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
Nope--Mitt Romney's plan is to eliminate capital gains tax for those making under 200K per year which is the MIDDLE CLASS-----
Yeah- I don't see him in the OP list:
We know the difference, thanks. That's in fact the entire point of the OP. You're fucking stupid.
If Warren Buffet really wanted to pay his fair share in taxes all he needs to do is give himself a PAYCHECK--and get hammered like the rest of us. ]/quote] The "rest of us" doesn't include most of the uber-rich - almost all of their income is by capital gain.
BUT--it does no good to raise capital gains tax because you would be hitting the majority of the middle class--for their 401'K's and savings for their kids college funds.
401(k)'s do not pay capital gains tax And there are already numerous benefits to paying for someone's tuition in the tax code that offset any taxes on those savings. Plus tax advantaged savings plans like the 529.
For example, a middle class person might put in $10,000 to a college fund over time, it could go up to $20,000. Some of those gains would be interest dividends, taxed at about 15% for the middle class, and some would be capital, taxed at about 5%. So lets say around $1200 in taxes on the gains. But as that money was spent on education, they can deduct it - or take education credits - and get back around %20 usually as they spend it back out - prolly around $4000 in tax credits after spending the whole thing. There's a net tax benefit really.
SO--IOW you're against eliminating capital gains tax for the middle class? 401-K's ARE TAXED upon withdrawals--and penalized if you need to get into it early for an emergency--along with college funds.
http://en.wikipedia.org/wiki/401(k)
You know you haven't got much to crow about--you liberals are ALWAYS complaining that the middle class is getting a stick shoved up their behinds--but yet you don't want to give them a break on capital gains--or the investments they make--that would inevitably lift them up to a higher class.
Pick a Lane and stay in it--would ya!
Last edited: