Republicans now want to eliminate taxes on most of the rich

The "rich" mostly avoid capital gains by not selling things and putting their homes and land into a trust for their children.

They fail to avoid it to the tune of 1 trillion dollars annually, as eliminating the tax would eliminate 1 trillion in capital gains tax revenue.

Five GOP Presidential Candidates Have Proposed Eliminating Capital Gains Tax, A $1 Trillion Giveaway To The Rich | ThinkProgress

You pointed out earlier that the rich write the tax code, and then you act like the rich actually pay taxes on the code they write.

The richest 400 pay 17% on average.
That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.
Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

If you can't figure out what's wrong with the richest 400 paying a lower tax rate than yourself or me - I can't help you.

Note they paid 30% in 1995 - at the height of an economic boom. Clearly - taxing them does NOT lead to a bad economy.
 
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.

401(k)'s are excluded from the capital gains tax already, as Roth IRA's and Traditional IRA's. Upon withdrawal, the earnings are taxed as ordinary income. Eliminating the capital gains tax would not affect the tax liability of a 401(k).


Wouldn't taxing them as capital gains result in a lower tax liability?
Taxing anything at a lower rate results in a lower tax liability. The Republicans do not want to change the character of 401(k) income.
 
401(k)'s are excluded from the capital gains tax already, as Roth IRA's and Traditional IRA's. Upon withdrawal, the earnings are taxed as ordinary income. Eliminating the capital gains tax would not affect the tax liability of a 401(k).


Wouldn't taxing them as capital gains result in a lower tax liability?
Taxing anything at a lower rate results in a lower tax liability. The Republicans do not want to change the character of 401(k) income.

I see my point sailed right over your head.
 
Here's an idea for you radical lefties, try living with lower taxes, you might like it and it might jump start the economy and create jobs. If you don't like it just donate half your assets to the government every year.

One question.

In order to balance the current budget without any tax raise, you'd have to cut 40% of what we're spending.

How many jobs will that cost, and how will those jobs be replaced? Answer that and we'll be back to even...

...then we can talk about actually growing the job situation.

You could save massive amounts by cutting corruption without costing many jobs. You also need to end up with a balanced budget over a period of time. We should be making annual cuts that lead us to a balanced budget, not cutting 40% tomorrow. Add this to the fact that tax revenue is going to raise as the economy improves as well and you might not need a full 40% reduction in all spending though I would like to see something close to that by the end. Hell, I would fully support your Keynesian concepts if you were willing to actually follow them. You know, run a surplus in good economic times and a deficit in bad ones....
 
Why do you want to burden others simply because they have money? Why do you think you should be able to forceably take their hard earned money?

People should be able to keep as much of what they earn as possible. It provides incentive for them to work. Why should someone work if the government is simply going to take away what they made?

This is the United States of America. We were formed with the idea that there would be no classes. that All men are created equal. Why do you want to divide people into classes? This isn't right.

Every American should contribute to the federal government. And it should be a fair, equal share.

Stop hating your brother because he has more or less money than you do. Instead, praise God that you have the opportunity to know them and serve one another.
 

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