Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature currently requires accessing the site using the built-in Safari browser.
Kiwiman-
To replace the lost income I would do 2 things:
1) Make capital gains taxes equals to income taxes. No double taxation would incur as we have eliminated corporate income taxes. This also removes the incentives to play games with how income is classified.
If you had said dividends instead of capital gains, you might be on firmer ground, as they are double taxed.
Capital gains aren't income, so how would you be playing games?All sorts of problems with this idea. We already tax earnings of foreign companies here. Now you'll tax them again, if they take the after tax money home?I doubt it will do either, I'm sure it will lead to retaliation.This approach is a more American approach to dealing with the job subsidies paid by countries like China and Singapore. It will reduce the deficit and generate jobs in the country
So do you think before you post or are so you reflexively against taxes that you don't think and just type.
One of the argument against captial gains is that you are paying taxes on earnings that have already been taxed. Also, many such as hedge fund managers classify income as captial gains merely to escape income taxes. Those games would stop.
In terms of the capital export tax, if I have eliminated income tax exactly how would I be taxing earnins of foreign companies? I wouldn't. The only tax they would incur if they export the capital out out of the country. Other countries already have anti competitive requirements so I wouldn't worry about retaliation. They need access to our market and they have it. We aren't putting tariffs in place.
The Real Problem with the Capital Gains Tax is who it hits, and the Effect it has on Business. All those evil Rich, who invest in stocks, and make big Capital Gains they need to Pay Taxes on. Are the people who keep Cooperate America, and any Company that Sells Public Stock to Raise money, Going. That's how they raise Capital. Taxing that activity, Puts a damper on how much Capital Business can raise threw selling stock, and therefore Hampers the some very people we depend on to Hire people.
I would agree if I were raising the capital gains tax exclusively. But remember I am eliminating corporate income taxes at the same time. So when you invest in the company the earnings grow tax free (in the US). I am basically making corporations into giant job producing 401K programs. In terms of taxes, I am switching to taxes that capture all income equally.
And don't even get me started on the Capital Gains tax on selling a second home. That is a hindrance to what has always been the easiest way for someone to go from Rags to riches in this country. More than Half of all self made Millionaires in America. Became that way through Real Estate Investment. Buying low selling high, Buy it fix it up, sell it. This is how more than Half of the Millionaires in this country who started out not rich, Became rich. Applying the Capital Gains tax to the sale of even a second home, is a direct hindrance on Peoples Ability to become wealthy in that way.
Since you get an exclusion on selling the first home I think people are generally well taken care of in this regard. If this is your business, then you just incorporate it and you can buy and sell to our hearts content. You get taxed when you take the money out.
Themselves. There has always been enough Revenue. Spending $14.5 Trillion more than they took in is all on them. I'm sick of the Democrats trying to scapegoat Taxpayers for their own corruption & incompetence. The Taxpayers didn't spend us into this $14.5 Trillion Debt Hell. The Government did that.
If you were honest with yourself, you'd know that it wasn't just the Dems who are responsible for the 14.5 National Debt.
There is enough incompetence by both parties to go around.
My question is, what is the sacrifice that the wealthy, Corporate America, banks and Wall Street going to make to right the economic ship. If one looks at the proposed spending cuts,,none of those entities are effected.
If I'm wrong, please show me where I am wrong. I'm a big boy and never have a problem admitting I'm wrong.
I'm reflexively against damaging taxes.
Another argument against capital gains taxes is that they retard the formation of capital.
You know capital gains aren't limited to hedge funds, right?
Or were you typing without thinking?
Any limits on what they could buy in this country to avoid the tax?
First of all Cecilie, I have to tell you that I'm into bondage.
Secondly, I would guess that many of the people sucking off the government teat probably don't like being there. After over 30 years of basically no growth in wages in Real Dollars, people are having a real rough time living from check to check as their wages are being outpaced by inflation which translates to less expendable income.
So, in your opinion, only those who have not been included in the growth of the economy should be further penalized. Also those who have realized the rewards of the economic growth shouldn't also have to sacrifice to rail in this country's economic downturn.
Workers share of national income plummets to record low
Workers
Now paddle my Lilly white ass!
First of all, Kiwi, I have to tell you that you have no chance with me whatsoever.
Second of all, I don't care if they LIKE being there or not. Punishing people for being successful and doing without government handouts in order to spare pain to those who ARE dependent on government handouts leaves me spectacularly unimpressed.
In my opinion, making life harder on even more people by taking more of their money to send to a huge, bloated, overintrusive federal government to spend, misspend, and outright waste - however it is you want to "spin" it to play on the sympathies of the masses - is an incredibly bad idea, particularly in a bad economy. If people base their lives on the government being an obscenely obese highway robber of their neighbor's prosperity, and subsequently live less well when their neighbor refuses to pay up, I'm not planning to get all that exercised about it.
