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Originally Posted By FALARAK: Disingenuous article and discussion. While we all know that taxation = theft. But................. The ultra wealthy often do not have earned income. Often, all their income is from capital gains. Capital gains has a maximum tax rate of 20%, while working people have a rate of up to 37% (soon to be 39.6% again) on earned income. The proposal here, is to make capital gains taxes match earned income taxes on gains OVER $1 million dollars in a year. I do NOT subscribe to any sort of "eat the rich" mentality, and I personally benefit from lower capital gains rates every single year, but this proposal makes good sense to me. I have always felt the lower capital gains tax favored the ultra-wealthy disproportionally to the majority of taxpayers. The REASON this is lower is because of the power the wealthy have over Congress. The current tax system absolutely favors the very wealthy, and with lower capital gains tax rates combined with a step up in cost basis at inheritance, this ensures wealth grows in the upper 1% and allows the middle class to be slowly destroyed that much faster, as the net worth spread increases between the classes. I'd MUCH prefer seeing tax benefits directed at the middle class, to help this class of people prosper, or just see a flat tax across the board for all. This proposal is making taxes "flatter", so if you are a fan of the flat tax, that is exactly the direction this proposal is going. The problem is, so many of you just see anything from Biden as wrong, or any discussing on a tax increase as wrong...... without actually applying critical thinking skills. View Quote The top 5% pay more taxes than everyone else combined....leave them alone, they're paying plenty (and I don't even have any capital gains to tax). The "middle class" sucks with money. Lots pay NO taxes and they're still broke. |
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Is that so we can send more to other countries and give undeserving students a free ride?
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“The West is leading Ukraine down the primrose path and the end result will be that Ukraine is going to get wrecked.” --John J. Mearsheimer 2015
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Now fellate me, as I eat this expensive ham.
USA
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Look, yes, I have banged HUNDREDS of broads. INTERNATIONALLY. But know this - I wrap my rascal, TWO TIMES, cuz I like it to be joyless and without sensation. It's a way of punishing supermodels.
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I have nothing coc compliant to say.
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We’re in this together. Your “elected” representatives authorized all of this spending through the years. The bill is due. It’s time for you to pay. Arguing over wether your steak was worth it after you consumed it is silly, isn’t it.
Some of you here voted for this. Don’t whine. The party of baby killers, gun confiscation, beelzebub, and HIGH taxes; what do you expect? People nashing their teeth that voted for this make lol. SISTER SLEDGE - WE ARE FAMILY (1979) OFFICIAL VIDEO |
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Faithful follower of Jesus Christ. Ephphatha! Maranatha!
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Originally Posted By FALARAK: Disingenuous article and discussion. While we all know that taxation = theft. But................. The ultra wealthy often do not have earned income. Often, all their income is from capital gains. Capital gains has a maximum tax rate of 20%, while working people have a rate of up to 37% (soon to be 39.6% again) on earned income. The proposal here, is to make capital gains taxes match earned income taxes on gains OVER $1 million dollars in a year. I do NOT subscribe to any sort of "eat the rich" mentality, and I personally benefit from lower capital gains rates every single year, but this proposal makes good sense to me. I have always felt the lower capital gains tax favored the ultra-wealthy disproportionally to the majority of taxpayers. The REASON this is lower is because of the power the wealthy have over Congress. The current tax system absolutely favors the very wealthy, and with lower capital gains tax rates combined with a step up in cost basis at inheritance, this ensures wealth grows in the upper 1% and allows the middle class to be slowly destroyed that much faster, as the net worth spread increases between the classes. I'd MUCH prefer seeing tax benefits directed at the middle class, to help this class of people prosper, or just see a flat tax across the board for all. This proposal is making taxes "flatter", so if you are a fan of the flat tax, that is exactly the direction this proposal is going. The problem is, so many of you just see anything from Biden as wrong, or any discussing on a tax increase as wrong...... without actually applying critical thinking skills. View Quote IDGAF. Capital gains taxes are immoral….even for rich people. |
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Im not a financial genius, not even financially smart
Do Trust have to pay capital gains tax? If not, put everything in a trust |
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Originally Posted By sjm1582002: Well, doesn't the biggest government in the world deserve the highest tax rates in the world? https://taxfoundation.org/wp-content/uploads/2021/07/Top-combined-capital-gains-tax-rate-under-Biden-Tax-Plan-Biden-Capital-Gains-Tax-Rate-OECD.png View Quote UKR seems to have an 18% capital gains tax. Maybe they should go to 44% to fund their war effort. |
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Originally Posted By 8nbait: This "info" is all coming from a single web site. Has to be true. View Quote https://www.kiplinger.com/taxes/biden-calls-for-doubling-capital-gains-tax-rate |
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KEEP CALM and let ME Carry On.
