, when I receive those stocks.
Now if I keep those stocks (well, what's left after "giving" 1/2 of them away to the government), and they go up by $2 in a year, and then I sell them, I have to pay capital gains on that profit, just like everyone else with stocks. If I sell them in under a year then I pay my normal tax rate on the $2 per share profit.
Private corporations offer their own stock, not municipal bonds!!?? What does that even have to do with the subject at hand?
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