Home Forums Hunting & Shooting Hunter's Campfire Raising Taxes Makes Us More Competitive

…and the bottom 50%.

Which is an amount that rhymes with hero...

Again, all income, including inheritance, should be taxed the same. There is nothing more noble about receiving money through inheritance or through capital gains than earned income. Why should passive income be taxed at a lower rate than earned income? When you think about it, seems to me that those who derive income through their own efforts should be taxed at a lower rate, if anything. Our current tax policy favors the rich and fosters generational income inequality, because of the Golden Rule, ie, "He who has the gold makes the rules."

Again, this is from a guy who's done very well on investments.

For an average guy like me, money that I invest is left over from what I've managed to save from working. Its already been taxed to hell and back. So, I take it and invest it in something with no guarantee of return and significant risk of loss, and maybe I get lucky and make some gains on it. Explain to me why you're entitled to having some of that money?

He really means it makes the elitist politicians more competitive , not the country


Biden needs to pre suck a bag of dicks. Kingston and Beaver are tired . LOL

Go drive to the nearest train tracks. Google the schedule on your phone. Sixty seconds before it runs through that particular area put your head on the track and don’t move.

If that won’t work do the same on the interstate in front of the next eighteen wheeler. You’re welcome.

You're taxed only on the capital gains, not the principal. You're not taxed on the gains until you realize them. The gain is, after all, new income to you, so should be taxed. In fact, it is currently. The tax rate varies by income, 0% up to $40,000, 15% from $40,001 to $441,450, and 20% above $441,451. So, given the median household income is ~$67521 in 2020, most people would pay 15% or less on capital gains. Taxing capital gains as regular income would actually lower the tax rate for most households. In fact, doing so wouldn't increase your tax burden until your income exceeds $81,000, and then only a tiny bit.

Right now, wealthy people with incomes derived strictly from capital gains pay a maximum of 20% tax, which is less than the marginal tax rate for those households with incomes of $81,000. Why is that? Because the wealthy have greater influence over tax policy than the working class. This was clearly demonstrated in 2017, when the Republicans and Trump, in addition to giving other tax breaks to the rich, doubled the estate tax exemption to $11.18 million. That benefitted only the top 1%, of course. Not most of 24HCF members.

Don't yell at me, I'm for the little guy, the hard-working everyday wage earner.

Paddler,(Middleton)

Are you an accountant and a doctor? I’d be concentrating on the doctor part being as you have schidt reviews.

But he's a hit over at the DU.

You forgot to say that you have done very well on investments.

Was my explanation too complicated? I can try to simplify it if you like. Bottom line, taxing capital gains as regular income is more fair to the average American, the current system was set up by and favors the wealthy. And I'm one of the wealthy, but value fairness.

You are a fool.

Is the purpose of taxes to raise money for the government to spend or is it to punish people who are smart and work hard?

Whenever they lower the capital gains rate, they actually collect more in capital gains taxes. Whenever they raise it, they collect less.

People aren't stupid.

Your post brings up to subject of tax avoidance. The rich are better at it than the rest of us:

https://www.washingtonpost.com/business/2021/03/26/wealthy-tax-evasion/

Simplifying our tax code and closing loopholes utilized by those wealthy enough to have tax consultants, lawyers, etc, could lower overall tax rates. The top 1% avoid $175 billion in taxes every year.

Oh, maybe you're referencing the Laffer Curve, which was debunked long ago.

Piddler,

Before you edited your post, you stated you'd like to pay more taxes.



I think you are a liar and a fool. A cancelled check would prove one of the statements wrong and the other one correct. Otherwise, I will continue believing both are correct.

Raising Taxes Makes Us More Competitive




Joe & his merry crew of destructionists never have had an original thought...................this is all Obama & Alinsky speak.

Obama & his minions & their keepers are running the country.

MM

Do you refer to your 401k? That’s not subject to capital gains, it was funded with pretax dollars, and subject to regular income tax coming out. Your Roth, on the other hand, funded with post tax dollars is not taxed again.

The top federal estate tax is currently 40%, and is applied to the portion of the estate that’s above the $11.7 million threshold. Nobody actually pays that, of course, if you’re leaving > $11.7 million, you’re smart enough to hire a good accountant who will get you enough discounts, and deductions to push your effective rate way down.

I have an IRA SEP, 401K and brokerage accounts. The regular stock purchases, which comprise a smaller but still significant portion of my portfolio, will be subject only to capital gains. Most folks own stocks through 401Ks, so are taxed as regular income. Once again, taxing capital gains at a lower rate favors the wealthy.

Wealthy......thankfully the left has moved the goal posts on that qualifier.

Now all you have to do to be a horrible wealthy person is to be above the poverty line.