Debunking Liberal Myths About the Rich and the Capital Gains Tax

[Dadoalex]

You simply ignored every contrary fact in the OP, such as the fact that tax data show that 77% of American income taxpayers pay a tax rate of 15%. You also ignored the fact that the rich pay huge amounts of state and local property taxes and can only deduct a small portion of those taxes, whereas most employed people can deduct all of them.

Nothing you said changes the fact that people who earn their money via capital gains pay a higher tax rate than most other Americans.

You REALLY REALLY REALLY need to talk to an accountant or a tax attorney.

Yes, wealthy pay high property taxes.
AND
They deduct 100% of those taxes as business expenses.

 

[Lesh]

Reagan was the only time in modern history we saw movement between the classes, his policies created what we now know as the upper middle class

Prior to him we’d been stagnant under the new deal policies

What a crock of shit

 

[Dadoalex]

Wow. Your mindset is mind-boggling. The point, which you apparently cannot or will not grasp, is that in most cases capital gains income is not taxed at a lower rate. The majority American households fall into the second income tax bracket, which has a marginal tax rate of only 12%, and the first $22K of their income is only taxed at a rate of 10%. But if you earn $47K in capital gains, your tax rate is 15%.

12% + 6.2% for SS + 1.5% for medicare = 19.7%

But those earning capital Gains don't pay SS or medicare taxes.

You really really need an accountant.

 

[LAUGHatLEFTISTS]

We have already done that for the last 40 years
Truckle down does not work

You want to cut taxes?
Cut spending FIRST

Sure. The dems never let spending cuts pass because Racism! The children! The poor!

 

[rightwinger]

Sure. The dems never let spending cuts pass because Racism! The children! The poor!

When have Republicans ever cut spending to correspond with their tax cuts?

 

[Dadoalex]

I almost have to laugh at how gullible the sheeple are. Working class Americans are getting hit with capital gains taxes on the now jacked up home values when they sell. Biden and Dems have vowed to increase the capital gains tax rate under the cover of 'stick it to the rich'. Chicago just tried this crap, knowing the working class were going to get whacked by their stick it to the rich mansion tax.

Meanwhile Dem states are grabbing their share of your home value. Slapping a tax NOT on the gain after the sale, but on the full purchase price. Stepping in and grabbing x% even if you lost money on the house, PAY the Dems.

Democrats are no friend of the working class or the 'rich'.

$500K exempted (under current rules) of the total gain.

If someone bought a house for $100k and sells it for $1M then they would be taxed on $400K of the gain.
Not the entire gain.

ALSO

If the turn around and buy a $400K property as a replacement they'd pay no taxes at all.

You people REALLY need a decent accountant.

 

[Frankeneinstein]

Not for those making $519K in earnings

You need to compare apples to apples in tax rates
15 percent is less than anyone making over $100 k

that is just intentionally missing the point, if there were any merit to the claim of "pay your fair share" then every tax payer should pay the same rate...the only reason for not wanting to compare rates among different wage earners is so the disparity cannot be figured out by the socially educated...btw, comparing taxpayer to taxpayer is "apples to apples"

 

[BluesLegend]

$500K exempted (under current rules) of the total gain.

If someone bought a house for $100k and sells it for $1M then they would be taxed on $400K of the gain.
Not the entire gain.

ALSO

If the turn around and buy a $400K property as a replacement they'd pay no taxes at all.

You people REALLY need a decent accountant.

You people are uninformed. Try to keep up, you ready...ON TOP OF CAPITAL GAINS TAXES Democrats, assholes of the first order are slamming homeowners with AN ADDITIONAL TAX on the sales price of the home. The ENTIRE SALES PRICE not the gain. A percentage right off the top. Even if you are losing money on the sale of the home, PAY UP SUCKERS.

 

[Frankeneinstein]

You are again mixing apples and oranges

You need to compare similar levels of income and rates paid

Capital Gains does not deserve a lower tax rate. Should be taxed at the same rate

You're just hiding behind rhetoric now.