In short, until the government shows me some evidence that it plans to be more thrifty with the trillions of dollars it already takes from the taxpayers (and not even a liberal can make the claim that the government is thrifty or prudent with money), I cannot see my way clear to authorizing throwing more money at it.
The point is, many of the uber wealthy obtained their wealth on the backs of the worker class. As noted in the link I provided, the working class is at a record low as far as their share of the national income.
Bill Gates is the wealthiest man in America. DId he make his money on the backs of all those working class people forced to buy Windows?
Warren Buffett is the second wealthiest man. Did he make his money on the backs of all those working class people who buy insurance?
It is pretty funny you mention these two. You do know that both of them are opposed to the Bush tax cuts. Buffett has often complained that is effective tax rate is less than that of his secretary. He thinks that is an issue but apparently you don't.
It is pretty funny you mention these two. You do know that both of them are opposed to the Bush tax cuts. Buffett has often complained that is effective tax rate is less than that of his secretary. He thinks that is an issue but apparently you don't.
They both drive Fords too.
Is there some point to your post?
No limits? So I could take my $1 million profit, use it to buy gold and export the gold?I'm reflexively against damaging taxes.
As am I, which is why I am against corporate income taxes. The problem with you is you assume all taxes are equal and assume any taxes are damaging.
Another argument against capital gains taxes is that they retard the formation of capital.
You know capital gains aren't limited to hedge funds, right?
Or were you typing without thinking?
Any limits on what they could buy in this country to avoid the tax?
I am very aware of the arguments against capital gains taxes and if I were just raising them I would agree with them. But I am simultaneously eliminating corporate income taxes so capital formation will be fine.
As for limits, none. I am not a government control lilberal. It is as simple as taking the revenue you generate minus expenses and investment. The business can chose to export the capital and pay the 20% tax if they have better opportunites or reinvest it.
Between the exportation tax and lack of income tax I am sure capital formation will be fine.
It is pretty funny you mention these two. You do know that both of them are opposed to the Bush tax cuts. Buffett has often complained that is effective tax rate is less than that of his secretary. He thinks that is an issue but apparently you don't.
Buffett is a liar.
He said his secretary earned $60,000 and paid 30% in Federal income taxes.
If he wants to pay more, he can simply write a check to the Treasury.
Or maybe he should lobby to end the tax exemption on insurance payouts?
Buffett is a liar.
He said his secretary earned $60,000 and paid 30% in Federal income taxes.
If he wants to pay more, he can simply write a check to the Treasury.
Or maybe he should lobby to end the tax exemption on insurance payouts?
Buffett is a liar and your an idiot.... Buffett's secratary pays 15% payroll tax and then pays income tax on top of it. The vast majority of Buffetts income comes in the form of Dividend and capital gains for which he pays 15% Capital gains tax.
You know it is fuck heads like you that caused me to leave the Republican party and become independent. What used to be a party of fiscal conservatives and libertarians has become the party of bigots and facists.
Buffetts comment was there is a class war going on and my side is winning. I don't particularly want a class war on either side but people like you who stupidly spout off make me sick.
Buffett is a liar and your an idiot.... Buffett's secratary pays 15% payroll tax and then pays income tax on top of it. The vast majority of Buffetts income comes in the form of Dividend and capital gains for which he pays 15% Capital gains tax.
You know it is fuck heads like you that caused me to leave the Republican party and become independent. What used to be a party of fiscal conservatives and libertarians has become the party of bigots and facists.
Buffetts comment was there is a class war going on and my side is winning. I don't particularly want a class war on either side but people like you who stupidly spout off make me sick.
In other words you cannot defend your position.
Buffet, like most super wealthy guys, is an unabashed liberal. Why anyone should listen to him on politics is beyond me.
The GOP was never a party of fiscal conservatives and libertarians. That is a myth. In Nixon's day it was a party of social conservatism. In Reagan's day it was a party with a freedom agenda. Not license, as the narco-libtards want. But genuine freedom.
Buffett is a liar and your an idiot.... Buffett's secratary pays 15% payroll tax and then pays income tax on top of it. The vast majority of Buffetts income comes in the form of Dividend and capital gains for which he pays 15% Capital gains tax.
You know it is fuck heads like you that caused me to leave the Republican party and become independent. What used to be a party of fiscal conservatives and libertarians has become the party of bigots and facists.
Buffetts comment was there is a class war going on and my side is winning. I don't particularly want a class war on either side but people like you who stupidly spout off make me sick.
