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I don't really agree here. I'd say the tax code is complex because it's constantly being adjusted for various social, economic and even health reasons on an ad-hoc basis. Therefore after some time the code becomes a hodgepodge of random rules and regulations.
Reagan sought to adjust this is in 1986 by re-establishing the entire code. However after 30+ years it's become a mess again.
That doesn't require adding rules upon rules with the end result of wealthy folks who pay a lesser rate because their tax rate is lower due to capital gains.
What's so special about capital gains that it should be taxed differently?
Matt Walsh
· 1 hr ·
Tonight, millions of Americans did something they'd never done before: They watched Rachel Maddow on MSNBC. I was among the unfortunates who made this costly decision, and I did so because Rachel Maddow had tweeted that she obtained Trump's tax returns.
After a 20 minute monologue where she discussed, among other things, the yachts of Russian oligarchs and a giant Donald Trump chicken balloon, she finally got around to telling us what was in the "bombshell" document. It turns out it was from 2005 and it reveals that Donald Trump made 150 million dollars in income that year, and paid 38 million in taxes. In other words, he paid more in taxes in one year than you would in 50 lifetimes.
It was a huge story... in Trump's favor. He paid exactly what he owed, which was quite a lot, and he made a ton of money, which he is free to do in these United States of America. If this was supposed to be the Left's killer blow against Trump, he must be feeling pretty good right about now. Much better than the rest of us feel after having endured a Rachel Maddow monologue, which was so terrible that it made me long for death's embrace.
better now, though. On the road to recovery. It was my stupid mistake for watching MSNBC in the first place. I won't be doing that again.
Trump pays $38 million while 9 MSNBC anchors have tax liens filed against them. Such infuriating hypocrisy. The Democrats: angry, self-hating, JEALOUS misfits. If I were Trump, I would order the IRS to pursue criminal charges on these tax frauds. Pick high-profile targets like Sen. Claire McCaskill, all news anchors, ESPN haters, athletes, musicians, and actors. They hate Trump, yet they hate paying their share for the socialism they demand!
Liberal commentators want everyone else to pay taxes but they don't want to pay.
These MSNBC / NBC anchors had or continue to have tax liens
Al Sharpton: (MSNBC) He and his various entities—including several dissolved by NY for failure to pay taxes—currently owe about $1.5 million in state and federal taxes, interest and penalties, according to public records.
Chris Matthews: (MSNBC) summer, Maryland took out a lien against the Hardball host and his wife for nearly $4,000 before Matthews paid up.
Melissa Harris-Perry: (MSNBC) had a federal tax lien against her for around $70,000 in 2015. She paid it off the following year.
Craig Melvin: (NBC and MSNBC) In January 2016, NY filed a lien for more than $2,500 in back taxes against MSNBC daytime anchor Craig Melvin. It’s not the first time he has run into tax problems, either. In 2010, SC filed a tax warrant against him for more than $3,300. Melvin has also run into other financial problems, with Discover Bank taking him to court in 2005 over a $3,200 debt.
Joy Reid: (MSNBC) also recently settled a New York tax lien for nearly $5,000, filed against her in 2015.
Kristen Welker : (MSNBC) finally paid off $6,700 in California tax liens.
Al Sharpton - MSNBC: — He and his various entities—including several dissolved by NY for failure to pay taxes—currently owe about $1.5 million in state and federal taxes, interest and penalties, according to public records.
Chris Matthews - MSNBC: -- Last summer, Maryland took out a lien against the Hardball host and his wife for nearly $4,000 before Matthews paid up.
Melissa Harris-Perry - MSNBC: had a federal tax lien taken out against her for around $70,000 in 2015. She paid it off the following year. She did not respond to Heat Street’s request for comment.
Craig Melvin - at NBC and MSNBC: -- In January 2016, NY filed a lien for more than $2,500 in back taxes against MSNBC daytime anchor Craig Melvin. It’s not the first time he has run into tax problems, either. In 2010, SC filed a tax warrant against him for more than $3,300. Melvin has also run into other financial problems, with Discover Bank taking him to court in 2005 over a $3,200 debt.
Joy Reid - at MSNBC: also recently settled a New York tax lien for nearly $5,000, filed against her in 2015.
Kristen Welker - NBC: -- finally paid off $6,700 in California tax liens.
Isn't that illegal releasing that information ...... or it doesn't matter when it suits your purpose?
You wouldn't mind if every year of Trump's taxes were released.... yes or no. Don't deflect and answer directly.
That doesn't require adding rules upon rules with the end result of wealthy folks who pay a lesser rate because their tax rate is lower due to capital gains.
What's so special about capital gains that it should be taxed differently?
The theory is that you incentivize investment. You don't want money sitting idle or being saved, that's capital not doing anything for GDP growth. Therefore the Government incentivizes people to put their money at risk through investing by lowering the tax that they will pay shall they make money on such investments (capital gains).
Trump and his folks released the information..... I will tip my hat at this shrewd move as this particular year of Trump's taxes has him paying quite a bit compared to essentially the decade where he wrote hundreds of millions in loses. Smart political move.
What's so special about capital gains that it should be taxed differently?
It's taxed at a lower rate in recognition of the fact that the investment that yielded the gain was originally made with ordinary income, which was already taxed when it was realized. It's a means of mitigating double taxation.
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I like Matt Walsh---