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Originally Posted By Wammel: Between the "never trumpers", "principled conservatives", and "voting dosen't matter" crews it stands a reasonable chance next year. View Quote View All Quotes View All Quotes Originally Posted By Wammel: Originally Posted By Notcalifornialegal: He can call for it all he wants. That would never pass the House. Between the "never trumpers", "principled conservatives", and "voting dosen't matter" crews it stands a reasonable chance next year. You left out the uniparty people. Wait…are they the same as the “voting doesn’t matter” crowd? Some people think we live in a black and white world. Life is seldom that simple. |
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I call for that dementia addled cocksucker and his commie ilk to go fuck themselves.
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It would pass. Capital gains are only for the obscenely wealthy. And they must pay their fair share. No normal person even has to worry about that tax. Object and you have outed yourself as a selfish racist.
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Proud and grateful Tennessee Squire
flgfish: "Low mileage cars piss me off. You saving your girlfriend for the next guy? Drive the car and enjoy it. A 911 is damn near bulletproof." |
Originally Posted By stevelish: IDGAF. Capital gains taxes are immoral….even for rich people. View Quote View All Quotes View All Quotes Originally Posted By stevelish: IDGAF. Capital gains taxes are immoral….even for rich people. I agree... If anything, CapGains should be a flat 10%. Then they threw in the BS ObamaCare tag on of 3.8%, which is horseshit. Originally Posted By tboesche: Im not a financial genius, not even financially smart Do Trust have to pay capital gains tax? If not, put everything in a trust Yes, the trust pays taxes. A trust (depending on the trust) protects assets from things like lawsuits and estate taxes. But, the trust still pays yearly taxes, unless it hasn't made any gains/income. You may also be required to pay individual taxes on distributions from the trust. |
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Originally Posted By Pallas: I agree... If anything, CapGains should be a flat 10%. Then they threw in the BS ObamaCare tag on of 3.8%, which is horseshit. Yes, the trust pays taxes. A trust (depending on the trust) protects assets from things like lawsuits and estate taxes. But, the trust still pays yearly taxes, unless it hasn't made any gains/income. View Quote Zero. That money was previously taxed as income. |
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Originally Posted By Underscore_O_Three: Inheritance tax destroys the upward mobility of the MIDDLE class. In case you haven't been watching - with currency devaluation a million dollars isn't rich anymore. The middle class very much encompasses multimillionaires. View Quote View All Quotes View All Quotes Originally Posted By Underscore_O_Three: Originally Posted By FALARAK: The middle class are not at all in scope of this proposal. Did you actually read anything? Inheritance tax destroys the upward mobility of the MIDDLE class. In case you haven't been watching - with currency devaluation a million dollars isn't rich anymore. The middle class very much encompasses multimillionaires. You are confusing income, with net worth. The removal of a step up in cost basis is only for very large estates. We can debate where that threshold should be.... but for now, this does not impact estates for 95% of the middle class. If the threshold for estate exemption is set too low, then yes..... that's a huge problem. |
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My guess is he knows he won't be in the WH by this time next year so he plans to crash the economy for Trump. Of course he didn't come up with this plan but his handlers did.