You stated: "Buffett has often complained that is effective tax rate is less than that of his secretary. He thinks that is an issue but apparently you don't."
Do you think what Buffett said is an issue?
I am bit confused by the 15% payroll tax that you say the Secretary pays. Social Security is 6.2% (4.2% this year only) and Medicare taxes are 1.45%. That comes to 7.65% payroll tax. Perhaps there are other payroll taxes that I am unaware of.
I am also an independent, but to call the Republicans a party of bigots and fascists is bullshit. There are individuals who are bigots and fascists in both parties, but the Republicans and libertarians are far more fiscally responsible than any Democrat.
QUOTE]
No limits? So I could take my $1 million profit, use it to buy gold and export the gold?
Buffett is a liar and your an idiot.... Buffett's secratary pays 15% payroll tax and then pays income tax on top of it. The vast majority of Buffetts income comes in the form of Dividend and capital gains for which he pays 15% Capital gains tax.
You know it is fuck heads like you that caused me to leave the Republican party and become independent. What used to be a party of fiscal conservatives and libertarians has become the party of bigots and facists.
Buffetts comment was there is a class war going on and my side is winning. I don't particularly want a class war on either side but people like you who stupidly spout off make me sick.
Buffett pays a higher income tax rate than his secretary.
They pay an identical payroll tax rate up to the maximum.
They pay an identical rate for dividends and capital gains.
Buffett lied about the 30% rate his secretary supposedly pays.
The Republican party hates it when idiots leave.
Which side of the class war are you on, the lying liberal side?
if you like higher taxes, then say that, calling them "additional revenues" or "revenue enhancements" is douchey and ridiculous
you don't hear those of us that favor spending cuts calling them "outlay reductions"
Well, they're not tax increases, so what would you call them? It's not like continuing the Bush tax cuts or not closing loopholes has dropped the unemployment rate, as the Republicans say it would. The new unemployment figures prove that they're just talking to their base and aren't really serious about cutting the deficit. The most ridiculous thing I heard was that closing loopholes would only be passed, if overall rates were cut to make it revenue neutral. That's like someone saying we'll only do spending cuts, only if there are increased expenditures in other areas!!!
"Tax the rich" This old story again!! Will we never learn? This was popular a couple of decades ago. So a huge tax was places on purchases of "luxury" items. Before the tax went onto effect there was a luxury boat builder locally that employed over 400 people and build a beautiful, luxury cruiser. Very high end. Suddenly a "high end" tax was imposed on the purchase of these boats. The tragic end result was sales went to "0" business closed due to no purchases, over 400 people out of work. Tax revenue from new tax 0. Pain to the Rich 0. the rich were still rich, even richer because they decided not to buy a boat or purchased a boat overseas to avoid the tax. Follow the money. The rich are rich because they generate revenue with their money. The poor are poor because they only consume revenue. This concept has not worked for 30 years and will never work. All that is accomplished is everyone is poor and no one is generating revenue.
First of all, Kiwi, I have to tell you that you have no chance with me whatsoever.
Second of all, I don't care if they LIKE being there or not. Punishing people for being successful and doing without government handouts in order to spare pain to those who ARE dependent on government handouts leaves me spectacularly unimpressed.
In my opinion, making life harder on even more people by taking more of their money to send to a huge, bloated, overintrusive federal government to spend, misspend, and outright waste - however it is you want to "spin" it to play on the sympathies of the masses - is an incredibly bad idea, particularly in a bad economy. If people base their lives on the government being an obscenely obese highway robber of their neighbor's prosperity, and subsequently live less well when their neighbor refuses to pay up, I'm not planning to get all that exercised about it.
In short, until the government shows me some evidence that it plans to be more thrifty with the trillions of dollars it already takes from the taxpayers (and not even a liberal can make the claim that the government is thrifty or prudent with money), I cannot see my way clear to authorizing throwing more money at it.
The point is, many of the uber wealthy obtained their wealth on the backs of the worker class. As noted in the link I provided, the working class is at a record low as far as their share of the national income.
Bill Gates is the wealthiest man in America. DId he make his money on the backs of all those working class people forced to buy Windows?
Warren Buffett is the second wealthiest man. Did he make his money on the backs of all those working class people who buy insurance?
Who forced them to buy those products from those vendors?
No one.
Your class warfare pseudo-Marxist rhetoric is absurd in the extreme.
You neglect to mention that wages and income for the bottom 80% of working people have risen as well. Not as fast as the top category, but they have risen. Why do you neglect to say that?
The amount of money to be made in a world economy is staggering. But it requires entrepreneurial ability and hard work. Neither of which you obviously have.
