"Would you please raise my taxes?"

[Listening]

So it would seem the market has a way of taking care of things.

Is that correct ?

 

[Too Tall]

OK then lets go back to the tax rate when the US was most prosperous.

The 50s and 60s

Will we also get all of the deductions that we got in that period? I suspect the result would be less revenue for the feds.

 

[Too Tall]

Capital Gains tax is a rip-off.

It's a tax on money that already has been taxed and it offers a loophole to millionaires like Warren Buffet. It defeats it's own purpose.

No it isn't. It's a tax on profits, not the principle.

Ok Sparky.

I can tell you've never had an S-Type corp or an LLC.

They're tax-shelters for the rich.

They put all of their profits in their LLC and pay themselves a measley wage which is taxed at the normal income rate, which is usually nothing, then all profits are ether re-invested in the business or only gets taxed at half the rate of everybody else as Capital Gains. It was intended to tax the rich but most of them use it to get around it's intent.

Raising Capital Gains only forces them to cut back or move.

The point is the money that the 'rich' put in the LLC or S-Type corp was EARNED and taxed at the normal rate BEFORE it was invested. Gains are then taxed at 15%. Do you have a clue on what happens if there is no gain, but a large loss?

I do!

 

[CMike]

National Taxpayers Union - Who Pays Income Taxes?

According to the chart the top 10% pay 70% of federal income taxes.

The top 5% pay 60% of federal income tax.

Yet the liberals still go on espousing their communist philosophy

 

[Listening]

Hey bonehead...you never did explain what this graph was supposed to mean.