[quote]Sifu wrote:
[quote]ZEB wrote:
[quote]Sifu wrote:
[quote]pittbulll wrote:
[quote]strangemeadow wrote:
[quote]pittbulll wrote:
[quote]strangemeadow wrote:
[quote]ZEB wrote:
[quote]strangemeadow wrote:
[quote]pittbulll wrote:
I think the real question here Zeb Do you understand Capital Gains taxes ? Have you ever paid them ? I have a couple years where my Capital Gains were %50 of my income .[/quote]
Dude, I’m in the top tax bracket, we pay 35% on our income. Then after tax, we invest some of that money. We then pay 15% capital gains tax.
What’s not to understand?
Sure there are deductions, but that’s the basics.
IF all of your income is from investments ie; capital gains, then sure, you only pay 15%.
But that’s only for the Warren Buffett types, not regular working people.[/quote]
The number of people who are actually wealthy enough to live off of capital gains income probably number less than 5,000 people.
That is just a guess but I’d be surprised if it were many more than that. And so what if there were? They earned the money paid the top tax percentage on it they then invested it and pay additional 15% on it and they are now wealthy.
When did that become wrong in America?
[/quote]
Oh, don’t get me wrong, I have no problem with it at all. I hope for it to be me in the next 10 years. It’s a goal we have. Seriously.
The misinformation both sides put out is outrageous. Like when the Dems say “Republicans are gonna cut your SS” Well, they propose cutting the planned increases, that’s all. If you get $100 a month in SS, and it’s slated to go to $110, the proposal is cut 50%. Of the proposal. So you’d get $105, not $50.
People who take the news at face value are sheep.
Baahhh…(pointed at you Pitbull)
[/quote]
I do not understand your post , There is no disinformation that a dollar Mitt earns is worth 85 cents and mine is worth 67 cents what is disinformative about that . [/quote]
Right. His income now comes from investments. Your’s doesn’t. What’s the problem?
[/quote]
So Mitt makes more money than i with other money I make less money than Mitt with sweat . So My Dollar should be worth less . I got it (NOT)
[/quote]
If you can’t understand such a simple concept as investments are not the same as working at a job that says something about your mental capacity. What it shows is you have a very limited capacity to think on a conceptual level. You see the first most obvious fact and that is it.
Investment earnings are not the same as working at a job because of several reasons. I’ll start with the most obvious. Investment involves risk because there are no guarantees. Working at a job involves none to little risk because there are guarantees.
For example when you invest money you have no idea how much money you are going to get in return. You could do well or you could lose your entire investment. There is no guarantee and there is no recourse for getting your money back if you make a bad investment.
When you go to a job not only do you know how much you are going to get paid for every hour you are on the job, there is even a guaranteed return on your time that is mandated by law called the minimum wage. If your employer doesn’t pay you, you can take him to court.
There is no Federal minimum return on investments that must be paid out to an investor, you are on your own to win or lose and if you lose you can lose big. If you work for a company and it goes out of business, at most you are going to lose the money earned since your last paycheck and maybe a pension. With investing you could lose a lifetime of savings in a bad day and have to start all over again.
Since they are two very different ways of making money, where the risks are very different it makes perfect sense then, that the rewards should be taxed differently.
Next there is the benefit to the economy of investing. Investing results in economic activity that generates taxes. A good example of this concept was the story of Mitt Romney and his secretary. Maybe he does pay less taxes as a percentage of his income. But if it wasn’t for his business acumen, and prudent management of his finances creating a successful business, people like the secretary and the rest of the company would not have a job to go to and draw a paycheck that they pay taxes on.
So by creating a successful business and employing people he has added greatly to the tax base. In light of that fact, I see nothing wrong with allowing someone like him to enjoy a favorable tax structure, because he will use the money to employ more people and further increase the tax base. We might lose a little on his taxes initially but in the long run his reinvesting the money more than makes up for it. [/quote]
That was an exceptional explanation Sifu. I hope it goes a long way in allowing people to understand why class warfare is both dangerous and destructive![/quote]
Thank you Zeb. With my family background I’ve had the opportunity to observe class warfare up close. A hundred years ago Britain was the dominant economy in the world. Now it’s only the third or fourth biggest economy in Europe and it’s position in the world is declining. Entire industries like the automobile industry have been completely wiped out.
So I have been keenly aware of how under Obama the Democrats have been using the language and rhetoric of class warfare. This is a man who really doesn’t get America. It’s because he wasn’t raised here. It’s also because his mother who raised him had resentments against this country that she passed on to him. For me this is a much more serious and indisputable issue than the birth certificate.
I believe the whole intent of the requirement be natural born, was to try to ensure that our president was someone who was raised in the American culture and had it deeply ingrained in their character.
Obama isn’t like that and people can tell. The publishers biography doesn’t prove that he was born in Kenya, but it does show that it is quite possible that back then he didn’t want to be seen as an American. That he saw something wrong with being an American. That he was ashamed of it even. That mindset would certainly explain the apology tour. [/quote]
Please you and Zeb get a room already