Biden On Capital Gains Tax: “We Should Raise The Tax Back To 39.6 Percent”

[jc456]

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.

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.

Um, McConnell and Trump took away my mortgage interest and charitable deductions, and the added standard dedutction still left me with a tax hike

no, your state did. you're confused.

 

[bendog]

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.

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.

Um, McConnell and Trump took away my mortgage interest and charitable deductions, and the added standard dedutction still left me with a tax hike

no, your state did. you're confused.

sure. LOL

 

[BluesLegend]

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.

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.

Um, McConnell and Trump took away my mortgage interest and charitable deductions, and the added standard dedutction still left me with a tax hike

I know, its still funny that you blue states have to pay your fair share now

 

[pknopp]

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.

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.

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.

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. -:

Obama ran and won on something the (D)'s did not do. Obama promised to debate the issue of health care in the open. It was done behind closed doors.

Open promised to post it online and give people time to read what was being presented.

The (D)'s lost it when Pelosi made her stupid statement of needing to pass Obamacare to find out what was in it.

And then Obama lied about what was in it.

 

[jc456]

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.

so do away with capital gains?

It's really only the long term capital gains that have a discounted tax rate. Everything else is treated as income.

every dollar I make in an IRA stock gain isn't taxed until I take it out, that may be a very long time.If it's in a Roth I don't get taxed a dime.

 

[BluesLegend]

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.

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.

Do you have a leaf tax? Own a tree in some Dem areas and you get slapped with a leaf tax.

 

[Bootney Lee Farnsworth]

Income should all be taxed the same. One can argue what that number is but it all should be taxed the same.

I agree that IF we are going to tax income, from whatever source derived, it should be the same percentage.

.

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.

.

Not at all
But it provides more public services.

And, there it is.

Theft by government.

Free shit.

So predictable.

.

 

[BluesLegend]

If it's in a Roth I don't get taxed a dime.

hello, liberal tax and spend hotline, jc456 isn't paying taxes on his Roth IRA

 

[mikegriffith1]

every dollar I make in an IRA stock gain isn't taxed until I take it out, that may be a very long time.If it's in a Roth I don't get taxed a dime.

Uh, but the companies in whom your IRA invests--unless you invest only in government bonds--pay capital gains taxes, and every dime extra that they pay in taxes makes it harder for them to make money for your IRA investment.

 

[BluesLegend]

every dollar I make in an IRA stock gain isn't taxed until I take it out

Nancy Pelosi has proposed forcing you to pay the full tax now on your IRA and 401k so she can spend the money now vs waiting until you retire and start making withdrawals.

 

[jc456]

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.

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.

Um, McConnell and Trump took away my mortgage interest and charitable deductions, and the added standard dedutction still left me with a tax hike

no, your state did. you're confused.

sure. LOL

it's a really simple question, does every state have the same tax structure? Can you answer honestly? if you can, then you'll understand that everyone in every other state has been paying more taxes because of your deductions for a long long time. BTW, I live in Illinois one of those higher taxed states. I'm not bitching. I understand.

 

[WinterBorn]

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.

You'd eliminate the ultra rich and wealthy of all federal taxes. The biggest hurt for your ideal is the middle class and poor. Besides, raising the capital gains tax would only hurt you if you had a wealthy relative die and they left you millions.

No, that is completely inaccurate. The Fair Tax Act would put a 23% tax on all services and on all new goods. That "ultra rich and wealthy" you talk about spend a lot. 23% tax would be substantial. Anyone who buys a used car pays no tax.

 

[bendog]

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.

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.

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.

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. -:

Obama ran and won on something the (D)'s did not do. Obama promised to debate the issue of health care in the open. It was done behind closed doors.

Open promised to post it online and give people time to read what was being presented.

The (D)'s lost it when Pelosi made her stupid statement of needing to pass Obamacare to find out what was in it.

And then Obama lied about what was in it.

ehhh, there was plenty of debate. I was not in favor of the bill that passed, but the gop primaried out anyone who proposed any universal change .. such as across the board tax credits.

Once the gop opted out, there was no open debate, just horse trading. Welcome to the world of politics.

 

[jc456]

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.

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.

Do you have a leaf tax? Own a tree in some Dem areas and you get slapped with a leaf tax.

you'd have to explain what a leaf tax is. I pay five dollars a month for pick up.

 

[BluesLegend]

there isn't a dollar in the country that isn't worth taxing to a leftfk then their own.

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.

Um, McConnell and Trump took away my mortgage interest and charitable deductions, and the added standard dedutction still left me with a tax hike

no, your state did. you're confused.

sure. LOL

it's a really simple question, does every state have the same tax structure? Can you answer honestly? if you can, then you'll understand that everyone in every other state has been paying more taxes because of your deductions for a long long time. BTW, I live in Illinois one of those higher taxed states. I'm not bitching. I understand.

It was a Dem scheme to keep the money in their state vs paying their fair share of the Federal taxes. Now that they are forced to pay their fair share and its fair across the country they squeal like stuck pigs.

 

[bendog]

there isn't a dollar in the country that isn't worth taxing to a leftfk then their own.

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.

Um, McConnell and Trump took away my mortgage interest and charitable deductions, and the added standard dedutction still left me with a tax hike

no, your state did. you're confused.

sure. LOL

it's a really simple question, does every state have the same tax structure? Can you answer honestly? if you can, then you'll understand that everyone in every other state has been paying more taxes because of your deductions for a long long time. BTW, I live in Illinois one of those higher taxed states. I'm not bitching. I understand.

Dude you have no idea about me. Go away.

the Salt tax hike was bs, but that didn't affect me.

 

[mikegriffith1]

If you have an IRA or a 401K, chances are that they invest in companies, unless you choose only government bonds as your investment options, and those companies pay capital gains taxes. So every extra dollar that they have to pay in cap gains taxes makes it harder for them to make money for your IRA and 401K.

 

[BluesLegend]

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.

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.

Do you have a leaf tax? Own a tree in some Dem areas and you get slapped with a leaf tax.

you'd have to explain what a leaf tax is. I pay five dollars a month for pick up.

That liberal run city first passed a law making it illegal for a home owner to cut down a tree on their own property. They will whack you with 10's of thousands of dollars in fines if you do. Followed by a 2nd law taxing homeowners for cleaning up the leaves that fall into the street.

 

[jc456]

every dollar I make in an IRA stock gain isn't taxed until I take it out, that may be a very long time.If it's in a Roth I don't get taxed a dime.

Uh, but the companies in whom your IRA invests--unless you invest only in government bonds--pay capital gains taxes, and every dime extra that they pay in taxes makes it harder for them to make money for your IRA investment.

sure they do, It's my IRA, I have stock in many different companies within the IRA. their deductions are different, and so are their tax gains. they get to take a loss.

 

[jc456]

every dollar I make in an IRA stock gain isn't taxed until I take it out

Nancy Pelosi has proposed forcing you to pay the full tax now on your IRA and 401k so she can spend the money now vs waiting until you retire and start making withdrawals.

she can want all she wants.