Kepler
Cornell Big Red
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
That's neat. I wonder if it's simply the inverse order of income.
That's neat. I wonder if it's simply the inverse order of income.
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2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
- Thread starter dxmnkd316
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mookie1995
there's a good buck in that racket.
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
this is out of context anyhow. romney (and kerry's wife) don't have jobs with salary (which IS taxed) and live off prior after tax monies invested in things that pay them capital gains. the duke was a gov and with his salary of course he's paying that percentage. same with the others (though mccain i believe filed separately as his wife has a ton of capgains that they 'lived' off. so he should be much lower too. kudos to kerry for at least being honest).
this is out of context anyhow. romney (and kerry's wife) don't have jobs with salary (which IS taxed) and live off prior after tax monies invested in things that pay them capital gains. the duke was a gov and with his salary of course he's paying that percentage. same with the others (though mccain i believe filed separately as his wife has a ton of capgains that they 'lived' off. so he should be much lower too. kudos to kerry for at least being honest).
mookie1995
there's a good buck in that racket.
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
if i have a capital loss (i invested in enron, perhaps. or any number of recently bk'd companies that were bailed out by the gov'ment), can i take that loss and get full tax rate relief? get back the taxes i paid years upon years back to make up for the loss my taxes show now?
if i have a capital loss (i invested in enron, perhaps. or any number of recently bk'd companies that were bailed out by the gov'ment), can i take that loss and get full tax rate relief? get back the taxes i paid years upon years back to make up for the loss my taxes show now?
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
Yes. no.
Yes you can get tax relief in current and future years: ($3000?/yr) offset against ordinarily income. or/and carryover your capital loss to offset future capital gains or against ordinarily income ($3000?/yr).
No. you can't get tax relief from prior years from current capital loss.
So in our current tax system. only the poorest of poor and the richest of rich pay the same tax rate. And we call it fair.... for the rich and the poor alike are treated equal.
I still don't see why POTUS Obama gets a pass on this, didn't he run on raising capital gains tax... while Mccain talked about majority (51%) of the taxpayers benefiting from lower capital gains tax rate.
Yes. no.
Yes you can get tax relief in current and future years: ($3000?/yr) offset against ordinarily income. or/and carryover your capital loss to offset future capital gains or against ordinarily income ($3000?/yr).
No. you can't get tax relief from prior years from current capital loss.
So in our current tax system. only the poorest of poor and the richest of rich pay the same tax rate. And we call it fair.... for the rich and the poor alike are treated equal.
I still don't see why POTUS Obama gets a pass on this, didn't he run on raising capital gains tax... while Mccain talked about majority (51%) of the taxpayers benefiting from lower capital gains tax rate.
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
You can write your capital losses off your income at your tax rate. Beyond $3k, writeoffs are delayed. This is for good reason...cause otherwise people would jockey the system (as Romney seems to want to do) to pay no taxes.
The point remains. If I can write off my losses and pay no taxes on my gains...I buy a pencil for a penny and sell it to a buddy for $3k. He sells it for a penny. I lose $3k and write it off and my buddy has a tax free gain of $3k. In ten seconds, we just scammed the American people for my buddy's tax rate...on average $1000.
You can write your capital losses off your income at your tax rate. Beyond $3k, writeoffs are delayed. This is for good reason...cause otherwise people would jockey the system (as Romney seems to want to do) to pay no taxes.
The point remains. If I can write off my losses and pay no taxes on my gains...I buy a pencil for a penny and sell it to a buddy for $3k. He sells it for a penny. I lose $3k and write it off and my buddy has a tax free gain of $3k. In ten seconds, we just scammed the American people for my buddy's tax rate...on average $1000.
mookie1995
there's a good buck in that racket.
But.... You want to make capital gains regular income subject to tax- why limit capital losses?!?!? Have to be fair!
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
Capital gains were higher in 1987 so it would be higher regardless.
I think you can make the same argument made in 1980's , 1990's , 2000's in lowering the capital gains tax rate to 0%. It's not a bad arguments: plausible economic benefits, helps majority 51%, etc... it's not till you look at who it benefits the most and how it really effects our economy (if any).
http://www.house.gov/jec/fiscal/tx-grwth/capgain/capgain.htm
Capital gains were higher in 1987 so it would be higher regardless.
I think you can make the same argument made in 1980's , 1990's , 2000's in lowering the capital gains tax rate to 0%. It's not a bad arguments: plausible economic benefits, helps majority 51%, etc... it's not till you look at who it benefits the most and how it really effects our economy (if any).
http://www.house.gov/jec/fiscal/tx-grwth/capgain/capgain.htm
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
I'm sure cutting taxes to zero would mean that the economy would grow...at least for awhile.
