The Rich Don't Pay Enough?!

[eflatminor]

$0.02

Capital gains should be taxed as income.

A REALLY bad idea. Capital gains is already double taxed. Besides, taxing it as income would kill capital investments in this country and that's where jobs are created.

Corporations are people, my friend.

This has nothing to do with the point at hand.

...capital gains are not double taxed....

Wrong. The justification for a lower tax rate on capital gains relative to ordinary income is threefold: it is not indexed for inflation, it is a double tax, and it encourages present consumption over future consumption.

Why Capital Gains are taxed at a Lower Rate | Tax Foundation

Did it kill capital investment last time we taxed it as ordinary income?

First, the previous cap gains tax rate was 20%, not "ordinary income".

Moreover, if the tax has a sufficiently large impact on the incentive to invest and the incentive to sell appreciated assets, then it is quite possible that assumptions of higher tax revenue are misguided. Another key issue is the degree to which a capital gains tax impacts capital mobility in a world where many countries do not tax capital gains. This is especially true in an increasingly mobile world where most countries impose NO capital gains tax. Do you want even more capital invested overseas and not here? Increase the rate and you'll get it.

 

[Rozman]

The left's plan is to punish those that succeed as much as possible.
After all who do they think they are....

Other people work just as hard and are just as smart.
How dare they have more then others...

 

[Steelplate]

When one group, the richest, triple or quadruple their wealth, and the rest and the country go to Hell, they're not paying enough. DUH.

I agree....but not necessarily taxes. If they were doing what, according to Reagan, they should be doing....trickling down...we wouldn't need to worry about taxation....because the viable tax base would be much larger and the need for government aid would be much less.

But since they refuse to do that? I don't give a shit if they tax the piss out of them.

 

[Moonglow]

The left's plan is to punish those that succeed as much as possible.
After all who do they think they are....

Other people work just as hard and are just as smart.
How dare they have more then others...

Then the same goes for Reagan , he raised the capital gains tax also, yet it did not stop the recovery.

 

[Steelplate]

The left's plan is to punish those that succeed as much as possible.
After all who do they think they are....

Other people work just as hard and are just as smart.
How dare they have more then others...

The right's plan is to punish working folk till they don't have a damned pot to piss in.

 

[8537]

A REALLY bad idea. Capital gains is already double taxed. Besides, taxing it as income would kill capital investments in this country and that's where jobs are created.

Corporations are people, my friend.

This has nothing to do with the point at hand.

Yes, it certainly does. Corporations pay a tax based on their net income. People pay a tax on their income. In both cases, the person (fictitious or otherwise) is assessed a tax.

...capital gains are not double taxed....

Wrong. The justification for a lower tax rate on capital gains relative to ordinary income is threefold: it is not indexed for inflation, it is a double tax, and it encourages present consumption over future consumption.

It is not double taxed. It "encourages present consumption" in the same manner that it "discouraged current employment" by favoring capital over labor. Indexing it for inflation is fine if someone can propose a reasonable way to do so - but it's rather complicated.

First, the previous cap gains tax rate was 20%, not "ordinary income".

It was taxed at ordinary income rates in the last few years of Reagan/early Bush - growing to nearly a 30% rate in 1996.

 

[eflatminor]

The left's plan is to punish those that succeed as much as possible.
After all who do they think they are....

Other people work just as hard and are just as smart.
How dare they have more then others...

Then the same goes for Reagan , he raised capital gains tax also. yet it did not stop the recovery.

Oooo, pants on fire! Whatever tax rates were raised during the Reagan era, they were far outweighed by tax rate reductions. Way to cherry pick...and how typically disingenuous.

 

[eflatminor]

It is not double taxed.

I would agree with you but you're wrong.

Again.

Read up.

Good luck.

 

[WillowTree]

Why should a single solitary American pay a dime of income tax as long as there is a solyndra, a fast and furious, and trip to Vegas>> Oh god at the waste and everyone just yells tax them more.

 

[Moonglow]

The left's plan is to punish those that succeed as much as possible.
After all who do they think they are....

Other people work just as hard and are just as smart.
How dare they have more then others...

Then the same goes for Reagan , he raised capital gains tax also. yet it did not stop the recovery.