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Originally Posted By stevelish: Zero. That money was previously taxed as income. View Quote View All Quotes View All Quotes I agree with you 100%, but that would never fly. However, The principal was originally taxed as income, you don't pay cap-gains on the principal. So, that would be their argument. Originally Posted By Smash47: My guess is he knows he won't be in the WH by this time next year so he plans to crash the economy for Trump. Of course he didn't come up with this plan but his handlers did. I can 100% most assuredly tell you that the Biden Administration will be in control in the White House next year, beyond January. |
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Originally Posted By Primetime_1: The top 5% pay more taxes than everyone else combined....leave them alone, they're paying plenty (and I don't even have any capital gains to tax). The "middle class" sucks with money. Lots pay NO taxes and they're still broke. View Quote View All Quotes View All Quotes Originally Posted By Primetime_1: Originally Posted By FALARAK: Disingenuous article and discussion. While we all know that taxation = theft. But................. The ultra wealthy often do not have earned income. Often, all their income is from capital gains. Capital gains has a maximum tax rate of 20%, while working people have a rate of up to 37% (soon to be 39.6% again) on earned income. The proposal here, is to make capital gains taxes match earned income taxes on gains OVER $1 million dollars in a year. I do NOT subscribe to any sort of "eat the rich" mentality, and I personally benefit from lower capital gains rates every single year, but this proposal makes good sense to me. I have always felt the lower capital gains tax favored the ultra-wealthy disproportionally to the majority of taxpayers. The REASON this is lower is because of the power the wealthy have over Congress. The current tax system absolutely favors the very wealthy, and with lower capital gains tax rates combined with a step up in cost basis at inheritance, this ensures wealth grows in the upper 1% and allows the middle class to be slowly destroyed that much faster, as the net worth spread increases between the classes. I'd MUCH prefer seeing tax benefits directed at the middle class, to help this class of people prosper, or just see a flat tax across the board for all. This proposal is making taxes "flatter", so if you are a fan of the flat tax, that is exactly the direction this proposal is going. The problem is, so many of you just see anything from Biden as wrong, or any discussing on a tax increase as wrong...... without actually applying critical thinking skills. The top 5% pay more taxes than everyone else combined....leave them alone, they're paying plenty (and I don't even have any capital gains to tax). The "middle class" sucks with money. Lots pay NO taxes and they're still broke. This isnt about the top 5%. This is about the top 0.7%, and primarily those where income is not from earned income. |
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Originally Posted By stevelish: Zero. That money was previously taxed as income. View Quote View All Quotes View All Quotes Originally Posted By stevelish: Originally Posted By Pallas: I agree... If anything, CapGains should be a flat 10%. Then they threw in the BS ObamaCare tag on of 3.8%, which is horseshit. Yes, the trust pays taxes. A trust (depending on the trust) protects assets from things like lawsuits and estate taxes. But, the trust still pays yearly taxes, unless it hasn't made any gains/income. Zero. That money was previously taxed as income. No, the majority of the money in question or scope of this legislation is growth from other capital gains, passed down from generation to generation, without ever being taxed due to step up in cost basis. The government biggest obstacle, is how do you go after THAT specific money, without impacting those where this was not the case? |
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Originally Posted By stevelish: Zero. That money was previously taxed as income. View Quote This. All of this. What I do with my post tax income, albeit I lose my money or put more back in my pocket, with how I allocate/ spend my money, my finances are my business and my proceeds alone. I'm tired of hearing how just because I'm taking 100% of the risk, my pockets get picked over because I came out ahead, by the IRS and .gov. There should not be a Capital Gains Tax, period! There should also not be a Cap on Capital Gains losses, as well. |
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That's almost as nutty as taxing unrealized gains.
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Dispensing happiness one MIRV at a time.
GA, USA
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I’m sure the retirees who invested and saved and are now living off of their capital gains will be pleased.
The .gov continues to reward failure and punish success. |
"Malo periculosam, libertatem quam quietam servitutem."
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Every thing I own is in a blind trust...fjb
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Originally Posted By PanzerOfDoom: I’m sure the retirees who invested and saved and are now living off of their capital gains will be pleased. View Quote 1. A bulk of the retirement savings in the US are in 401k and IRA plans, which are not taxed at capital gains rates. 2. The "retiree" would need more than $1 million dollars a year in capital gains income to be impacted, and only the income OVER 1 million dollars per year would be impacted. How many "retirees" do you think have a capital gains income over $1 million? |
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Originally Posted By FALARAK: This isnt about the top 5%. This is about the top 0.7%, and primarily those where income is not from earned income. View Quote Problem is the government would just up spending to compensate for the extra income. What use would it really be outside of the “perceived” fairness of it? |
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Originally Posted By Emeoba69: Problem is the government would just up spending to compensate for the extra income. What use would it really be outside of the “perceived” fairness of it? View Quote View All Quotes View All Quotes Originally Posted By Emeoba69: Originally Posted By FALARAK: This isnt about the top 5%. This is about the top 0.7%, and primarily those where income is not from earned income. Problem is the government would just up spending to compensate for the extra income. What use would it really be outside of the “perceived” fairness of it? Agreed. That's always the issue. |
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They print so much money to shuffle off to other countries, why are we taxed anyways?