The question is not whether a capital gains tax is right...but rather would you rather have lower capital gains or lower taxation on hard labor and direct value add. I know my choice.
Who's to say that the US taxpayer should compensate folks for making bad investments at the same rate as gains are taxed anyways? Sounds a bit like excessive and unnecessary welfare to me.
So what's the mookie capital gains/losses tax plan? (this is usually where posters disappear)
I'm sure cutting taxes to zero would mean that the economy would grow...at least for awhile.
The question is not whether a capital gains tax is right...but rather would you rather have lower capital gains or lower taxation on hard labor and direct value add. I know my choice.
But.... You want to make capital gains regular income subject to tax- why limit capital losses?!?!? Have to be fair!
Who's to say that the US taxpayer should compensate folks for making bad investments at the same rate as gains are taxed anyways? Sounds a bit like excessive and unnecessary welfare to me.
So what's the mookie capital gains/losses tax plan? (this is usually where posters disappear)
mookie1995
there's a good buck in that racket.
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
i'd like a VAT. tax people who have the money to spend (when they drop it on big ticket items).
i'd also support a thomas jeffersonian high death tax. let all men start on a somewhat equal footing - curb handed down wealth. truly unamerican (according to our founding fathers).
avoid "income taxes" to spur those who wish to work hard to get all they can (then tax them when they spend it)
i'd like a VAT. tax people who have the money to spend (when they drop it on big ticket items).
i'd also support a thomas jeffersonian high death tax. let all men start on a somewhat equal footing - curb handed down wealth. truly unamerican (according to our founding fathers).
avoid "income taxes" to spur those who wish to work hard to get all they can (then tax them when they spend it)
mookie1995
there's a good buck in that racket.
As you've been trained over years.
If you could keep your lifetime earnings you would then be able to spend it through your retirement (since social security doesn't exist).
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
Would a consumption tax on all new items be "fairer" and have a exemption for food, clothing (Nieman Marcus vs. Wal Mart)?, and basic cable, etc.? Or screw the exemptions and "rebate" the first $X in consumption tax?
All I know the current tax system is busted.
In principle, yes. But do you VAT a Mercedes but not a Chevy? There will be 500,000 pages of regulations on that one.
Would a consumption tax on all new items be "fairer" and have a exemption for food, clothing (Nieman Marcus vs. Wal Mart)?, and basic cable, etc.? Or screw the exemptions and "rebate" the first $X in consumption tax?
All I know the current tax system is busted.
dxmnkd316
Lucia Apologist
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
I'd rather spend a little less and make sure my kids are able to live a better life.
I'd rather spend a little less and make sure my kids are able to live a better life.
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
Interesting approach that appears to consider both higher and lower incomes. Got to agree with dx...I think there's a risk that everyone takes a reverse mortgage and retires in their 40s.
Cudos for offering a plan tho.
Interesting approach that appears to consider both higher and lower incomes. Got to agree with dx...I think there's a risk that everyone takes a reverse mortgage and retires in their 40s.
Cudos for offering a plan tho.
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
**** the kids. /sandusky
**** the kids. /sandusky
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
save for your kids college, and maybe help them out with a down payment for their first house. After that, it should be up to them to make their way in life, not live off the hard work of a parent, great grand parent, great-great grandparent... I'm spending my money, not leaving it all to my kid (although I would contribute to a grandchild's 529)
save for your kids college, and maybe help them out with a down payment for their first house. After that, it should be up to them to make their way in life, not live off the hard work of a parent, great grand parent, great-great grandparent... I'm spending my money, not leaving it all to my kid (although I would contribute to a grandchild's 529)
dxmnkd316
Lucia Apologist
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
Well, right, I'm not going to leave them a cache of millions. But if I die in an accident and I haven't exhausted my cash, I'd rather see my kids and grandchildren get the head start.
Well, right, I'm not going to leave them a cache of millions. But if I die in an accident and I haven't exhausted my cash, I'd rather see my kids and grandchildren get the head start.
Re: 2012 Elections Pt II: Bachmann Turned Me Into a Newt! A Newt?
People don't like giving 30% of their income to the government. I don't think they'd be too pleased giving say 75% of it to the government (even if it wasn't today).
People don't like giving 30% of their income to the government. I don't think they'd be too pleased giving say 75% of it to the government (even if it wasn't today).
Kepler
Cornell Big Red
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