Republicans now want to eliminate taxes on most of the rich

OohPooPahDoo

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Five GOP Presidential Candidates Have Proposed Eliminating Capital Gains Tax, A $1 Trillion Giveaway To The Rich | ThinkProgress
At least five Republican presidential candidates support eliminating taxes on capital gains, proposing even deeper cuts than former President George W. Bush endorsed and standing in contrast to advocates of higher investment tax rates such as Warren Buffett.

According to published reports or their websites, Minnesota Congresswoman Michele Bachmann, Texas Congressman Ron Paul, former pizza executive Herman Cain and former House Speaker Newt Gingrich have said they back getting rid of the capital gains tax, which now has a top rate of 15 percent for most assets held for more than a year.


Awesome. So for those unaware - the way MOST of the filthy rich make their income is by capital gains. They pay 15% on their income obtained by capital gains. The exceptions would be those filthy rich that actually get up and work everyday - successful businessmen, salaried CEO's, highly paid doctors, etc. - those rich folk have to pay bout 35% on their income.

Now the Republicans propose we allow the former class - those that make their money off of pushing electronic pieces of paper around without actually producing anything - should pay ZERO taxes.

The richest of the rich presently average 17% in income tax because most of their income is taxed at the 15% rate. Under the Republican plan to eliminate taxes on capital gains - their tax rate would drop down to 2%.



2% tax on the uber rich

While I pay 15%

And no doubt many posters on this board pay considerably more.

The Republican plan is the fuck the middle class as hard as possible and give everything to the rich - especially the unproductive rich
 
Why do you want to tax people who sell their houses in order to enjoy their retirement? Don't you think the fact that they already paid taxes on all the money before they bought the house counts?
 
Why do you want to tax people who sell their houses in order to enjoy their retirement?
Why do you try to put words in people's mouths like a jackass bitch?
There's already a 250k exclusion on capital gains from sale of a primary residence. Seems reasonable to me.

Don't you think the fact that they already paid taxes on all the money before they bought the house counts?
You don't pay a tax on the principal amount, you pay it on the GAIN. Hence - capital GAIN.
 
Why do you want to tax people who sell their houses in order to enjoy their retirement?
Why do you try to put words in people's mouths like a jackass bitch?
There's already a 250k exclusion on capital gains from sale of a primary residence. Seems reasonable to me.

I did not put words in your mouth, you did. You are the one that wants to raise capital gains taxes. FYI, the median home price in LA is $360,000. That $250,000 exemption does not go very far.

Don't you think the fact that they already paid taxes on all the money before they bought the house counts?
You don't pay a tax on the principal amount, you pay it on the GAIN. Hence - capital GAIN.

Are you trying to teach grandpa how to suck eggs?

People buy houses as an investment. I know people in CA that paid $80,000 for houses that are worth almost a $1 million dollars now. They are fucked under the current capital gains tax structure.

As for the "rich," who you want to go after for their capital gains, my guess is you think that stocks are pretty much tax free. The truth is that every bit of income from stocks is taxed twice before it even gets to the stockholder that actually owns the stock. Add in the capital gains tax and it is taxed three times. and most people who own stocks are not rich. Sit around a Starbucks sometime and find out how many people are there for stock tips, and how few of them can afford to by even single shares of Apple. Yet they still have to pay capital gains taxes.

Is it my fault you are stupid?
 
Five GOP Presidential Candidates Have Proposed Eliminating Capital Gains Tax, A $1 Trillion Giveaway To The Rich | ThinkProgress
At least five Republican presidential candidates support eliminating taxes on capital gains, proposing even deeper cuts than former President George W. Bush endorsed and standing in contrast to advocates of higher investment tax rates such as Warren Buffett.

According to published reports or their websites, Minnesota Congresswoman Michele Bachmann, Texas Congressman Ron Paul, former pizza executive Herman Cain and former House Speaker Newt Gingrich have said they back getting rid of the capital gains tax, which now has a top rate of 15 percent for most assets held for more than a year.