 

[Dadoalex]

You people are uninformed. Try to keep up, you ready...ON TOP OF CAPITAL GAINS TAXES Democrats, assholes of the first order are slamming homeowners with AN ADDITIONAL TAX on the sales price of the home. The ENTIRE SALES PRICE not the gain. A percentage right off the top. Even if you are losing money on the sale of the home, PAY UP SUCKERS.

One assumes you have some documentation to support this lying sack of shit.

 

[jc456]

Reagan was the only time in modern history we saw movement between the classes, his policies created what we now know as the upper middle class

Prior to him we’d been stagnant under the new deal policies

I still believe demofks think money is just there.

 

[BluesLegend]

One assumes you have some documentation to support this lying sack of shit.

LMAO denial, the bedrock of Dem stupidity. Dude my sister just paid this damn tax. Here in our asshole Dem run blue state on the west coast. That you are an uninformed Dem sheeple who's ignorant of your own parties taxes does not surprise me.

 

[LAUGHatLEFTISTS]

When have Republicans ever cut spending to correspond with their tax cuts?

Tax revenues to the federal government have always increased when taxes were cut. Even When JFK did it.

 

[BluesLegend]

Tax revenues to the federal government have always increased when taxes were cut. Even When JFK did it.

This just in from Dems...

 

[rightwinger]

Tax revenues to the federal government have always increased when taxes were cut. Even When JFK did it.

Short term bump
Long term deficit

The “all tax cuts pay for themselves” myth

 

[Care4all]

Any of us in the stock market with our 401ks, have to pay the Marginal Rates when we take our money out, not the capitol gains.

There are few lower to middle income people in the stock market outside of their 401k where capital gains would apply to them, no?

 

[Frankeneinstein]

All the poor people on this forum are going to become rich people some day soon!

Don't lose faith in the American way. People living in socialist countries such as Canada or the Scandinavian countries are 'fake news'.

Is there anything more amusing and sadder at the same time than a socialist pretending he/she/they has/have it figured out..
...canadas entire existence is due to the American economy, successful canadians move to America to get away from those taxes, just ask Neil Young [or John Lennon a brit] who fought court battles to get in, or any number of hockey players, entertainers, and newscasters, etc. etc. we have people flooding into this country, what's the population of the second largest country in area on earth? about 1/10th of ours.

 

[BluesLegend]

One assumes you have some documentation to support this lying sack of shit.

Humiliated, embarrassed Dadoalex runs away and hides.

 

[Care4all]

Tax revenues to the federal government have always increased when taxes were cut. Even When JFK did it.

They've always increased each year when there was not a tax break too...with few exceptions...

 

[struth]

What a crock of shit

The numbers don't lie: https://www.jec.senate.gov/public/_...28c/the-reagan-prosperity---november-1995.pdf

The percentage of households in the low income category dropped during the 1980s. This group comprised 27.5 percent of all households in 1980, 28.5 percent in 1982, and only 25.3 percent by 1989. As a share of all households, the proportion of those with low incomes became less prominent by the end of the 1980s. Meanwhile, the percentage of households with incomes over $50,000 jumped from 17.6 percent in 1980 and 1982, to 23.5 percent in 1989. This remarkable increase in the proportion of high income households is another sign of solid income growth. Notice how the strong upward mobility has affected the middle category. This group comprised 55 percent of all households in 1980, 53.8 percent in 1982, and 51.1 percent by 1989. In this one sense, the middle class did indeed shrink during the 1980s. Is this good or bad? If the middle class shrinkage had resulted from massive income losses resulting in expansion of the low income group, it would clearly signal that something was seriously wrong. However, a review of the data shows that the reverse was happening. Income gains were pushing a greater proportion of middle class households into the high income category. Of the 4 percentage point reduction in the middle class percentage between 1980 and 1989, all of it is accounted for by net upward movement into the high income category.