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I agree that IF we are going to tax income, from whatever source derived, it should be the same percentage.Income should all be taxed the same. One can argue what that number is but it all should be taxed the same.
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If this comes to be, we will become a nation of the wealthy and the poor - it will kill the middle classes & reward the power elite who will control the congress and state legislatures with those who do the bidding of the wealthy and shift the tax burden to the hoi polloi.
You seem to mistakenly believe that a higher effective tax rate on the high earners somehow makes the low income people richer.
Explain yourself.
.
I am still in favor of the Fair Tax Act. Fund the gov't with a consumption tax and do away with all other federal taxes.
Democrat presidential candidate Joe Biden said he’d like to raise the capital gains tax rate to 39.6 percent, a near doubling of the current 20 percent.
Biden made the remarks on Wednesday, August 21 during an interview with Iowa Public Television:
“I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent,” Biden said yesterday.
Raising the capital gains tax would harm Americans’ ability to build a nest egg and hurt the value of their homes, farms, and businesses.
Biden’s comments and his long Senate voting record mean voters should expect him to push for capital gains tax hikes if elected. During his time in the Senate, Biden consistently voted against tax cuts on capital gains.
In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.
In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.
Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.
Currently, long-term capital gains are taxed at zero percent, 15 percent, or 20 percent, depending on income level.
Households subject to Obamacare’s 3.8 percent Net Income Investment Tax end up paying a 23.8% rate. And under Biden’s cap gains scheme, such households will face a 43.4 percent rate.
If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.
(Excerpt) Read more at atr.org ...
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You just don’t get it. It’s not your money - it’s the Government’s. You should thank the Government for letting you to look at the money for a little while!
I seem to remember that ANY MENTION of raising a tsax "Read my lips, NO NEW TAXES" was a death call for a candidate!
“I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent,”
He thinks the minimum income tax should be 39.6%?
What should the top rate be?
Income and wealth today cannot be compared to the 1980s. "supply side" worked (assuming you believe it worked) simply because the tax laws actually rewarded not putting capital in risk to get the greatest possible gain. Not the case today, and rates are a lot lot lower on borrowing investment capital.I agree that IF we are going to tax income, from whatever source derived, it should be the same percentage.Income should all be taxed the same. One can argue what that number is but it all should be taxed the same.
.
If this comes to be, we will become a nation of the wealthy and the poor - it will kill the middle classes & reward the power elite who will control the congress and state legislatures with those who do the bidding of the wealthy and shift the tax burden to the hoi polloi.
You seem to mistakenly believe that a higher effective tax rate on the high earners somehow makes the low income people richer.
Explain yourself.
.
Huh? It doesn't make the low income people richer, it would put the tax burden on the Middle Classes and working poor to make up the don't tax the rich; revenue will still be needed and its clear the GOP will make it up by cutting CHIP, Medicare and Social Security.
Trickle down doesn't work. Given the wide spread between the Rich and the rest of us - exacerbated by the Ryan Tax Fraud - one can expect unrest by the hoi pollo if world history is any guide.
The dems didn't get "wiped out." Hillary lost only in the EC despite the FBI violated 50 years of practice and inserting on the eve of an election. Even then, the dems gained seats, and took the House commandingly in 18.Your problemI didn't like Obama.
I liked 90% of what Candidate Obama stood for. I ended up liking 10% of what President Obama actually did. If President Obama had been the person Candidate Obama said he would be, there is no President Trump.
That is all of our problem.
For all but the first two years of Obama's Administration Moscow Mitch had one goal in mind, sabotage Obama, as did the Tea Party Republicans who controlled the congress.
Keep in mind how the R's pissed & whined about spending, and now how fiscally irresponsible they are and have been since Jan 20th 2017.
The (D)'s got wiped out because Obama failed. I am NOT defending the Republican hypocrisy so I do not have to keep anything in mind.
I'd agree that Obama failed to support progressive economics during his second term, and that Hillary offered nothing but a return to 2000
that's anyone. be a little clearer. who brought the debt down, or suggested it and done it?The middle class need the tax cuts first and foremost.
The "middle class" continues to vote for those who continue to increase the debt.
Democrat presidential candidate Joe Biden said he’d like to raise the capital gains tax rate to 39.6 percent, a near doubling of the current 20 percent.
Biden made the remarks on Wednesday, August 21 during an interview with Iowa Public Television:
“I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent,” Biden said yesterday.
Raising the capital gains tax would harm Americans’ ability to build a nest egg and hurt the value of their homes, farms, and businesses.
Biden’s comments and his long Senate voting record mean voters should expect him to push for capital gains tax hikes if elected. During his time in the Senate, Biden consistently voted against tax cuts on capital gains.
In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.
In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.
Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.
Currently, long-term capital gains are taxed at zero percent, 15 percent, or 20 percent, depending on income level.
Households subject to Obamacare’s 3.8 percent Net Income Investment Tax end up paying a 23.8% rate. And under Biden’s cap gains scheme, such households will face a 43.4 percent rate.
If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.
(Excerpt) Read more at atr.org ...
-----'----
You just don’t get it. It’s not your money - it’s the Government’s. You should thank the Government for letting you to look at the money for a little while!
I seem to remember that ANY MENTION of raising a tsax "Read my lips, NO NEW TAXES" was a death call for a candidate!
“I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent,”
He thinks the minimum income tax should be 39.6%?
What should the top rate be?
90%
that's anyone. be a little clearer. who brought the debt down, or suggested it and done it?The middle class need the tax cuts first and foremost.
