Obama's Capital Gains Tax

[Zkribbler]

Originally posted by rah


It's typical democrat thinking. Take from the smart and give to the dumb. It's how they get the dumb people to vote for them.

Whoops. Remember, my suggestion is to take from everyone equally. Your plan is to take from the dumb, not from the smart, and all the while tell the dumb that your plan is good for them. Just how dumb do you think they are??

[DaShi]

Zkrib, you forgot to add hahaha, , or make some other snarky comment that would make you look like a tool. How else can Rah understand you?

[Imran Siddiqui]

Originally posted by Zkribbler
Whoops. Remember, my suggestion is to take from everyone equally. Your plan is to take from the dumb, not from the smart, and all the while tell the dumb that your plan is good for them. Just how dumb do you think they are??

They re-elected Bush... what do you think?

[rah]

The dumb by definition are not very smart.

AFLAK.

[Patroklos]

IRAs don't pay CG tax. They pay income tax as you take the money out.

Roth IRAs don't pay CG tax. They pay income tax on the money as it's invested.

Is there some law that my retirement has to be based on IRAs? What if my retirement is based on stock I intend to sell off? What if it is based on the buisness I intend to sell off? What if it is based on realistate holdings I itend to sell off?

[Propaganda]

The policy position listed on his website notes that his stance is to eliminate capital gains tax for startups and small businesses. Has he moved from his position?

[Zkribbler]

Originally posted by Patroklos


Is there some law that my retirement has to be based on IRAs? What if my retirement is based on stock I intend to sell off? What if it is based on the buisness I intend to sell off? What if it is based on realistate holdings I itend to sell off?

If you aren't keeping your stock for retirement in a tax-sheltered IRA, then you're one of the stupid people that rah's been talking about.

You're avoiding the question of why people who make their money for retirement by earning a salary should be taxed at a higher rate than those who don't.

Why is Joe SixPack taxed at a higher rate than a trust-baby like Paris Hilton?

Why? Why?? Why???

[Patroklos]

If you aren't keeping your stock for retirement in a tax-sheltered IRA, then you're one of the stupid people that rah's been talking about.

As opposed to those far seeing individuals who buy cool tennis shoes and iPods instead of investing in an IRA, or in other words the people you want to tax my responsibly managed retirement fund to support?

In any case, if you are only relying on an IRA then you are really denying yourself the ability for superior retirement security.

You're avoiding the question of why people who make their money for retirement by earning a salary should be taxed at a higher rate than those who don't.

Who doesn't make their retirement through salary? I hate to tell you this, but even the majority of the rich get their investment seed funds from salary. Every penny I put into my stock and IRA (TSP actually) I already payed salary tax on, so I don't
avoid the higher rate but end up paying MORE taxes. I am then letting the economy use my money again for everyone's benefit as well as mine, you should be thanking me instead of taxing me to death.

Why is Joe SixPack taxed at a higher rate than a trust-baby like Paris Hilton?

Why? Why?? Why???

I have a trust fund? Can you even tell me what percentage of the upper classes survive off of trust funds?

Tell me Zkib, why do you want to excessively tax my retirement investments again when they are all derived from already taxed salary?

[rmsharpe]

Originally posted by Zkribbler
Why is Joe SixPack taxed at a higher rate than a trust-baby like Paris Hilton?

Why? Why?? Why???

Okay, I propose Godwin's Law II:

As a forum discussion on taxation grows longer, the probability of a reference to Paris Hilton approaches one.

If the IRS stripped Paris Hilton of her fortune, who would the left-wing babies cry about then?

[Zkribbler]

Originally posted by Patroklos
I have a trust fund? Can you even tell me what percentage of the upper classes survive off of trust funds?

Are you Paris Hilton?? The percentage of the upper classes who live off of trust funds is not important. What is important is that all sources of income be taxed the same.

Tell me Zkib, why do you want to excessively tax my retirement investments again when they are all derived from already taxed salary?

Not "excessively," but rather "equally."

I laud people who choose to earn more money thatn just the salaries from the jobs. But, for taxing purposes, it should be irrelevant whether this additional salary comes from a second job or from investments. Why should a second salary be taxed, while the income derived from an inheritance that is invested in a Chinese corporation is not?

[rah]

I guess it's to encourage where we put our excess savings.
If no difference, people would probably take the safer choice and put there money in the bank, in saving accounts and cds.
If there is a difference people are like to be a little more risky with their money and invest in businesses.

So where does our money help most, in the bank or in the stock market?

[Patroklos]

Are you Paris Hilton?? The percentage of the upper classes who live off of trust funds is not important. What is important is that all sources of income be taxed the same.

I definetly is when the whole purpose of Obama's initiative is about "fairness" or in reality sticking it to a minority of high visibility rich people.

He wants to raise it not because he resents middle class investors like me but rather Paris Hilton types. However, if the vast majority of the people impacted by these increases is middle class investors and not Paris Hilton's he fails.

I laud people who choose to earn more money thatn just the salaries from the jobs. But, for taxing purposes, it should be irrelevant whether this additional salary comes from a second job or from investments.

No, it shouldn't, becuase this "additional salary" is just my original salary put to good use as a benefit to everyone. It is not seperate.

Why should a second salary be taxed, while the income derived from an inheritance that is invested in a Chinese corporation is not?

Because it is not a salary, which is exactly why it is treated differently in the first place. Me putting my money back into the market is a good thing, a lower rate of taxation encourages me to not only do this but at the same time ensure myself long term security (so you won't have to).

[Aeson]

Originally posted by Patroklos
Is there some law that my retirement has to be based on IRAs?

No, but most people are best served by having an IRA for their retirement savings. Regardless of whether they have excess holdings or not.

What if my retirement is based on stock I intend to sell off?

Then you would be well advised to own the stock within a tax sheltered account.

What if it is based on the buisness I intend to sell off?

I think investment in your own business is also possible through IRAs. Certainly an IRA makes sense for small business owners.

What if it is based on realistate holdings I itend to sell off?

Real estate and income from rental properties can be held/directed into an IRA as well.

IRAs exist to give a tax shelter to a certain amount of investments for an individual. People who's retirements would be affected by an increase in CGT would be those who's retirements would be above and beyond that level of investment, or those who have forgone the IRA completely.

I personally favor a 0% CGT... but am not under the delusion that raising the CGT would significantly hurt retirees. Either said retirees are hurting themselves (by not using the tax shelter), and/or are well off enough that they will still be able to afford a comfortable living still.

[Kidlicious]

Originally posted by Patroklos
He wants to raise it not because he resents middle class investors like me but rather Paris Hilton types. However, if the vast majority of the people impacted by these increases is middle class investors and not Paris Hilton's he fails.

It's not going to effect the middle class like that. Trust me. I prepare many people's tax returns during the tax season.

[rah]

Just because you prepared a dozen or so tax returns we're supposed to trust you. Hmmm no.
A lot of middle class retirees would be affected.