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I was not talking about unrealized gains. I was talking specifically about unearned income that is taxed at a lower rate than earned income.
Stock appreciation is not "unearned income". I own Apple stock but I'm not an employee of them.
It's part of my retirement portfolio. Apple pays dividends and they are declared every year on my tax form.
But the appreciated value ? The market could stumble and the value could be less than what I paid for it.
How will the government know that ? Will they give me a credit then ?
Everyone assumes stocks only go up.
I buy a stock for $100 and now it's $110. Uncle Sam thinks I "earned" $10
I buy a stock for $100 and now it's $90. Does Uncle Sam owe me $10 ?
Stock appreciation is not "unearned income". I own Apple stock but I'm not an employee of them.
It's part of my retirement portfolio. Apple pays dividends and they are declared every year on my tax form.
But the appreciated value ? The market could stumble and the value could be less than what I paid for it.
How will the government know that ? Will they give me a credit then ?
Everyone assumes stocks only go up.
I buy a stock for $100 and now it's $110. Uncle Sam thinks I "earned" $10
I buy a stock for $100 and now it's $90. Does Uncle Sam owe me $10 ?
Nobody assume stocks only go up. The government only cares when your stocks go up. When they go down, it’s your problem.
Nobody assume stocks only go up. The government only cares when your stocks go up. When they go down, it’s your problem.
Yes and I'd wager for this scheme to work the IRS would have to wait very late in the year so they can pick a day with the highest highs and use that date for "valuation".
Neither was the OSHA vaccine mandate but that didn't stop our executive branch from trying to push it through.
It was the Supreme Court that had to put their foot down with "you can't do that".
I was not talking about unrealized gains. I was talking specifically about unearned income that is taxed at a lower rate than earned income.
first off...capital gain are earned...you invest, and you EARN interest...therefore it is earned
and yes, why not tax capital gains just like regular income.... but our tax brackets are too high
here is what I think we should do...streamline taxes, make it easier to figure
1. Eliminate capital gains, tax it as regular income based on the brackets below
2. remove most of the deductions, but keep a 25k std ded (for all, single or married), and keep the child credit (although slightly lower back to 2k each)
3. eliminate the AMT, and the EIC
set the brackets this way
Bracket 0%..... $0 to $50k (yes make it that the first 5ok earned is tax free)
Bracket 10%....$50,001 to $250k …..
Bracket 15%....$250,001 to $2.5m
Bracket 20%.... $2,500,001 plus
as to capital gains...tax it as regular income…..the fascist liberals push that capital gains hits ONLY the rich...which is not true.......the capital gains tax hits the poor/middleclass seniors, who were able to invest a little, harder than anyone (for example if you were able to put away (say treasury bills) and you were able after 50 years of working to have 500k (10k a year) which is earning lets say 5% (that's 25,000 on that 500k) why should a middleclass person have to pay the capital gains tax which liberal constantly push higher and higher.....just make it normal income with my suggested brackets
no-one.... I repeat NO-ONE should be paying more than 20%
why do liberals', who are supposed to be about fairness and equality, always wanting to discriminate based on some number in the sand of what you make tax everyone equally at the same rate... don't discriminate
All I know is most wealthy people are smart and know how to get around things, LEGALLY.
The gov't tried the "Luxury" tax and boasting how much MORE money the fed would bring in when all those "wealthy" people bought their airplanes, yachts, big RV's etc.
Instead not only did the gov't NOT bring in more tax dollars as they "projected", it COST the gov't having to pay so many who were put out of work when all those manufacturers CLOSED their doors because of all the business they LOST and had to FIRE all those people
No workers, no income tax to collect. No workers, no SS to collect.
The "wealthy" instead bought their things from ABROAD.
In this case the wealthy will find ways to move their money abroad so the will NOT be taxed on it here.
Been doing it for eons. Might want to do some research on the Cayman Islands. NOT rocket science.
"When you do the same thing over and over, do NOT expect a DIFFERENT outcome!"
You can't possibly be serious about this statement. Just because these people are paying no federal income tax, they are paying payroll taxes, and state and local taxes.
Do you really think it is fair to expect someone making less than $28,000 to pay some federal income tax, when people making over $1M in unearned income are able to write much of their federal income tax liability off?
"in unearned income"
And how do you know it is NOT earned?
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