Awesome. So for those unaware - the way MOST of the filthy rich make their income is by capital gains. They pay 15% on their income obtained by capital gains. The exceptions would be those filthy rich that actually get up and work everyday - successful businessmen, salaried CEO's, highly paid doctors, etc. - those rich folk have to pay bout 35% on their income.

Now the Republicans propose we allow the former class - those that make their money off of pushing electronic pieces of paper around without actually producing anything - should pay ZERO taxes.

The richest of the rich presently average 17% in income tax because most of their income is taxed at the 15% rate. Under the Republican plan to eliminate taxes on capital gains - their tax rate would drop down to 2%.



2% tax on the uber rich

While I pay 15%

And no doubt many posters on this board pay considerably more.

The Republican plan is the fuck the middle class as hard as possible and give everything to the rich - especially the unproductive rich

Anyone who sells their house(over 250k), or Profits on stocks or bonds pays Capital Gains. Not just the rich bud. You really need to stop drinking the koolaide.

Eliminating the Capital Gains tax would be a massive boost to investment in this country. Both From Americans and From Abroad.
 
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Five GOP Presidential Candidates Have Proposed Eliminating Capital Gains Tax, A $1 Trillion Giveaway To The Rich | ThinkProgress
At least five Republican presidential candidates support eliminating taxes on capital gains, proposing even deeper cuts than former President George W. Bush endorsed and standing in contrast to advocates of higher investment tax rates such as Warren Buffett.

According to published reports or their websites, Minnesota Congresswoman Michele Bachmann, Texas Congressman Ron Paul, former pizza executive Herman Cain and former House Speaker Newt Gingrich have said they back getting rid of the capital gains tax, which now has a top rate of 15 percent for most assets held for more than a year.
Awesome. So for those unaware - the way MOST of the filthy rich make their income is by capital gains. They pay 15% on their income obtained by capital gains. The exceptions would be those filthy rich that actually get up and work everyday - successful businessmen, salaried CEO's, highly paid doctors, etc. - those rich folk have to pay bout 35% on their income.

Now the Republicans propose we allow the former class - those that make their money off of pushing electronic pieces of paper around without actually producing anything - should pay ZERO taxes.

The richest of the rich presently average 17% in income tax because most of their income is taxed at the 15% rate. Under the Republican plan to eliminate taxes on capital gains - their tax rate would drop down to 2%.



2% tax on the uber rich

While I pay 15%

And no doubt many posters on this board pay considerably more.

The Republican plan is the fuck the middle class as hard as possible and give everything to the rich - especially the unproductive rich

Anyone who sells their house(over 250k), or Profits on stocks or bonds pays Capital Gains. Not just the rich bud. You really need to stop drinking the koolaide.

Eliminating the Capital Gains tax would be a massive boost to investment in this country. Both From Americans and From Abroad.

Eliminating the capital gains tax is such a good idea that it was actually part of Obama's pre election plan for the economy. If the man had any ability to stick to his promises the country would be in better shape right now.
 
Five GOP Presidential Candidates Have Proposed Eliminating Capital Gains Tax, A $1 Trillion Giveaway To The Rich | ThinkProgress

Awesome. So for those unaware - the way MOST of the filthy rich make their income is by capital gains. They pay 15% on their income obtained by capital gains. The exceptions would be those filthy rich that actually get up and work everyday - successful businessmen, salaried CEO's, highly paid doctors, etc. - those rich folk have to pay bout 35% on their income.

Now the Republicans propose we allow the former class - those that make their money off of pushing electronic pieces of paper around without actually producing anything - should pay ZERO taxes.

The richest of the rich presently average 17% in income tax because most of their income is taxed at the 15% rate. Under the Republican plan to eliminate taxes on capital gains - their tax rate would drop down to 2%.



2% tax on the uber rich

While I pay 15%

And no doubt many posters on this board pay considerably more.

The Republican plan is the fuck the middle class as hard as possible and give everything to the rich - especially the unproductive rich

Anyone who sells their house(over 250k), or Profits on stocks or bonds pays Capital Gains. Not just the rich bud. You really need to stop drinking the koolaide.

Eliminating the Capital Gains tax would be a massive boost to investment in this country. Both From Americans and From Abroad.

