Debunking Liberal Myths About the Rich and the Capital Gains Tax

[Cellblock2429]

I'm pretty sure the reason the capital gains tax exists is to produce tax revenues from everyone who invests their money in anything. There are orders upon orders of magnitude more common folk money in the market than there is company executive money because there are orders upon orders of magnitude more common folks than company executives.

/——/ “Orders upon orders of magnitude…”
I can’t stop laughing. I’ll have some ranch dressing with your word salad. . And don’t forget the common folk

 

[TruthNotBS]

Liberals endlessly argue that the rich are not paying their fair share because many rich people do not pay income taxes but "only" pay capital gains taxes. Many rich people do not work for anyone and therefore do not receive a salary--and thus do not pay income taxes. These rich folks earn their money via capital gains and therefore they pay capital gains taxes.

Okay, well, if you make between $47K and $519K in capital gains, your capital gains tax rate is 15%. If you make over $519K in capital gains, your capital gains tax rate is 20%. This is well above the tax rate paid by most employed Americans. Tax data show that 77% of Americans pay an income tax rate of 15%. If your household income is between $22K than $89.4K, your income tax rate is only about 11% (since the income tax is graduated and the first $21K of household income is taxed at a rate of only 10%).

Anyone can confirm these facts by checking the federal capital gains tax brackets and the federal income tax brackets.

So, rich people who earn their money from capital gains do not pay a lower tax rate than most other Americans--they pay a higher tax rate than most other Americans.

Furthermore, these numbers do not include the enormous amount of taxes that many rich people pay in state and local property taxes, and the rich, unlike most other people, do not get a tax deduction for all of those taxes.

True leftists or socialists, don't care about taxes. We want the means of production (i.e. all private property) in the hands of the working class or the public. There's a distinction between private and personal property. Private property is that which is used to exploit human labor for profit, whereas personal property is all that a person owns for personal use. Your house, car, computer, fruit of the looms, toothbrush, gun collection, all of that is personal property and hence even more secure under socialism.

Why is it more secure? Because in socialism you have an inherent, human right to your house and other personal belongings. No one can take that away from you for failure to pay property taxes or for any other reason.

American democrats aren't true leftists. Liberals aren't genuine leftists.

 

[TruthNotBS]

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Reactions:Cellblock2429

What did you find funny about what I said in that post?

 

[DudleySmith]

Liberals endlessly argue that the rich are not paying their fair share because many rich people do not pay income taxes but "only" pay capital gains taxes. Many rich people do not work for anyone and therefore do not receive a salary--and thus do not pay income taxes. These rich folks earn their money via capital gains and therefore they pay capital gains taxes.

Okay, well, if you make between $47K and $519K in capital gains, your capital gains tax rate is 15%. If you make over $519K in capital gains, your capital gains tax rate is 20%. This is well above the tax rate paid by most employed Americans. Tax data show that 77% of Americans pay an income tax rate of 15%. If your household income is between $22K than $89.4K, your income tax rate is only about 11% (since the income tax is graduated and the first $21K of household income is taxed at a rate of only 10%).

Anyone can confirm these facts by checking the federal capital gains tax brackets and the federal income tax brackets.

So, rich people who earn their money from capital gains do not pay a lower tax rate than most other Americans--they pay a higher tax rate than most other Americans.

Furthermore, these numbers do not include the enormous amount of taxes that many rich people pay in state and local property taxes, and the rich, unlike most other people, do not get a tax deduction for all of those taxes.

Another whiner who thinks if he posts he usual puffery stuff about cutting billioniares' taxes Mark Cuban or somebody is going to adopt them and give them free insiders tips n stuff.

 

[DudleySmith]

True leftists or socialists, don't care about taxes. We want the means of production (i.e. all private property) in the hands of the working class or the public. There's a distinction between private and personal property. Private property is that which is used to exploit human labor for profit, whereas personal property is all that a person owns for personal use. Your house, car, computer, fruit of the looms, toothbrush, gun collection, all of that is personal property and hence even more secure under socialism.

Why is it more secure? Because in socialism you have an inherent, human right to your house and other personal belongings. No one can take that away from you for failure to pay property taxes or for any other reason.

American democrats aren't true leftists. Liberals aren't genuine leftists.

lol yes, commies all want exactly the same thing as billionaire monopolists want, not a dime's worth of difference between them and you sociopaths. That's why they love Red China, after all.

 

[TruthNotBS]

Another whiner who thinks if he posts stuff that cuts billioniares' taxes Mark Cuban or somebody is going to adopt them and give them free insiders tips n stuff.

