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I'm not sure why you responded to me with this. I never said stock appreciation is either earned or unearned income. I think most people in this thread understand that. I don't recall anyone saying anything about employee stock ownership per your Apple example.
It would obviously be extremely difficult to tax unrealized gains, but there is property tax on both real estate and personal property in some states. These items fluctuate in value.
But that is exactly what Biden's proposal is...taxing unrealized gains.
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
better yet, why tax income at all....tax spending
I can't read your posts; they are just too tedious to try to decipher. Why can't you use proper grammar and formatting? Sentences start with a capital letter and end with a period. You skip one line between paragraphs. If you want to use an an ellipsis (...), that is fine, but it is a set of three periods, not 6-7 that indicates the omission of words from quoted material, hesitation, or trailing off in dialogue or train of thought.
And I said it would be difficult, but not impossible to do.
No, it's impossible.
Quote:
Originally Posted by TMSRetired
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".
The Supreme Court is irrelevant, because any attempt will result in a filing in a federal district court, and relying New York Trust Company v. Eisner, 256 U.S. 34 (1921) and the more than 2 dozen Supreme Court decisions that flow from it, it will end in the federal district court with a ruling that it is unconstitutional.
Article 1 - The Legislative Branch
Section 8 - Powers of Congress
The Congress shall have Power To lay and collect Taxes,"
Does NOT say how or what.
Oh, yes, it most certainly says how and what.
The "how and what" is precisely the reason the 16th Amendment was needed.
Quote:
Originally Posted by Quick Enough
Read some of it. Still too complicated.
With a national sales tax ONLY, there is less bureaucracy.
Quote:
Originally Posted by WRM20
Sales tax is probably unconstitutional at the Federal level.
Comrade Quickov Enoughski, you live in a federal republic which Citizen WRM20 is smart enough to recognize, but that is not why a sales tax is illegal.
While the federal government cannot levy a sales tax per se, it can levy -- in accordance with the Constitution -- a federal excise tax on goods and services.
You pay a federal excise tax on gasoline, right?
Yeah, I know the Lame Stream Media keeps calling it a "sales tax" but that's because they have an agenda to push.
The Republican-controlled Congress levied federal excise taxes of differing amounts on more than 100,000 goods which in part precipitated the 3rd Recession of the Great Depression in the latter half of 1930.
Yes, they even levied a federal excise tax on chewing gum.
I kid you not. Go read the schedule of items with an excise tax they enacted.
Wealth is already taxed in the US. What do you think a property tax is? In reality there is no difference between taxing physical property based on its value (real estate) or abstract property based on its value (equities, etc.). They are just different forms of wealth. The only difference is psychological because people are used to one being taxed and not used to the other.
You are greatly mistaken.
The federal government can only levy property taxes on federal property/land.
While the federal government has no authority to tax real estate (unless it is on a federal reservation), your State government does.
Quote:
Originally Posted by rantiquity
You don't think Jeff Bezos one of the riches person in the world who owns Amazon won't raise their prices if he is taxed more?
No, he won't.
When you grow up, you'll understand that Amazon has no power to increase the prices of goods sold by others on its platform.
Amazon only has the power to raise the price of Amazon-brand goods.
If Amazon raises the price of the backpacks it sells, but the other dozens of sellers who sell backpacks do not, then Amazon loses money because people will by the other brands.
Quote:
Originally Posted by TMSRetired
Why do you call them loopholes ?
They have no clue what a loophole is. It's just a word they heard and it sounds cool and other people are using it (incorrectly of course) and so they want to look cool, tool.
The best way to describe a loop-hole for the non-starters is there are three routes to drive along to get to a particular place but government in its haste to pass a law to keep you from getting there it blocks use of two of those routes but forgets about the third route and so that's the route you take.
So, how much do you think a single mother earning $28k per year should pay in Federal income tax? 10 percent would be $2800, which probably comes out of her food budget, clothes for her and the kid, and other necessities. You people saying this garbage are stupidly dense about how hard it is to live on that kind of income in most cities. And, I would bet that the people making $28k per year work way harder than you.
She should be paying 1% to the federal government and 3%-6% to her State, but the lame brains have given the federal government power over damn near everything.
Quote:
Originally Posted by workingclasshero
Oh I agree.... what I want is the fairtax
but what I showed was a way of keeping a streamlined version of what we have
There's no such thing as a "fair" tax because "fair" is an adjective, and even if it wasn't it is highly subjective and has 300 Million different meanings for 300 Million different people.
The federal budget is currently $5.046 TRILLION.
That's because the government violates the Constitution.
If you coerced the government into complying with the Constitution, then the budget would be less than $2.4 TRILLION.
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