Debunking Liberal Myths About the Rich and the Capital Gains Tax

[Lesh]

You simply ignored every contrary fact in the OP, such as the fact that tax data show that 77% of American income taxpayers pay a tax rate of 15%. You also ignored the fact that the rich pay huge amounts of state and local property taxes and can only deduct a small portion of those taxes, whereas most employed people can deduct all of them.

Nothing you said changes the fact that people who earn their money via capital gains pay a higher tax rate than most other Americans.

Those 77% don’t make in excess of $500K

 

[mikegriffith1]

Those 77% don’t make in excess of $500K

Uh, yes, obviously. The point is that the liberal claim that the rich who get their from money from capital gains don't pay their fair share is demonstrably false. Such rich people pay a higher tax rate than most average employees.

Most taxpayers fall into the first and second income tax brackets and thus pay no more than a 12% tax rate, whereas a rich person at the bottom end of the rich scale who gets their money from capital gains pays a tax rate of 15%. And, people in the middle and upper parts of the rich scale who get their money from capital gains pay a tax rate of 20%.

Ok
Fair enough

Let’s make the tax rate the same for Capital Gains as earned income
Sounds fair

"Sounds fair" to a Marxist/socialist, to someone who envies/hates successful people, to someone who doesn't care about the residual benefits of capital gains transactions and the added risks that come with those transactions.

You're moving the goal posts. The point is that it is a lie to say that rich people who get their money from capital gains don't pay their fair share in taxes.

There's a reason that most Western governments have the good sense not to tax capital gains transactions at the same rates as salaried income. The late Senator Paul Tsongas (D-MA) famously made the wise observation that the capital gains tax is one of the dumbest taxes ever invented by man.

 

[Lesh]

Uh, yes, obviously. The point is that the liberal claim that the rich who get their from money from capital gains don't pay their fair share is demonstrably false. Such rich people pay a higher tax rate than most average employees.

Most taxpayers fall into the first and second income tax brackets and thus pay no more than a 12% tax rate, whereas a rich person at the bottom end of the rich scale who gets their money from capital gains pays a tax rate of 15%. And, people in the middle and upper parts of the rich scale who get their money from capital gains pay a tax rate of 20%.


"Sounds fair" to a Marxist/socialist, to someone who envies/hates successful people, to someone who doesn't care about the residual benefits of capital gains transactions and the added risks that come with those transactions.

You're moving the goal posts. The point is that it is a lie to say that rich people who get their money from capital gains don't pay their fair share in taxes.

There's a reason that most Western governments have the good sense not to tax capital gains transactions at the same rates as salaried income. The late Senator Paul Tsongas (D-MA) famously made the wise observation that the capital gains tax is one of the dumbest taxes ever invented by man.

What you’re bitching about is called progressive taxation… which taxes those least hurt by taxes at a higher rate

 

[rightwinger]

Sounds fair" to a Marxist/socialist, to someone who envies/hates successful people, to someone who doesn't care about the residual benefits of capital gains transactions and the added risks that come with those transactions.

I don’t hate rich people, I just expect them to pay taxes at a rate they used to

Start with…..Tax Capital Gains the same as any other income

 

[BluesLegend]

Same old class warfare from the dems to get votes. Their delusional minions will never accept we don’t have funding problem we have a spending problem.

In related news, Biden and Democrats propose a $110 BILLION dollar tax hike on the poor and working class while the Dem sheeple mull around unaware.

 

[Lesh]

In related news, Biden and Democrats propose a $110 BILLION dollar tax hike on the poor and working class while the Dem sheeple mull around unaware.

Bullshit.

Post a link

 

[The Sage of Main Street]

What you’re bitching about is called progressive taxation… which taxes those least hurt by taxes at a higher rate

Another Road to Serfdom

What both sides of the Preppy Republic ignore is that mooching heirs pay Zero % capital gains. No matter what price Daddy bought the stock at, its base starts all over again when the guillotine-fodder type rich get their unearned treasure.

If sons shouldn't suffer for the sins of their fathers, they shouldn't benefit from the successes of their fathers, either.

 

[BluesLegend]

Bullshit.

Post a link

LMAO it's right there in Biden's budget you fool.

 

[LordBrownTrout]

I don’t hate rich people, I just expect them to pay taxes at a rate they used to

Start with…..Tax Capital Gains the same as any other income

No, start with decreasing all taxes and forcing govt to live within its means and pay off it's debt. It's time they do without.

 

[BluesLegend]

No, start with decreasing all taxes and forcing govt to live within its means and pay off it's debt. It's time they do without.

Biden's budget has proposed a $110 BILLION dollar tax hike on the poor and working class. The old Washington 'tax the rich' scam. Whacking oil, gas and coal with $110 billion hike...wait for it...which will get passed right down to the poor and working class in higher energy prices.

 

[rightwinger]

No, start with decreasing all taxes and forcing govt to live within its means and pay off it's debt. It's time they do without.

We have already done that for the last 40 years
Truckle down does not work

You want to cut taxes?
Cut spending FIRST

 

[Vrenn]

You simply ignored every contrary fact in the OP, such as the fact that tax data show that 77% of American income taxpayers pay a tax rate of 15%. You also ignored the fact that the rich pay huge amounts of state and local property taxes and can only deduct a small portion of those taxes, whereas most employed people can deduct all of them.

Nothing you said changes the fact that people who earn their money via capital gains pay a higher tax rate than most other Americans.

And you ignore the fact that companies like GM and Google don't pay any taxes.

 

[Toddsterpatriot]

Ok
Fair enough

Let’s make the tax rate the same for Capital Gains as earned income
Sounds fair

Let's not.

 

[Toddsterpatriot]

And you ignore the fact that companies like GM and Google don't pay any taxes.

When didn't they pay any taxes? Why?

 

[rightwinger]

Let's not.

Someone who works for their money should pay the same tax rate as someone who just moves money from one place to another

 

[Toddsterpatriot]

Someone who works for their money should pay the same tax rate as someone who just moves money from one place to another

You want to cut the top rate to 20%?

Ok, you've convinced me.

 

[my2¢]

There should be one single tax rate set for all gains regardless of the source of those gains. Whether it's from labor or elsewhere. Allowing politicians to favor one and discriminate against another source of monetary gain is pure poppycock. Nothing but poppycock.

 

[Grumblenuts]

Le sigh
Poor, unemployed, rich people
Meanwhile, while soon retiring workers increasingly worry about SS and Medicare still being there for them, millionaires may have already hit their Social Security payroll tax limit for 2024.

 

[Grumblenuts]

Ok
Fair enough

Let’s make the tax rate the same for Capital Gains as earned income
Sounds fair

Wait.. you mean allow all the folks who don't actually "earn" a thing to pay as little as those having to work for a living?

 

[rightwinger]

Wait.. you mean allow all the folks who don't actually "earn" a thing to pay as little as those having to work for a living?

you really don’t understand tax rate do you?