Debunking Liberal Myths About the Rich and the Capital Gains Tax

[dblack]

Obviously. You're not too bright.

Oh, ok. Go fuck yourself then.

 

[Toddsterpatriot]

Oh, ok. Go fuck yourself then.

Grandma says you're a moron.

 

[dblack]

L

Grandma says you're a moron.

LOL - sure man. Troll mode. Seeyabye.

 

[ThisIsMe]

And when you cash in……you should pay for your profits like any working man.

If you have a gain, you do pay taxes on that gain. If you have a loss, then no taxes.

 

[jc456]

If you have a gain, you do pay taxes on that gain. If you have a loss, then no taxes.

And if you have a loss and a gain you still may owe nothing

 

[Stryder50]

In a stock transaction
What is the difference?

Your ignorance of economics would be astounding if it weren't for you being a dumb, ignorant Leftist* !

* = Knows nothing deadwood piece of shyte.

 

[Lesh]

Obviously, for anyone with half a brain, it's not defeated, because it's inevitable due to advanced automation and artificial intelligence. Grow a brain.

What?

Jesus

 

[Lesh]

If you have a gain, you do pay taxes on that gain. If you have a loss, then no taxes.

On a 401?

You pay regular income tax

 

[rightwinger]

Your ignorance of economics would be astounding if it weren't for you being a dumb, ignorant Leftist* !

* = Knows nothing deadwood piece of shyte.

Once again you fail in answering a simple question

I assume that is an admission you realize you are wrong

 

[Toddsterpatriot]

On a 401?

You pay regular income tax

At what rate?

 

[Lesh]

At what rate?

Regular income tax rate dumbass

 

[Toddsterpatriot]

Regular income tax rate dumbass

Yes, what's the number?

 

[TruthNotBS]

What?

Jesus

Exactly, squirm, you don't have a solution to the loss of wage labor, other than socialism. UBI (Universal Basic Income) or UI (Universal Income) paid by the government to create an artificial, unproductive customer base for capitalists, is the only way to extend the life of capitalism a few more decades before socialism takes over. Democratic socialism/communism is the only obvious solution to the loss of wage-labor, not artificially produced, unproductive paying consumers. If capitalism needs to rely on a monthly government bailout i.e. UBI or UI, to function, it's dead. It's in the ICU, connected to a respirator or a heart-lung machine. Non-profit, marketless mass production is the solution.

 

[Stryder50]

Once again you fail in answering a simple question

I assume that is an admission you realize you are wrong

Struth answered in post #450.
Why should I have to repeat it ???
Or do you have that much difficulty reading and understanding English ?

 

[ThisIsMe]

On a 401?

You pay regular income tax

Sure, on a traditional, if it was through work, since that money is pre tax. Roth IRAs are not taxed as income since those are post tax.


When it comes to regular investments, you pay capital gains tax if you make a profit. So use, you DO pay taxes on your investments if you have a gain

 

[rightwinger]

Struth answered in post #450.
Why should I have to repeat it ???
Or do you have that much difficulty reading and understanding English ?

“Net is what you make AFTER you paid your expenses, gross is before”

How does that apply to stock transactions?

 

[Grumblenuts]

“Net is what you make AFTER you paid your expenses, gross is before”

How does that apply to stock transactions?

Uh, um, he won't get fooled again!

 

[Resnic]

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.

There are several things wrong with all of their harping on the rich paying more taxes. So let's pretend the rich really aren't paying taxes or whatever their claim is.

1 every single person that is upset about the rich not paying enough taxes is a hypocrite. Every single American if they could find a way to not pay taxes they would do it in a heartbeat. But the rich have the privilege of being able to afford lawyers and tax attorneys and I don't blame them, I'd do the same thing if I could. Money allows for certain privileges, just like my money allows me to own my home on 3 acres, have air conditioning, high speed internet, a PS5, and so on but a whole lot of people can't afford those things. I wouldn't ever fault someone that can afford to do something I can't when I'd do the same thing as them if I could.

2 politicians won't actually ever do anything, it's all just empty talking points to trick Americans into believing that they are "trying to stick it to the rich snobby elites" and "fighting for the poor middle class people" so they get more votes. All they have to do is change the tax codes, but they won't because they themselves are rich, the people who donate money to them are rich, their friends are rich. It's not in their personal interest to tax the rich more, and especially Democrats only care about their own personal financial and political gains. Trump made that very point. She tried to punch him in the taxes and he said he uses the tax code to his advantage like her and all her friends do and if she didn't like it she would change it but she doesn't.



3 Or course the whole "the rich don't pay taxes or very little" is a lie.

https://www.washingtonpost.com/politics/2024/01/23/biden-keeps-saying-billionaires-pay-8-percent-taxes-not-really/

4 There is also the bottom line of, if you try to tax the rich enough they will leave the country then they don't have to pay any American taxes. Just like we have seen companies pull manufacturing out of America to somewhere else to reduce their costs.

5 then you have claims like Biden saying a 20% tax on the rich would raise 500 billion over 10 years.

https://www.cnbc.com/2024/03/15/bidens-billionaire-tax-hits-the-super-rich-can-a-wealth-tax-work.html#:~:text=Under%20Biden's%20proposals%2C%20a%2025,care%20and%20paid%20parental%20leave.

So what? That doesn't even begin to put a dent in our national debt as the debt grows more than that in 1 year, let alone 10 years.

https://www.cnbc.com/2024/03/01/the-us-national-debt-is-rising-by-1-trillion-about-every-100-days.html#:~:text=It%20reached%20$33%20trillion%20on,October%202022%20through%20February%202024.

Besides, what will they do with all that new tax money? Throw hundreds of billions at Ukraine again? Spend 620 million dollars on a ev car charging program that didn't actually do anything? It would all just be completely wasted anyway.

 

[Lesh]

Sure, on a traditional, if it was through work, since that money is pre tax. Roth IRAs are not taxed as income since those are post tax.


When it comes to regular investments, you pay capital gains tax if you make a profit. So use, you DO pay taxes on your investments if you have a gain

The claim was that all those 401s that people have are taxed at the capital gains rate

That is false

 

[Toddsterpatriot]

The claim was that all those 401s that people have are taxed at the capital gains rate

That is false

Some people pay less than the capital gains tax rate on 401K withdrawals.