The solution isn't in taxing the rich more but in eliminating capitalism and private property. Only personal property should be legal.

 

[DudleySmith]

These rich folks earn their money via capital gains and therefore they pay capital gains taxes.

A few actually earn their money by producing and/or inventing stuff; most are just parasites and insider traders manipulating debt, same as the old railroad tycoons and stock market gamblers.

 

[TruthNotBS]

lol yes, commies all want exactly the same thing as billionaire monopolists want, not a dime's worth of difference between them and you sociopaths. That's why they love Red China, after all.

Red China is the fastest-growing economy in the world. There's plenty of central planning and state-owned industries or at least partially state-owned, much more so than here in the US. Socialism is the initial stage of communism when production is transitioning from capitalism to a marketless, completely non-profit mode of production. That process can take decades, maybe even a century or two, but looking at how technology is advancing now with intelligent automation and artificial intelligence, the transition into communism is going to be sooner than later.

 

[DudleySmith]

The solution isn't in taxing the rich more but in eliminating capitalism and private property. Only personal property should be legal.

More rubbish. The solution is to implement strong anti-trust laws and enforce them vigorously, as was done after the end of WW II. up until the 1960's, when the technocrats on both the right and the left began unraveling competition and innovation and crushing small and medium businesses. Doing away with the 'corporate personhood' scam will do wonders for that as well.

 

[DudleySmith]

Red China is the fastest-growing economy in the world. There's plenty of central planning and state-owned industries or at least partially state-owned, much more so than here in the US. Socialism is the initial stage of communism when production is transitioning from capitalism to a marketless, completely non-profit mode of production. That process can take decades, maybe even a century or two, but looking at how technology is advancing now with intelligent automation and artificial intelligence, the transition into communism is going to be sooner than later.

lol they are a haven for slave labor for multinational pirates. All the Cadres are is ruling class slave owners.

 

[TruthNotBS]

A few actually earn their money by producing and/or inventing stuff; most are just parasites and insider traders manipulating debt, same as the old railroad tycoons and stock market gamblers.

Human labor produces everything not billionaires. These billionaires have teams of scientists and engineers doing the actual "inventing". Much of it is funded by the US government.

