LouieB Posted May 17, 2012 Share Posted May 17, 2012 Reagan was a raving commie compared to today's Republicans. LouieB Link to post Share on other sites
KevinG Posted May 17, 2012 Share Posted May 17, 2012 Well this whole notion is a little misleading in my opinion. Yes, Mitt Romney (and other weathly people with big investment incomes) pay a lower percentage on the capital gains so their effective rate appears low. However, where do you think the money originally comes from that these people use to make these investments? Yes, from regular income taxed at the "normal" highest tax rate. So, you can argue the capital gains rate should be higher or the same as regular income, but remember the original income was taxed at the highest rate. Seems simple but many people don't grasp this."hmmm.... no. That is extremely misleading. While yes maybe the initial money was taxed at the "normal" tax rate, you can use the interest income then to buy more investments, thus being taxed at a lower rate. For example if I made 50K (after my tax rate of 25%) at my job (where I actually do something), I used 10K to buy some stocks. From that 10K I ended up making 50K (which is taxed at 15%). I now take 10K from that and make 50K which is taxed at 15%. (as a note I used extremely inflated numbers for easy of explanation) Also you are making it sound like you are taxed double, once for the money you invest and then the money you earn (i.e. profit). If I made 50K on investments I do not get taxed on my original 10K, I get taxed only on the profits. Furthermore Mitt's total tax rate was 13.9%. That tax rate does not differentiate between capital gains and income from a job. So on all the money Mitt made he got taxed an average of 13.9%. On all the money I made I got taxed 21.4%. Link to post Share on other sites
lost highway Posted May 17, 2012 Share Posted May 17, 2012 KevinG damages Jules liquidity by taxing his investments. Jules wouldn't have given me a job anyway. The net effect on the debt ceiling was a small positive. All on viachicago. Link to post Share on other sites
Guest Jules Posted May 18, 2012 Share Posted May 18, 2012 For example if I made 50K (after my tax rate of 25%) at my job (where I actually do something), I'm now thinking the smug comment was accurate. Link to post Share on other sites
LouieB Posted May 18, 2012 Share Posted May 18, 2012 I sure hope Mitt wins because my kids sure need some jobs. I know he is just the guy to give it to them. LouieB Link to post Share on other sites
KevinG Posted May 18, 2012 Share Posted May 18, 2012 I'm now thinking the smug comment was accurate. Back to name calling again, super way to make a point. I work, I work hard. Making investments is not work. If that makes me smug, then so be it. Link to post Share on other sites
bleedorange Posted May 18, 2012 Share Posted May 18, 2012 Back to name calling again, super way to make a point. I work, I work hard. Making investments is not work. If that makes me smug, then so be it. Maybe not smug. Maybe Jules was looking for spiteful or invidious. Link to post Share on other sites
Guest Jules Posted May 18, 2012 Share Posted May 18, 2012 I sure hope Mitt wins because my kids sure need some jobs. I know he is just the guy to give it to them. LouieB Glad to see you're coming around. Link to post Share on other sites
Guest Jules Posted May 18, 2012 Share Posted May 18, 2012 Making investments is not work. If that makes me smug, then so be it. What about making the money to make the investments? That didn't involve any work? The implication that these people are somehow doing something wrong by investing and paying the tax rate that the law calls for is absurd. Link to post Share on other sites
Oil Can Boyd Posted May 18, 2012 Share Posted May 18, 2012 Speaking of job creation and government handouts, there's a lot of talk around here (Boston) about former Red Sox pitcher Curt Schilling. In the past he has supported small government and opposed government support (writing on his blog “If a conservative is down-and-out, he thinks about how to better his situation. A liberal wonders who is going to take care of him.”). He then started a gaming company in Massachusetts, took a $75 million guaranteed loan from the state of Rhose Island to move his company there, and now he can't make payroll, missed his payment to the state this month, and he's looking for more support from the state. The state economic development official who oversaw the loan guarantees resigned this week. Yesterday Schilling's company delivered a check to cover their late payment and then announced that they didn't have the funds to cover the check. Link to post Share on other sites
KevinG Posted May 18, 2012 Share Posted May 18, 2012 What about making the money to make the investments? That didn't involve any work? The implication that these people are somehow doing something wrong by investing and paying the tax rate that the law calls for is absurd. You keep bring up the point the money to make investments is taxed at the "normal" rate, I am not going to rehash this post, I suggest you reread. The tax rate that the wealthy pay is perfectly legal. A majority of the tax payers out there take full advantage of the tax laws to keep as much money as possible. Operating under the law is perfectly ok. What I am saying the laws are wrong. What is so wrong about bringing back the tax rates to Regan's day? I can't remember but there was a great post a few back about Regan. Our country is in an economic crisis right now. We are spending more money then we ever will get in taxes. We need a strategic plan to spend money on infrastructure, cut other domestic and international spending, make government more efficient and unfortunately raise taxes. It has to be that way. Link to post Share on other sites
Guest Jules Posted May 18, 2012 Share Posted May 18, 2012 A majority of the tax payers out there take full advantage of the tax laws to keep as much money as possible. I would hope 100% of tax payers do this. Otherwise we have more problems than I thought. Link to post Share on other sites
