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Colicious
I'm 18 and my mom grounded me for going 10 over the speed limit!! <3 siriusnova
 
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Originally Posted by astriy View Post
income should be income. What is the argument for taxing someone more for an actual product produced or service rendered and taxing them less for investments. Also the "double taxation" you speak of is a fallacy. The interest INCOME is only taxed, it is new income and should be taxed just like any other. A progressive tax that treats all income the same is the only logical and fair system. What we have now is a boondoggle cooked up by special interests and disingenuous politicians over decades of shortsighted policy.

its not like they are the only ones who can go and buy dividend paying stocks. anyone and everyone can. being unfair would saying you have to have a networth of 10mil before you get the tax break
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Old 01-26-2012, 05:07 PM Colicious is offline  
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its not like they are the only ones who can go and buy dividend paying stocks. anyone and everyone can. being unfair would saying you have to have a networth of 10mil before you get the tax break

Anyone and everyone can, but they don't have the kind of money to throw around to make it an appreciable percentage of their total revenue. Normal people have to rely on income and so of course their tax burden will be mostly determined by the marginal income tax rates.

That's really the dividing line between the "wealthy" and everyone else, if you can live primarily on investments. Most of us will never be able to do that, so a tax code that preferentially rewards investment is by necessity preferentially benefiting the rich.
Old 01-26-2012, 05:17 PM Gibonius is offline  
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Originally Posted by dvargas24 View Post
this article from reuters seems to agree, quoting one source as saying "Counting all U.S. taxpayers, the average tax rate is 11 percent"

http://www.reuters.com/article/2012/...80N06U20120126

The median income in the US is $26k...

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For 2011, about 46 percent of Americans will pay no federal individual income taxes, most of them because they are poor,
comparing the average tax rate of people making 26k or less to a dude who makes 20+ mil a year is disingenuous. Half the nation doesn't even get paid enough to have any federal income tax liability.
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Old 01-26-2012, 05:34 PM pyramid is offline  
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i lol'd
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Old 01-26-2012, 05:35 PM Redrum is offline  
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mikeawesome
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god the fit on those suits are awful
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Old 01-26-2012, 05:38 PM mikeawesome is offline  
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its not like they are the only ones who can go and buy dividend paying stocks. anyone and everyone can. being unfair would saying you have to have a networth of 10mil before you get the tax break

isn't that the case now? you have to make a certain amount in order to enjoy the lower tax rate as compared to your regular income rate. A flat tax on anything ultimately favors the rich.
Old 01-26-2012, 05:55 PM astriy is offline  
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god the fit on those suits are awful

A lot of them do that intentionally. I'm sure Mitt is (he had some nice suits in the past), it helps minimize the "We are not normal people" feeling.
Old 01-26-2012, 06:17 PM Gibonius is offline  
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Colicious
I'm 18 and my mom grounded me for going 10 over the speed limit!! <3 siriusnova
 
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isn't that the case now? you have to make a certain amount in order to enjoy the lower tax rate as compared to your regular income rate. A flat tax on anything ultimately favors the rich.

nope. anyone who holds an investment longer than one year (holds for atleast a year and one day) will get the 15% rate. sell it short of that you pay your normal income bracket rate
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Old 01-26-2012, 06:24 PM Colicious is offline  
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Sure, he paid the taxes that were due. However, the LTCG tax rate of 15% and, even worse, the carried interest treatment, need to go away. LTCG could at least go back to 25% like it was in recent memory, CI can go away completely. CI is just a BS way of hiding income for favorable tax treatment.
Old 01-26-2012, 06:35 PM LegendKiller is offline  
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god the fit on those suits are awful

They're no Sarah palin...

I fear Ronnie may have one foot out the door
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Old 01-27-2012, 01:50 AM [H]ard|On is offline  
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nope. anyone who holds an investment longer than one year (holds for atleast a year and one day) will get the 15% rate. sell it short of that you pay your normal income bracket rate
You're missing the point. People who make the average income don't really have any advantage by having a low investment rate, their ordinary income tax is already at this level. The richer you are, the more benefit you get from the capital gains tax.
So yes, having a net worth of 10 million would definitely get you a lower tax rate compared to your normal income rate, than someone who makes a median income.
It might apply to "everyone", but this loophole overwhelmingly favors the rich.
Old 01-27-2012, 06:18 AM astriy is offline  
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Colicious
I'm 18 and my mom grounded me for going 10 over the speed limit!! <3 siriusnova
 
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Originally Posted by astriy View Post
You're missing the point. People who make the average income don't really have any advantage by having a low investment rate, their ordinary income tax is already at this level. The richer you are, the more benefit you get from the capital gains tax.
So yes, having a net worth of 10 million would definitely get you a lower tax rate compared to your normal income rate, than someone who makes a median income.
It might apply to "everyone", but this loophole overwhelmingly favors the rich.

sure they do. go by my example up top (investing 5k a year for just 10 years, you'll have roughly $1.5mil in 40 years, which is very doable for the average household). say someone has been doing that for the past 40 years and they retire today. they have their IRAs, their 401ks, and then they do their own retirement fund and get their 1.5mil. pretend they want to take that 1.5 mil and put it in dividend stocks. off the top of my head Entergy (ETR) has a decent yield (4.7%). with the $1.5mil investment in ETR, they will receive ~$71,000 a year in dividends. now i'm not too familiar with tax brackets, but if their rate was 28%, that $71k would be $51,000. if they got their dividend/CG rate of 15%, the $71k would be about $61k. thats an extra $10,000 a year they can use to spend visiting their grandkids, and that definitely affects "the people who make the average income"
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Old 01-27-2012, 10:29 AM Colicious is offline  
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Old 01-27-2012, 12:27 PM pyramid is offline  
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to be fair he has actually also donated more money than most blue collar workers make in two life times:

http://www.businessweek.com/news/201...r-2-years.html

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Old 01-27-2012, 12:43 PM pyramid is offline  
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You could do one of those with Warren Buffet too
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Old 01-27-2012, 01:44 PM g|aSsJaw is offline  
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