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14th Amendment Equal Protections Clause. Either we all pay 23.8% like the hedge fund managers, or we pay 0% like 45% of all US 1040 filers. Which would you prefer?
Lol, so the 14th amendment tells you that everybody should be taxed at the same rate?
Now, back to the subject. 23.8% is the top rate for capital gains. Due to a loophole, it is being applied to the compensation aka salary. Instead, the regular top tax rate should be applied on everything above the appropriate threshold (which would be on almost everything, since we are talking about 1 billion +).
Is this a refutation or admission for being wrong?
Every investment is impressive. Do you think it is easier to get the money from the rich or the poor?
Its encouragement. I'm not here to prove I'm right. I'm wrong plenty.
You seem to want to learn more about it and I think you should.
What's hard for one person is not always hard for another. Starting a private equity firm and making money may be easy for you. Not every investment is impressive and not every investment makes money.
If you think you can raise the money you need from poor people than that should be your plan. I don't know if its easier or harder but it is easier getting money from rich people with the additional incentive of less taxes on their earnings as a double benefit.
I would love find out you made millions off of money raised from poor people and that they also profited from your wise private investments. Now that is a story worth repeating here on CD and just about everywhere else.
You could start another Kiva-ish type idea but instead of raising funds for women owned/poor business, you'd be raising from the poor.
Hey, I might even invest if your find some great opportunities.
Lol, so the 14th amendment tells you that everybody should be taxed at the same rate?
"Equal protections under the laws." It's absolutely true that paying a 0% Federal Income Tax rate protects one's income from confiscation by the Fed Gov. If one US 1040 filer's income is protected from confiscation, everyone's income should be, as well. And since 45% of all US 1040 filers pay a 0% Federal Income Tax rate, that's what everyone should pay.
Quote:
Now, back to the subject. 23.8% is the top rate for capital gains. Due to a loophole, it is being applied to the compensation aka salary. Instead, the regular top tax rate should be applied on everything above the appropriate threshold (which would be on almost everything, since we are talking about 1 billion +).
As I already posted, there is no significant difference between the effective tax rate the top 0.1% pay and the tax rate on carried interest income. It's a myth that hedge fund managers are getting some sort of huge tax break. They aren't. They and the top 0.1% are paying the top average effective Federal Income Tax rates. They're already paying the most, by far. Why should they pay more?
Examples of how that works out for each income earner:
Earner A: $45,000/year income. Effective Federal Income tax rate of 0% after deductions and refundable tax credits. Pays $0 in Federal Income Tax.
Earner B: $1 billion/year in carried interest income taxed at 23.8%. Not eligible for most deductions or refundable tax credits. Pays $238 million in Federal Income Tax.
Which is greater? $0? Or $238 million?
Keep in mind that both have access to the exact same Fed Gov benefits and services.
Well - there's always the option of spending less.
For some reason, I have a feeling such a concept is beyond the mental horizon of the vast majority of politicians and holders of elected office.
...and most posters here too. Tax revenues flowing IN to the federal government have increased nearly every year since we were all born, until now. 2021 might be one of those outlier years where tax revenues decline.
Even the the dreaded Trump tax cuts, generated more taxes collected...yep...more, not less. Trump tax cuts = more taxes collect.
If you can't comprehend, and accept these facts, you can't have any futher intelligent discussions about any proposed future tax policy.
Is there anybody here who thinks Trumps tax cuts meant the government collected less taxes? Does anyone here require proof...facts?
Lol, so the 14th amendment tells you that everybody should be taxed at the same rate?
Now, back to the subject. 23.8% is the top rate for capital gains. Due to a loophole, it is being applied to the compensation aka salary. Instead, the regular top tax rate should be applied on everything above the appropriate threshold (which would be on almost everything, since we are talking about 1 billion +).
Its encouragement. I'm not here to prove I'm right. I'm wrong plenty.
You seem to want to learn more about it and I think you should.
What's hard for one person is not always hard for another. Starting a private equity firm and making money may be easy for you. Not every investment is impressive and not every investment makes money.
If you think you can raise the money you need from poor people than that should be your plan. I don't know if its easier or harder but it is easier getting money from rich people with the additional incentive of less taxes on their earnings as a double benefit.
I would love find out you made millions off of money raised from poor people and that they also profited from your wise private investments. Now that is a story worth repeating here on CD and just about everywhere else.
You could start another Kiva-ish type idea but instead of raising funds for women owned/poor business, you'd be raising from the poor.
Hey, I might even invest if your find some great opportunities.
Stock, mutual fund, IRA, friends and families. What else do you want?
"Equal protections under the laws." It's absolutely true that paying a 0% Federal Income Tax rate protects one's income from confiscation by the Fed Gov. If one US 1040 filer's income is protected from confiscation, everyone's income should be, as well. And since 45% of all US 1040 filers pay a 0% Federal Income Tax rate, that's what everyone should pay.
As I already posted, there is no significant difference between the effective tax rate the top 0.1% pay and the tax rate on carried interest income. It's a myth that hedge fund managers are getting some sort of huge tax break. They aren't. They and the top 0.1% are paying the top average effective Federal Income Tax rates. They're already paying the most, by far. Why should they pay more?
Examples of how that works out for each income earner:
Earner A: $45,000/year income. Effective Federal Income tax rate of 0% after deductions and refundable tax credits. Pays $0 in Federal Income Tax.
Earner B: $1 billion/year in carried interest income taxed at 23.8%. Not eligible for most deductions or refundable tax credits. Pays $238 million in Federal Income Tax.
Which is greater? $0? Or $238 million?
Keep in mind that both have access to the exact same Fed Gov benefits and services.
I think they should raise the taxes on the rich Democrats especially the one's in Congress.
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