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Originally Posted By laxman09: You sure about that? They just sent billions to other countries even though they said they would have to have border reform done first. View Quote This. They just need an "Intel briefing" about how americans are hoarding money in brokerage accounts that could be used to support our allies. Maybe get a few foreign influence agents like David Cameron in on the "briefing". Then mike hunt will fold like one of bidens diapers |
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Originally Posted By FALARAK: This isnt about the top 5%. This is about the top 0.7%, and primarily those where income is not from earned income. View Quote So? They don't deserve to be punished. ...and that's how this shit starts. First it's the .7%, then the 1%, then the 5%, then everyone. |
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Dispensing happiness one MIRV at a time.
GA, USA
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Originally Posted By FALARAK: 1. A bulk of the retirement savings in the US are in 401k and IRA plans, which are not taxed at capital gains rates. 2. The "retiree" would need more than $1 million dollars a year in capital gains income to be impacted, and only the income OVER 1 million dollars per year would be impacted. How many "retirees" do you think have a capital gains income over $1 million? View Quote View All Quotes View All Quotes Originally Posted By FALARAK: Originally Posted By PanzerOfDoom: I’m sure the retirees who invested and saved and are now living off of their capital gains will be pleased. 1. A bulk of the retirement savings in the US are in 401k and IRA plans, which are not taxed at capital gains rates. 2. The "retiree" would need more than $1 million dollars a year in capital gains income to be impacted, and only the income OVER 1 million dollars per year would be impacted. How many "retirees" do you think have a capital gains income over $1 million? I get it now, so only the evil rich people are being punished. |
"Malo periculosam, libertatem quam quietam servitutem."
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Originally Posted By PanzerOfDoom: I get it now, so only the evil rich people are being punished. View Quote View All Quotes View All Quotes Originally Posted By PanzerOfDoom: Originally Posted By FALARAK: Originally Posted By PanzerOfDoom: I’m sure the retirees who invested and saved and are now living off of their capital gains will be pleased. 1. A bulk of the retirement savings in the US are in 401k and IRA plans, which are not taxed at capital gains rates. 2. The "retiree" would need more than $1 million dollars a year in capital gains income to be impacted, and only the income OVER 1 million dollars per year would be impacted. How many "retirees" do you think have a capital gains income over $1 million? I get it now, so only the evil rich people are being punished. No. They should pay the same *rate*, making the flat tax concept more realistic. You are building a straw man now. |
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Originally Posted By FALARAK: Disingenuous article and discussion. While we all know that taxation = theft. But................. The ultra wealthy often do not have earned income. Often, all their income is from capital gains. Capital gains has a maximum tax rate of 20%, while working people have a rate of up to 37% (soon to be 39.6% again) on earned income. The proposal here, is to make capital gains taxes match earned income taxes on gains OVER $1 million dollars in a year. I do NOT subscribe to any sort of "eat the rich" mentality, and I personally benefit from lower capital gains rates every single year, but this proposal makes good sense to me. I have always felt the lower capital gains tax favored the ultra-wealthy disproportionally to the majority of taxpayers. The REASON this is lower is because of the power the wealthy have over Congress. The current tax system absolutely favors the very wealthy, and with lower capital gains tax rates combined with a step up in cost basis at inheritance, this ensures wealth grows in the upper 1% and allows the middle class to be slowly destroyed that much faster, as the net worth spread increases between the classes. I'd MUCH prefer seeing tax benefits directed at the middle class, to help this class of people prosper, or just see a flat tax across the board for all. This proposal is making taxes "flatter", so if you are a fan of the flat tax, that is exactly the direction this proposal is going. The problem is, so many of you just see anything from Biden as wrong, or any discussing on a tax increase as wrong...... without actually applying critical thinking skills. View Quote For now. Originally tax stamps were $200 because no one could afford them. Through devaluation of the dollar, this will be the same thing. It is better to not open the box. |