Eliminating the capital gains tax is such a good idea that it was actually part of Obama's pre election plan for the economy. If the man had any ability to stick to his promises the country would be in better shape right now.

Thanks for reminding me about that. I had almost forgotten. Even Obama understands that at least a temporary suspension of the CG tax would mean a massive influx of Investment in American Companies. Which can only be good.
 
I did not put words in your mouth, you did. You are the one that wants to raise capital gains taxes. FYI, the median home price in LA is $360,000. That $250,000 exemption does not go very far.

The exemption is on the gain not the price of the home.
 
People buy houses as an investment. I know people in CA that paid $80,000 for houses that are worth almost a $1 million dollars now. They are fucked under the current capital gains tax structure.

lol

Having to pay taxes on a $920k profit is "fucked" now

Sign me up for that raping all day.
 
Why do you want to tax people who sell their houses in order to enjoy their retirement?
Why do you try to put words in people's mouths like a jackass bitch?
There's already a 250k exclusion on capital gains from sale of a primary residence. Seems reasonable to me.

I did not put words in your mouth, you did. You are the one that wants to raise capital gains taxes. FYI, the median home price in LA is $360,000. That $250,000 exemption does not go very far.

Do we have to go through this again? Its a tax on the capital GAIN? Do you know what friggin GAIN is?

Unless you bought your 360k home for less than 110k - NO TAXABLE GAIN.

People buy houses as an investment.
We bought ours to live in.

I know people in CA that paid $80,000 for houses that are worth almost a $1 million dollars now. They are fucked under the current capital gains tax structure.

Why? Because they have to pay

15% X ($1,000,000 sale price - $80,000 purchase price - $250,000 exclusion) = $100,500 in capital gains taxes, with net proceeds of $819,500 after the purchase price and taxes? Yeah - poor babies - my heart goes out to them. If I see them on the street I'll make sure to give them a dollar.

They also get to tack any addition of capital to the house itself to the cost basis - so if they add a $50,000 extra room, that is subtracted from the sale price when figuring gains. So it really is an actual GAIN - you aren't being taxed on the money you put into the house to increase its value.


As for the "rich," who you want to go after for their capital gains, my guess is you think that stocks are pretty much tax free.
Your guesses so far about what I think have been woefully inaccurate.
The truth is that every bit of income from stocks is taxed twice before it even gets to the stockholder that actually owns the stock.

No it isn't. Capital gains from sale of stock by the investor does not trigger any taxation at all on the underlying corporation. Corporate entities are taxed as any other legal entity is - based on their profits - not their market capitalizations.


Add in the capital gains tax and it is taxed three times. and most people who own stocks are not rich
.
No it isn't. You can't do math.

If I spend $100 of my after tax income on a stock - then that $100 has been taxed already.

If I then sell the stock for $150, only my gain, the $50 is taxed. The original $100 was already taxed, and is not taxed again.

No double taxation.

Sit around a Starbucks sometime and find out how many people are there for stock tips, and how few of them can afford to by even single shares of Apple. Yet they still have to pay capital gains taxes.


Dude what the fuck are you talking about?

Is it my fault you are stupid?

So now anyone who is against giving favored tax status to paper pushers is stupid. Got it.



The capital gains tax is already structured to favor the rich. There are even net regressive taxes. Take the depreciation of rental property. When you depreciate the property, your tax benefit is equal to your marginal tax rate times the depreciation amount. So those with the higher marginal tax rates have the higher benefit due to depreciation. But when you sell the property, the capital gains tax on the recaptured depreciation is 25% no matter what. So the rich get a higher tax benefit from the depreciation of the property than the middle class and poor - while everyone has to pay the same tax penalty when they sell their property- thus a net regressive tax.

Take my case. Marginal rate is 15%. Depreciation recapture is 25%. Thus the benefit from depreciation minus the penalty from depreciation recapture is 15% - 25% = -10%. I LOSE 10%. On the other hand, someone who is in the 35% bracket - will get a 35% benefit minus a 25% penalty = +10%. They GAIN 10% in the exchange! So essentially the net tax CREDIT on the depreciation and its recapture that the rich enjoy is PAID FOR BY POOR AND MIDDLE CLASS PEOPLE.

