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Joe

Capital Gains

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I only read page one of the NYT article. My feelings, so what? He's operating within the law. Good for him. :th:

 

A handful of billionaires like Warren E. Buffett and Bill Gates have joined Democrats in calling for an elimination of the breaks, saying that the current system adds to the budget deficit, contributes to the widening income gap between the richest and the rest of society, and shifts the tax burden onto small businesses and the middle class. Republicans have resisted, saying the tax increases on the wealthy would harm the economy and cost jobs.

 

 

 

I have no doubt the tax code is full of smoke and mirrors to pay lip service to the middle class, while giving the uber wealthy the ability to defer billions.

 

 

As for "good for him", the IRS did deem some of his tax shelters as "abusive"

 

 

I'm not sure I would say good for him, as my gripe is not with him, but rather with the partisan blinders that enable lawmakers to sprinkle the code with huge tax breaks to the wealthy while ever increasing the taxes on the middle class.

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Here's an example of how the uber-wealthy are taking advantage of our system of taxing

capital gains

Losing money due to inflation my ass...

 

You insinuate that something illegal is going on. I have no problem with folks legally manipulating the current tax code for their benefit. If you don't like how the system works, change it.

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Good for him.  The alternative is that people like Nancy Pelosi and Barak Obama and nipsip get their hands on that money.  I much prefer it stays right where it is.


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You insinuate that something illegal is going on. I have no problem with folks legally manipulating the current tax code for their benefit. If you don't like how the system works, change it.

 

where did you see that?

 

 

taking advantage does not constitute anything illegal IMO

 

doesn't that imply the very opposite?

 

 

plus the article he linked doesn't insinuate anything illegal, in fact it says the opposite. At best it says some shelters were deemed abusive by the IRS forcing a change in the code tp prohibit them.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Good for him.  The alternative is that people like Nancy Pelosi and Barak Obama and nipsip get their hands on that money.  I much prefer it stays right where it is.

 

I believe the point is that it would reduce YOUR tax burden.

 

 

 

the cut m ynose to spite my face is strong with the partisans

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Quote:

Originally Posted by NS Mike D View Post

 

I believe the point is that it would reduce YOUR tax burden.

 

the cut m ynose to spite my face is strong with the partisans

 

No it wouldn't.  Thats stupid.

 

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I believe the point is that it would reduce YOUR tax burden.

the cut m ynose to spite my face is strong with the partisans

 

How about I worry about myself and you worry about yourself and Mr. Lauder worries about himself. You know, personal responsibility and such. :th:

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How about I worry about myself and you worry about yourself and Mr. Lauder worries about himself. You know, personal responsibility and such. :th:

 

 

so you are in favor of wirting a tax code that lowers the tax rate for the wealthy while your continually goes uo and your children are left with an ever increasing debt?

 

 

 

that's the problem KoQ, while I worry about myself, and you worry about yourself, mr lauder has the means to influence peddle in DC to make sure that a code is writtem that leaves you and me with a higher effective tax rate than him.

 

 

and to boot, since the tax code hits the highest end of the middle class the most, it's taking away the real disposble income out of the economy.

 

 

the rich have been able to get that cap gains tax down to 15% while the upper middle class have seen theirs go twice that - not to mention the AMT hit.

 

 

The code shoud not be driving bookeeping and how income is accounted for.

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Mike, I don't pretend to understand the tax code. How could I? It's thousands of pages long.

I am in favor of lowering the tax rates for EVERYONE.

The IRS should be eliminated.

 

fair enough

 

 

there is a lot of leeway in how one can account for income when you are very wealthy. People on w-2 paychecks have little to no control in how and when they get paid When you have billions, you can use corporate structures to limit your ordinary income (highest rate) and keep and defer it as capital gains (15% rate).

 

The line about capital gains being good for the economy has been used by the republicans for years now, without much imperical evidence to support the line.

 

When in theory, I agree that taxes raise the cost of production and that negatively affects the supply/demand curve,

 

 

the disaparity between capital gains and ordinary income tax rates has become eggresious.

 

I am ok with the cap gains tax rate being lower than ordinary, and the goal should be to bring down the ordinary income tax rate closer to cap gain rate.

 

But at 15% it's a slap in the face to the middle class.

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Mortgage interest deduction is an unfair tax loophole that burdens non mortgage holders with a greater share of the tax burden.

Making it more difficult for those non mottgae holders to ever save enough dough to buy a home, as their income has to be taken away by gubmint in ever increasing amounts to pay for the leech scumbag society created by dems in the projects gehttos and social welfare dysfunctional dem voting block system.

 

 

Should we get rid of that " unfair" loophole as well?

 

 

 

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