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Originally Posted By Pallas: So? They don't deserve to be punished. ...and that's how this shit starts. First it's the .7%, then the 1%, then the 5%, then everyone. View Quote View All Quotes View All Quotes Originally Posted By Pallas: Originally Posted By FALARAK: This isnt about the top 5%. This is about the top 0.7%, and primarily those where income is not from earned income. So? They don't deserve to be punished. ...and that's how this shit starts. First it's the .7%, then the 1%, then the 5%, then everyone. I agree with you in concept about slippery slopes. But we are already in a progressive tax system, and much of the system does in fact benefit the ultra-wealthy, because they influence congress to their advantage. The system is bought and paid for by those with the MOST financial assets, and therefore control. |
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Originally Posted By mattellis2: For now. Originally tax stamps were $200 because no one could afford them. Through devaluation of the dollar, this will be the same thing. It is better to not open the box. View Quote View All Quotes View All Quotes Originally Posted By mattellis2: Originally Posted By FALARAK: Disingenuous article and discussion. While we all know that taxation = theft. But................. The ultra wealthy often do not have earned income. Often, all their income is from capital gains. Capital gains has a maximum tax rate of 20%, while working people have a rate of up to 37% (soon to be 39.6% again) on earned income. The proposal here, is to make capital gains taxes match earned income taxes on gains OVER $1 million dollars in a year. I do NOT subscribe to any sort of "eat the rich" mentality, and I personally benefit from lower capital gains rates every single year, but this proposal makes good sense to me. I have always felt the lower capital gains tax favored the ultra-wealthy disproportionally to the majority of taxpayers. The REASON this is lower is because of the power the wealthy have over Congress. The current tax system absolutely favors the very wealthy, and with lower capital gains tax rates combined with a step up in cost basis at inheritance, this ensures wealth grows in the upper 1% and allows the middle class to be slowly destroyed that much faster, as the net worth spread increases between the classes. I'd MUCH prefer seeing tax benefits directed at the middle class, to help this class of people prosper, or just see a flat tax across the board for all. This proposal is making taxes "flatter", so if you are a fan of the flat tax, that is exactly the direction this proposal is going. The problem is, so many of you just see anything from Biden as wrong, or any discussing on a tax increase as wrong...... without actually applying critical thinking skills. For now. Originally tax stamps were $200 because no one could afford them. Through devaluation of the dollar, this will be the same thing. It is better to not open the box. That part might be true. But I'd argue the box is already open. |
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How about this discussion:
Why shouldn't realized income from capital gains be taxed just like all other income? Why are capital gains tax rates kept lower? Who benefits the most from that? |
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Call the tune and let's dance; but beware that the devil is the piper and the tab for that soiree will be hell to pay.
Training&Trigger Time are more important than chasing a hardware Holy Grail |
Dispensing happiness one MIRV at a time.
GA, USA
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Originally Posted By FALARAK: No. They should pay the same *rate*, making the flat tax concept more realistic. You are building a straw man now. View Quote View All Quotes View All Quotes Originally Posted By FALARAK: Originally Posted By PanzerOfDoom: Originally Posted By FALARAK: Originally Posted By PanzerOfDoom: I’m sure the retirees who invested and saved and are now living off of their capital gains will be pleased. 1. A bulk of the retirement savings in the US are in 401k and IRA plans, which are not taxed at capital gains rates. 2. The "retiree" would need more than $1 million dollars a year in capital gains income to be impacted, and only the income OVER 1 million dollars per year would be impacted. How many "retirees" do you think have a capital gains income over $1 million? I get it now, so only the evil rich people are being punished. No. They should pay the same *rate*, making the flat tax concept more realistic. You are building a straw man now. I agree on the flat tax, personally I don’t think capital gains should be taxed at all but if these new taxes are enacted we will all be affected. |
"Malo periculosam, libertatem quam quietam servitutem."
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Originally Posted By FALARAK: How about this discussion: Why shouldn't realized income from capital gains be taxed just like all other income? Why are capital gains tax rates kept lower? Who benefits the most from that? View Quote Its been mentioned...post tax money shouldn't be taxed again, when you use it for your own benefit (at your own risk). |
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