Don't you understand? THE RICH WRITE THE TAX CODE. This is why they generally pay a LOWER RATE THAN YOU on their INCOME. They decree their income to be special - different than yours - so its OK to tax it differently -or now, as we see, NOT AT ALL.
 
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People buy houses as an investment. I know people in CA that paid $80,000 for houses that are worth almost a $1 million dollars now. They are fucked under the current capital gains tax structure.

lol

Having to pay taxes on a $920k profit is "fucked" now

Sign me up for that raping all day.

They don't even have to do that

250k is excluded.

Also excluded are the total cost of any improvements to the home - such as additional rooms, a swimming pool, etc.

Then its only 15% on what remains. What remains is the actual gain due to the market - forces the home owner can't really control. They can pay for an addition to the home and increase its value that way, but they have at best indirect control over the market forces that determine the house's value. So the taxation is actually only on the amount they didn't have to work for minus 250k.


Example:

You buy a house for 100k

Over the years, you put in 125k worth of additions - a pool, a larger bedroom, a garage, a burgular alarm - etc.

Also over the years, the house gains an additional 400k in value because the neighborhood is great and prices in general are rising.

You sell the house for 400k+125k+100k=625k

The 100k and 125 are part of the basis and not taxed.

You get taxed on only that 400k - 250k.



And we're supposed to fucking cry for them.
 
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why do you want to tax people who sell their houses in order to enjoy their retirement? Don't you think the fact that they already paid taxes on all the money before they bought the house counts?

fyi




<h3>$250,000 exclusion on the sale of a main home
individuals can exclude up to $250,000 in profit from the sale of a main home (or $500,000 for a married couple) as long as you have owned the home and lived in the home for a minimum of two years. Those two years do not need to be consecutive. In the 5 years prior to the sale of the house, you need to have lived in the house for at least 24 months in that 5-year period. In other words, the home must have been your principal residence.
</h3>
 
You what other group would benefit from losing the capital gains tax?

Pensioners and people in 401k's. Without that tax the overall tax burden on the funds in those plans goes down, lowering costs, and increasing return.
 
Always a wonder!!the left just can't let go of class envy,and somehow they have allowed themselves to be programed that its just fine to tax the crap out of people.

The Feds should be looking at everything they can to reduce spending and the tax burden,the country needs a good jump start,but not from big Gov spending,rather from the peoples own resources ,let us keep more of what WE make and et the hell out of the way.
 
why do you aprove of what has happened to the American people who do not qualify as rich for the last 20 years or so?


Are you aware of the divide in income that just keeps growing?
 
People buy houses as an investment. I know people in CA that paid $80,000 for houses that are worth almost a $1 million dollars now. They are fucked under the current capital gains tax structure.

lol

Having to pay taxes on a $920k profit is "fucked" now

Sign me up for that raping all day.

They don't even have to do that

250k is excluded.

Also excluded are the total cost of any improvements to the home - such as additional rooms, a swimming pool, etc.

Then its only 15% on what remains. What remains is the actual gain due to the market - forces the home owner can't really control. They can pay for an addition to the home and increase its value that way, but they have at best indirect control over the market forces that determine the house's value. So the taxation is actually only on the amount they didn't have to work for minus 250k.


Example:

You buy a house for 100k

Over the years, you put in 125k worth of additions - a pool, a larger bedroom, a garage, a burgular alarm - etc.

Also over the years, the house gains an additional 400k in value because the neighborhood is great and prices in general are rising.

You sell the house for 400k+125k+100k=625k

The 100k and 125 are part of the basis and not taxed.

You get taxed on only that 400k - 250k.



And we're supposed to fucking cry for them.

You're supposed to learn from them and try to be like them when you grow up
 
Why do you want to tax people who sell their houses in order to enjoy their retirement? Don't you think the fact that they already paid taxes on all the money before they bought the house counts?

No. Why would it? They pay tax on the profit. That's never been taxed before. They're also allowed to exempt the money they put into improvements,etc.
 
I wish the right were as concerned about the 95% of Americans as they are about the top 5%.
 

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