The "middle class" continues to vote for those who continue to increase the debt.
so do away with capital gains?I hate the Fair Tax Act in that it adds insult to injury for those disadvantaged, here I'm mainly thinking of families with expenses such as child care, medical care, senior care facilities.
Plus being in a 12% tax bracket, I'd rather have an effective tax rate of 13.6% rather than 30% . Currently to buy a $500 TV set I'd need to earn $568, of that $568, the government takes $68 off the top and I have $500 left over for the TV. $68/$500 = 13.6%.
Under the Fair Tax that touts a 23% tax rate I'd need to earn $650 for that TV. Seller pays a 30% tax, $500 x 30% = $150. Fair Tax proponents explain I'm only paying 23% because $150/$650 = 23%.
What I do like about the Fair Tax is its confidentiality. But that comes at one hell of a price.
I like pknopp's logic. The $1000 somebody earns trading stocks should be treated no differently tax-wise than the $1000 a guy earned for laying brinks.
exactly, so there aren't any other candidates to vote for. no one should vote for anyone then. that ain't happening.that's anyone. be a little clearer. who brought the debt down, or suggested it and done it?The middle class need the tax cuts first and foremost.
The "middle class" continues to vote for those who continue to increase the debt.
They all claim they will. None of them do.
there isn't a dollar in the country that isn't worth taxing to a leftfk then their own.That's foolish. Anyone who has a 401K or an IRA should oppose jacking up the capital gains tax. Capital gains transactions are crucial for economic growth. But the Democrats just see dollars signs and another presumed cash cow to tax.
there isn't a dollar in the country that isn't worth taxing to a leftfk then their own.That's foolish. Anyone who has a 401K or an IRA should oppose jacking up the capital gains tax. Capital gains transactions are crucial for economic growth. But the Democrats just see dollars signs and another presumed cash cow to tax.
Ah that's true. But the gop ran on misinformation. It did show that any entitlement change better have great popular support or be bipartisan. The conservative dem blue dogs got wiped out, and Pelosi knew they would, but she passed the law anyway because she believed in universal care. I get annoyed the AOC and the posse sometimes. -:The dems didn't get "wiped out." Hillary lost only in the EC despite the FBI violated 50 years of practice and inserting on the eve of an election. Even then, the dems gained seats, and took the House commandingly in 18.Your problem
I liked 90% of what Candidate Obama stood for. I ended up liking 10% of what President Obama actually did. If President Obama had been the person Candidate Obama said he would be, there is no President Trump.
That is all of our problem.
For all but the first two years of Obama's Administration Moscow Mitch had one goal in mind, sabotage Obama, as did the Tea Party Republicans who controlled the congress.
Keep in mind how the R's pissed & whined about spending, and now how fiscally irresponsible they are and have been since Jan 20th 2017.
The (D)'s got wiped out because Obama failed. I am NOT defending the Republican hypocrisy so I do not have to keep anything in mind.
I'd agree that Obama failed to support progressive economics during his second term, and that Hillary offered nothing but a return to 2000
2010. They got wiped out.
Um, McConnell and Trump took away my mortgage interest and charitable deductions, and the added standard dedutction still left me with a tax hikethere isn't a dollar in the country that isn't worth taxing to a leftfk then their own.That's foolish. Anyone who has a 401K or an IRA should oppose jacking up the capital gains tax. Capital gains transactions are crucial for economic growth. But the Democrats just see dollars signs and another presumed cash cow to tax.
The left also tax debts. Take out a mortgage or re-finance your house in some Dem states and they tax the loan. Incredible I know.
Good, you deserve it! Pay for a small illegal invader!Um, McConnell and Trump took away my mortgage interest and charitable deductions, and the added standard dedutction still left me with a tax hikethere isn't a dollar in the country that isn't worth taxing to a leftfk then their own.That's foolish. Anyone who has a 401K or an IRA should oppose jacking up the capital gains tax. Capital gains transactions are crucial for economic growth. But the Democrats just see dollars signs and another presumed cash cow to tax.
The left also tax debts. Take out a mortgage or re-finance your house in some Dem states and they tax the loan. Incredible I know.
dude, I live in Illinois, the most taxed state in the Union.there isn't a dollar in the country that isn't worth taxing to a leftfk then their own.That's foolish. Anyone who has a 401K or an IRA should oppose jacking up the capital gains tax. Capital gains transactions are crucial for economic growth. But the Democrats just see dollars signs and another presumed cash cow to tax.
The left also tax debts. Take out a mortgage or re-finance your house in some Dem states and they tax the loan. Incredible I know.
so do away with capital gains?I hate the Fair Tax Act in that it adds insult to injury for those disadvantaged, here I'm mainly thinking of families with expenses such as child care, medical care, senior care facilities.
Plus being in a 12% tax bracket, I'd rather have an effective tax rate of 13.6% rather than 30% . Currently to buy a $500 TV set I'd need to earn $568, of that $568, the government takes $68 off the top and I have $500 left over for the TV. $68/$500 = 13.6%.
Under the Fair Tax that touts a 23% tax rate I'd need to earn $650 for that TV. Seller pays a 30% tax, $500 x 30% = $150. Fair Tax proponents explain I'm only paying 23% because $150/$650 = 23%.
What I do like about the Fair Tax is its confidentiality. But that comes at one hell of a price.
I like pknopp's logic. The $1000 somebody earns trading stocks should be treated no differently tax-wise than the $1000 a guy earned for laying brinks.