RANK	PARENT	SUBSIDY VALUE	NUMBER OF AWARDS
1	Boeing	$15,496,865,703	958
2	Intel	$8,421,707,656	135
3	Ford Motor	$7,742,056,086	703
4	General Motors	$7,524,714,800	792
5	Micron Technology	$6,790,131,915	21
6	Amazon.com	$5,823,705,434	460
7	Alcoa	$5,727,691,764	134
8	Cheniere Energy	$5,617,152,523	43
9	Foxconn Technology Group (Hon Hai Precision Industry Company)	$4,820,110,112	74
10	Venture Global LNG	$4,338,702,441	8
11	Texas Instruments	$4,286,328,869	69
12	Volkswagen	$3,977,630,513	217
13	Sempra Energy	$3,828,022,782	51
14	NRG Energy	$3,415,751,518	266
15	NextEra Energy	$3,008,691,129	116
16	Sasol	$2,836,049,845	72
17	Tesla Inc.	$2,829,855,494	114
18	Stellantis	$2,795,436,436	213
19	Walt Disney	$2,543,219,673	265
20	Nucor	$2,538,761,123	176
21	Iberdrola	$2,380,558,984	110
22	Rivian Automotive Inc.	$2,364,054,012	7
23	Hyundai Motor	$2,349,743,470	18
24	Oracle	$2,272,418,288	96
25	Shell PLC	$2,211,676,001	132
26	Mubadala Investment Company	$2,124,035,097	62
27	Nike	$2,104,917,829	153
28	Meta Platforms Inc.	$2,098,261,272	82
29	Toyota	$2,071,010,689	239
30	Alphabet Inc.	$2,054,325,527	125
31	Brookfield Corporation	$1,979,408,388	288
32	Paramount Global	$1,974,249,897	342
33	Comcast	$1,927,402,844	405
34	Exxon Mobil	$1,917,119,478	241
35	Samsung Electronics	$1,891,136,597	41
36	Apple Inc.	$1,845,004,670	63
37	Nissan	$1,842,814,165	98
38	Berkshire Hathaway	$1,830,986,253	1,200
39	Summit Power	$1,783,593,414	6
40	JPMorgan Chase	$1,740,972,699	1,151
41	Energy Transfer	$1,736,836,843	175
42	Cleveland-Cliffs	$1,705,497,604	129
43	Southern Company	$1,694,958,172	45
44	General Electric	$1,645,135,367	958
45	Vornado Realty Trust	$1,623,857,336	33
46	Duke Energy	$1,580,421,869	86
47	Wolfspeed Inc.	$1,563,595,610	64
48	General Atomics	$1,510,875,891	112
49	IBM Corp.	$1,497,901,697	368
50	Lockheed Martin	$1,462,674,082	325
51	OGE Energy	$1,427,570,182	15
52	SCS Energy	$1,419,011,796	5
53	Corning Inc.	$1,391,603,359	401
54	Panasonic	$1,384,147,584	61
55	Microsoft	$1,366,243,159	113
56	Sagamore Development	$1,320,000,000	2
57	Northrop Grumman	$1,284,014,883	285
58	Vingroup	$1,254,000,000	1
59	Continental AG	$1,244,875,478	111
60	RTX Corporation	$1,193,950,954	797
61	CF Industries	$1,134,394,215	131
62	Valero Energy	$1,053,812,692	207
63	Dow Inc.	$1,049,354,213	640
64	AES Corp.	$1,039,510,135	136
65	Air Products & Chemicals	$1,025,557,482	88
66	Exelon	$986,892,877	98
67	Pyramid Companies	$973,565,278	93
68	SK Holdings	$960,550,283	8
69	SkyWest	$944,296,654	339
70	Centene	$916,607,054	60
71	Mazda Toyota Manufacturing, U.S.A., Inc.	$900,000,000	1
72	Apollo Global Management	$897,750,089	594
73	Delta Air Lines	$871,485,833	13
74	Jefferies Financial Group	$871,137,335	16
75	SK Hynix	$866,700,000	2
76	Bayer	$852,475,226	217
77	Honda	$849,832,301	93
78	Shin-Etsu Chemical	$828,683,936	106
79	Enterprise Products Partners	$826,988,371	89
80	SunEdison	$817,425,725	115
81	Goldman Sachs	$800,873,386	253
82	Bank of America	$798,426,128	956
83	E.ON	$786,865,473	40
84	Warner Bros. Discovery Inc.	$786,835,708	219
85	EDF-Electricite de France	$774,590,441	36
86	Triple Five Worldwide	$748,000,000	4
87	EDP-Energias de Portugal	$733,674,868	14
88	Related Companies	$714,675,504	8
89	Koch Industries	$683,066,388	510
90	Caithness Energy	$672,688,888	30
91	Dell Technologies	$658,417,951	185
92	Wells Fargo	$657,333,216	542
93	FedEx	$647,035,546	633
94	Entergy	$638,533,387	235
95	OCI N.V.	$627,879,406	5
96	Eli Lilly	$623,326,368	79
97	Chevron Phillips Chemical	$619,839,444	20
98	Bedrock Detroit	$618,000,000	1
99	Dominion Energy	$615,436,089	79

 

[DudleySmith]

Posting long lists of spam that doesn't rebut anything I said. A few got rich on their own merits, most got rich due to inheritance and financial chicanery, not actually producing anything. They're like you commies, dreaming of a Big Important Govt. Job ordering everybody else around while doing nothing.

For instance, there is a billionaire in Iowa that got rich from humble start as a farmer in the middle of nowhere developing new strains of seeds. Warren Buffet just gambles on stocks and buys politicians, same as the Kochs do.

 

[TruthNotBS]

More rubbish. The solution is to implement strong anti-trust laws and enforce them vigorously, as was done after the end of WW II. up until the 1960's, when the technocrats on both the right and the left began unraveling competition and innovation and crushing small and medium businesses. Doing away with the 'corporate personhood' scam will do wonders for that as well.

Capitalism is rubbish and useless now in the age of advanced 21st-century automation and artificial intelligence. It's time to finally transition to a non-profit, marketless, more democratic, and centrally planned system of production, that places all of the nation's productive resources in public hands. Private property must also be nationalized, only personal property should exist.

 

[jack3]

People are always complaining about those who don't pay their "fair share" of taxes. They want to sick the gov on people who just know how to do tax and sometimes skirt the tax man. These liberals should actually be quiet and learn a lesson. Stop being lazy and learn the tax system. Talk less. Listen more.

 

[DudleySmith]

People are always complaining about those who don't pay their "fair share" of taxes. They want to sick the gov on people who just know how to do tax and sometimes skirt the tax man. These liberals should actually be quiet and learn a lesson. Stop being lazy and learn the tax system. Talk less. Listen more.

An the rich are always sniveling about how lazy all the proles are, don't want to work 140 hours a week for 3 cents n stuff.