Oooo, pants on fire! Whatever tax rates were raised during the Reagan era, they were far outweighed by tax rate reductions. Way to cherry pick...and how typically disingenuous.

reagan raised taxes 11 times, far out weighing his one tax cut.

 

[WillowTree]

When one group, the richest, triple or quadruple their wealth, and the rest and the country go to Hell, they're not paying enough. DUH.

I agree....but not necessarily taxes. If they were doing what, according to Reagan, they should be doing....trickling down...we wouldn't need to worry about taxation....because the viable tax base would be much larger and the need for government aid would be much less.

But since they refuse to do that? I don't give a shit if they tax the piss out of them.

You realize don't you if you tax the piss out of them they'll just move! Then what?

 

[eflatminor]

Then the same goes for Reagan , he raised capital gains tax also. yet it did not stop the recovery.

Oooo, pants on fire! Whatever tax rates were raised during the Reagan era, they were far outweighed by tax rate reductions. Way to cherry pick...and how typically disingenuous.

reagan raised taxes 11 times, far out weighing his one tax cut.

Liar.

 

[Steelplate]

When one group, the richest, triple or quadruple their wealth, and the rest and the country go to Hell, they're not paying enough. DUH.

I agree....but not necessarily taxes. If they were doing what, according to Reagan, they should be doing....trickling down...we wouldn't need to worry about taxation....because the viable tax base would be much larger and the need for government aid would be much less.

But since they refuse to do that? I don't give a shit if they tax the piss out of them.

You realize don't you if you tax the piss out of them they'll just move! Then what?

Then we revoke their citizenship....let them live in Communist China. We'll rebuild.

 

[Jackson]

The left's plan is to punish those that succeed as much as possible.
After all who do they think they are....

Other people work just as hard and are just as smart.
How dare they have more then others...

The right's plan is to punish working folk till they don't have a damned pot to piss in.

Did you not read this?

1. According to IRS 2007 data, the richest 1 percent of Americans earned 22 percent of national personal income but paid 40 percent of all personal income taxes.

2. The top 5 percent earned 37 percent and paid 61 percent of personal income tax.

3. The top 10 percent earned 48 percent and paid 71 percent of all personal income taxes.

4. The bottom 50 percent earned 12 percent of personal income but paid just 3 percent of income tax revenues.

 

[Moonglow]

Oooo, pants on fire! Whatever tax rates were raised during the Reagan era, they were far outweighed by tax rate reductions. Way to cherry pick...and how typically disingenuous.

reagan raised taxes 11 times, far out weighing his one tax cut.

Liar.

You stinking blind partisan.

•

Conveniently, the Treasury Department working paper they’ve referenced does measure tax changes as a percentage of GDP. By this single best measure, the largest tax increase in modern history was under their conservative hero, President Ronald Reagan, in 1982, and was 25% larger than President Obama’s proposal.

It’s time for Republicans to get serious about creating jobs and reducing the deficit. Rather than protecting tax breaks for the wealthiest Americans, we hope Republicans will work with us on the President’s balanced plan to create jobs, reduce the deficit and ensure all Americans pay their fair share.

http://www.democraticwhip.gov/conte...istory-was-under-president-reagan-not-preside

This allowed for a major tax increase, the largest in four decades, in 1982. The Tax Equity and Fiscal Responsibility Act raised an average of $47 billion in each of the four years after it was enacted.

Over the remainder of his presidency, Reagan would go on to sign a series of such increases, ultimately taking back about half of his 1981 tax cut, according to economist and historian Bruce Bartlett. The 1981 legislation marked a watershed in federal taxation, capping an era of tax cuts and starting a new one of increases. As economist Jerry Tempalski has noted, of the nine major tax laws enacted from 1968 to 1981, six reduced federal revenue. By contrast, nine of the 11 major tax laws introduced from 1982 to 1993 increased revenue.

Why Reagan Raised Taxes and We Should, Too: Echoes - Bloomberg

 

[Jackson]

Nearly 50% of Americans are receiving a handout from the government in this country.

Why shouldn't they be paying taxes on the money they get from our taxpayer sources? Even if it is a small amount, they would be contributing and be more interested in tax cuts and hikes than what they are now.

 

[Moonglow]

The left's plan is to punish those that succeed as much as possible.
After all who do they think they are....