Mr. Heartbreak Posted May 18, 2012 Share Posted May 18, 2012 Actually, the overwhelming majority of tax payers do NOT take advantage of the tax laws. I know this, because I work part time for a tax service. We try to get people to work for us by having them lower their FICA contribution, take the extra money home in their paycheck, and write off meals, mileage and entertainment expenses (while they go to all the places they normally go already) and place business cards for our service. Most don't want to do it...not because they don't want to put out business cards, but because they don't want to change their W-2. They are afraid that somehow the IRS will magically swoop in and audit them. In fact, most of them don't know that the number of allowances on a W-2 is a flexible number. They think that it is equal to the number of children they have or the number of people in their family. Consequently, they give Uncle Sam an interest free loan all year long, and then, after tax time, they get a big "refund" of part of the money they paid in, and think it's great. Trying to explain to them that they could keep most of that money every month, and then invest it as they see fit, is like trying to explain physics to a two-year-old. Link to post Share on other sites
Tweedling Posted May 19, 2012 Share Posted May 19, 2012 Actually, the overwhelming majority of tax payers do NOT take advantage of the tax laws. I know this, because I work part time for a tax service. We try to get people to work for us by having them lower their FICA contribution, take the extra money home in their paycheck, and write off meals, mileage and entertainment expenses (while they go to all the places they normally go already) and place business cards for our service. Most don't want to do it...not because they don't want to put out business cards, but because they don't want to change their W-2. They are afraid that somehow the IRS will magically swoop in and audit them. In fact, most of them don't know that the number of allowances on a W-2 is a flexible number. They think that it is equal to the number of children they have or the number of people in their family. Consequently, they give Uncle Sam an interest free loan all year long, and then, after tax time, they get a big "refund" of part of the money they paid in, and think it's great. Trying to explain to them that they could keep most of that money every month, and then invest it as they see fit, is like trying to explain physics to a two-year-old.Now that is bad ass! Link to post Share on other sites
Atticus Posted May 21, 2012 Share Posted May 21, 2012 I LOVE Cheetos Link to post Share on other sites
lamradio Posted May 21, 2012 Share Posted May 21, 2012 Especially Crunchy Cheddar Jalapeno Cheetos. I just ate some. Link to post Share on other sites
IRememberDBoon Posted May 21, 2012 Share Posted May 21, 2012 one of these days folks are gonna get sick of rich white people living by some different code of ethics than everyone else. some kid steals a candy bar and gets a year in private prison some schmuck loots a company and its pension fund and then gives themselves a bonus and declares bankruptcy leaving thousands unemployed a bunch of golden parachutes for CEOs that only real skill is their connections Link to post Share on other sites
Sweet Papa Crimbo Posted May 21, 2012 Share Posted May 21, 2012 one of these days folks are gonna get sick of rich white people living by some different code of ethics than everyone else. some kid steals a candy bar and gets a year in private prison some schmuck loots a company and its pension fund and then gives themselves a bonus and declares bankruptcy leaving thousands unemployed a bunch of golden parachutes for CEOs that only real skill is their connections God knows the prisons are chock full of toddlers who pilfered a snickers bar. Link to post Share on other sites
IRememberDBoon Posted May 22, 2012 Share Posted May 22, 2012 God knows the prisons are chock full of toddlers who pilfered a snickers bar. one of us has been there for a long time Link to post Share on other sites
Guest Jules Posted May 22, 2012 Share Posted May 22, 2012 a bunch of golden parachutes for CEOs that only real skill is their connections You couldn't be more wrong here. Link to post Share on other sites
IRememberDBoon Posted May 22, 2012 Share Posted May 22, 2012 so when they drive a company into the ground the employess and shareholders should eat shit while a couple of folks at the top get MILLIONS?? its insane really. let them lose their $$$ and start over just like everyone else. theyre the damn ones that made the decisions that lead to failure. the thing about the right is they havent cared about facts since 1992 but now they dont care that anyone knows. ANY numbers or facts that go against their and fox news storylines are simply dismissed as made up or fudged. im about over it. Link to post Share on other sites
Atticus Posted May 23, 2012 Share Posted May 23, 2012 one of these days folks are gonna get sick of rich white people living by some different code of ethics that everyone else. god, I hope not. Link to post Share on other sites
Guest Jules Posted May 23, 2012 Share Posted May 23, 2012 ANY numbers or facts that go against their and fox news storylines are simply dismissed as made up or fudged. They usually are. Link to post Share on other sites
KevinG Posted May 23, 2012 Share Posted May 23, 2012 ANY numbers or facts that go against their and fox news storylines are simply dismissed as made up or fudged. They usually are. Do either of you have any facts to back up either of your statements? Statement By IRDB: Fox News claims stories that do not fit their narrative are dismissed as made up, or changed (fudged). Statement by Jules: Stories that Fox does not cover are made up to aid the current administration. This thread has become a bicker-fest, and I bring the blame partly on myself. But you all throw out statements and treat them as fact, with nothing to back them up. Lately I just see this thread eve loving into a "I know you are but what I am I" type of thing. Link to post Share on other sites
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