 

[TruthNotBS]

Posting long lists of spam that doesn't rebut anything I said. A few got rich on their own merits, most got rich due to inheritance and financial chicanery, not actually producing anything. They're like you commies, dreaming of a Big Important Govt. Job ordering everybody else around while doing nothing.

That sounds like your capitalist parasite buddies, living off of other people's labor. Extracting surplus value from the hard work of other human beings. No one merits billions of dollars, that's nonsense. Communism is a stateless society, without socioeconomic classes or the need for money:

"A communist society would entail the absence of private property and social classes,[1] and ultimately money[6] and the state (or nation-state).[7][8][9]"

Source: Communism - Wikipedia

Communism is the final stage of socialism when the state withers away:

Withering away of the state - Wikipedia

en.wikipedia.org

Due to the individual consumer's control over the means of production, once technology permits. We're now entering into a stage of human production, that is fully automated and led by artificial intelligence. Those are the perfect conditions for democratic communism. It will be adopted by the American people when tens of millions of Americans find themselves unemployed and facing eviction, while the rich are living in opulence.

 

[DudleySmith]

That sounds like your capitalist parasite buddies, living off of other people's labor. Extracting surplus value from the hard work of other human beings. No one merits billions of dollars, that's nonsense. Communism is a stateless society, without socioeconomic classes or the need for money:

"A communist society would entail the absence of private property and social classes,[1] and ultimately money[6] and the state (or nation-state).[7][8][9]"

Source: Communism - Wikipedia

Communism is the final stage of socialism when the state withers away:

Withering away of the state - Wikipedia

en.wikipedia.org

Due to the individual consumer's control over the means of production, once technology permits. We're now entering into a stage of human production, that is fully automated and led by artificial intelligence. Those are the perfect conditions for democratic communism. It will be adopted by the American people when tens of millions of Americans find themselves unemployed and facing eviction, while the rich are living in opulence.

lol more rubbish. Just proves you're as ignorant as your fellow sociopaths on the right are re the different categories of 'Capitalism' and how they work, they all look alike to uneducated morons.

The Peanut Gallery can start by learning the basic distinctions, like reading Henry Ford's Today and Tomorrow. He's pretty detailed on the differences between how industrialists employ capital versus how Wall Street operates.

Link to free pdf download of the book. A small excerpt:

If we set ourselves to the payment of wages, then we can find methods of manufacturing
which will make high wages the cheapest of wages. And that keeps us always on the drawing
board, finding ways and means to improve methods in every direction - in buying, in making, in
selling, in transportation - so that prices may be lowered and wages paid.
The right price is not what the traffic will hear. The right wage is not the lowest sum a man
will work for. The right price is the lowest price an article can steadily be sold for. The right
wage is the highest wage the employer can steadily pay. That is where the ingenuity of the
employer comes in. He has to create customers, and if he is making a commodity, then his own
workers are among his best customers. We have about two hundred thousand first-class
customers in our own company - in the people we directly pay wages to. And we are creating
more customers every day in the workmen of the people we buy from. For every dollar we pay in
wages, we pay two for materials and parts made on the outside. It is an ever-widening circle of
buying - paying a high wage has the same effect as throwing a stone into a still pond.

https://paulakers.net/wp-content/uploads/dlm_uploads/2018/05/TAT-20180526.pdf

He isn't right about everything but there is no question he knows production and manufacturing economics inside out.

 

[jack3]

Posting long lists of spam that doesn't rebut anything I said. A few got rich on their own merits, most got rich due to inheritance and financial chicanery, not actually producing anything. They're like you commies, dreaming of a Big Important Govt. Job ordering everybody else around while doing nothing.

For instance, there is a billionaire in Iowa that got rich from humble start as a farmer in the middle of nowhere developing new strains of seeds. Warren Buffet just gambles on stocks and buys politicians, same as the Kochs do.

That's a myth promoted by liberal academics.

 

[TruthNotBS]

People are always complaining about those who don't pay their "fair share" of taxes. They want to sick the gov on people who just know how to do tax and sometimes skirt the tax man. These liberals should actually be quiet and learn a lesson. Stop being lazy and learn the tax system. Talk less. Listen more.

It's your capitalist parasite buddies who are lazy, not the working class. Are you a National Socialist, or just playing games, flashing swastikas?

 

[jack3]

An the rich are always sniveling about how lazy all the proles are, don't want to work 140 hours a week for 3 cents n stuff.

People who are not industrious define rich as their neighbor with two cars, a pool, and 3 acres. In other words, the guy who has slightly more must be rich.