Other people work just as hard and are just as smart.
How dare they have more then others...

The right's plan is to punish working folk till they don't have a damned pot to piss in.

Did you not read this?

1. According to IRS 2007 data, the richest 1 percent of Americans earned 22 percent of national personal income but paid 40 percent of all personal income taxes.

2. The top 5 percent earned 37 percent and paid 61 percent of personal income tax.

3. The top 10 percent earned 48 percent and paid 71 percent of all personal income taxes.

4. The bottom 50 percent earned 12 percent of personal income but paid just 3 percent of income tax revenues.

and you are bitching about Bushes tax code, why?

 

[francoHFW]

The left's plan is to punish those that succeed as much as possible.
After all who do they think they are....

Other people work just as hard and are just as smart.
How dare they have more then others...

The right's plan is to punish working folk till they don't have a damned pot to piss in.

Did you not read this?

1. According to IRS 2007 data, the richest 1 percent of Americans earned 22 percent of national personal income but paid 40 percent of all personal income taxes.

2. The top 5 percent earned 37 percent and paid 61 percent of personal income tax.

3. The top 10 percent earned 48 percent and paid 71 percent of all personal income taxes.

4. The bottom 50 percent earned 12 percent of personal income but paid just 3 percent of income tax revenues.

The same federal income tax bs in another style. BUT, if you include ALL taxes and fees, the rich pay the same %wise as the poorest, 17%, and LESS than the middle class. Corporations pay 12%. You are full of Pubcrappe. Payroll taxes are now as much as income taxes, and fees go up every time Pubs cut taxes. Thanks for NOTHING, dupe.

 

[Steelplate]

The left's plan is to punish those that succeed as much as possible.
After all who do they think they are....

Other people work just as hard and are just as smart.
How dare they have more then others...

The right's plan is to punish working folk till they don't have a damned pot to piss in.

Did you not read this?

1. According to IRS 2007 data, the richest 1 percent of Americans earned 22 percent of national personal income but paid 40 percent of all personal income taxes.

2. The top 5 percent earned 37 percent and paid 61 percent of personal income tax.

3. The top 10 percent earned 48 percent and paid 71 percent of all personal income taxes.

4. The bottom 50 percent earned 12 percent of personal income but paid just 3 percent of income tax revenues.

Read my posts....you want them to pay less in taxes....AND do something about government spending/debt....Pay people wages where they don't need the help.

You can't have it both ways. Oh....I know....low wages, pay for your own benefits out of pocket and getting rid of the safety nets for working and working poor people is the recipe for prosperity.....for whom exactly?


EDIT: look at the first half of your numbers and try to figure out the problem.

 

[eflatminor]

reagan raised taxes 11 times, far out weighing his one tax cut.

Liar.

You stinking blind partisan.

•

Conveniently, the Treasury Department working paper they’ve referenced does measure tax changes as a percentage of GDP. By this single best measure, the largest tax increase in modern history was under their conservative hero, President Ronald Reagan, in 1982, and was 25% larger than President Obama’s proposal.

It’s time for Republicans to get serious about creating jobs and reducing the deficit. Rather than protecting tax breaks for the wealthiest Americans, we hope Republicans will work with us on the President’s balanced plan to create jobs, reduce the deficit and ensure all Americans pay their fair share.

http://www.democraticwhip.gov/conte...istory-was-under-president-reagan-not-preside

This allowed for a major tax increase, the largest in four decades, in 1982. The Tax Equity and Fiscal Responsibility Act raised an average of $47 billion in each of the four years after it was enacted.

Over the remainder of his presidency, Reagan would go on to sign a series of such increases, ultimately taking back about half of his 1981 tax cut, according to economist and historian Bruce Bartlett. The 1981 legislation marked a watershed in federal taxation, capping an era of tax cuts and starting a new one of increases. As economist Jerry Tempalski has noted, of the nine major tax laws enacted from 1968 to 1981, six reduced federal revenue. By contrast, nine of the 11 major tax laws introduced from 1982 to 1993 increased revenue.

Why Reagan Raised Taxes and We Should, Too: Echoes - Bloomberg

Oh man, thanks for the laugh!

Now it's an increase in tax revenues, not rates. I love it.

I'd suggest you focus, but...yea, forget it.