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Senator Tim Scott's response to our mumbling fool of a president.
- Thread starter GromsDad
- Start date
So you think allowing government to confiscate less of a person or businesses money is picking someone's pocket? Interesting. LOL!
I got an example for you, Turtle McConnell killing a healthcare bill for coal miners as he pushes through taxcuts for richest among us and corporations.So you think allowing government to confiscate less of a person or businesses money is picking someone's pocket? Interesting. LOL!
So you want no taxes?
What should the tax rate be for the wealthy?
Why?
Why shouldn't capital gains be taxed as regular income?
It is money that would have been spent on one or the other, face it you are supporter of the Reverse Robinhood party. Does not your ilk love coal miners? It was a big Trump issue.
We massacred hundreds of thousands of Japanese civilians after we developed and detonated massive nuclear bombs. We massacred thousands of Vietnamese civilians in a fit of unprovoked aggression. We Shock and Awed our way to the massacre of thousands in an act of aggression that served to benefit primarily millionaires and billionaires. Our country is awash in blood and corruption. Why do people die trying to come here? Because they're desperat, because we fucked up wherever they're coming from a lot of the time. And sometimes they die in the desert, coming here to work to provide for their families. Keep your eyes closed. Turn up the music to block out the truth.
I’m ok with cap gains being lower. Most of the money going into investments was already taxed, often at a higher rate, and it encourages investment.
I’d say just get rid of whatever loopholes Amazon et al uses to pay minimal taxes.
Not the gains though.
I inherited a little money, and I was blown away by the cash that capital generated.
I realized that is how the rich make their free money.
That is the inequality of our system.
I hate the "it encourages investment" frame because it's not true.
People are still going to make money on their money even if it's taxed as regular income.
huh? The gains are taxed when you cash them out. The principal came from some form of taxed income.
Of course, but will people invest as much initially and take more risks? Idk
But not at the same as income you earned doing work.
If anything, you should get taxed more because it's free money.
If you want to talk about inequality, that it.
*I have a keen sense of not knowing what I am talking about.
But not at the same as income you earned doing work.
If anything, you should get taxed more because it's free money.
If you want to talk about inequality, that it.
*I have a keen sense of not knowing what I am talking about.
You work and save and deprive yourself so you can put a nest egg of money together. Then you educate yourself re the risks and possible benefits of given investments and you invest the money. You manage to make some money (as opposed to all the people who fail at investing and lose their money) and the money you manage to make, which is taxed when cap gains are realized, is "free." Investing is work. Which is why people pay investment professionals to oversee their money. They know they have neither the time, education, or temperament to do it themselves. It's not "free money."
Having bought S&P 500 index funds, individual stocks, and cryptocurrencies, I can safely say investing is the easiest job I've ever had, by miles, and it's not remotely close to the difficulty of being a bus boy or mowing the lawn.
I'm sure institutional investing is harder - it's very tough to lie on CNBC and then have them freeze GameStop if you make a mistake. My heart goes out to the investment professionals. The deck is truly stacked against them.
YMMV - kidding a bit, but don't see the problem with taxing cap gains at earned income rates.
I inherited money and just made money on the capital in a CD. That was "free" money.
If you get a big enough nut, you can just live on the free 5% the capital is generating.
Or you put in stock and take dividends.
So in your story, you "earn" the money.
Why not tax it as money you earned?
Keep in mind, that despite what the Sharkbiscut might say, I'm a member of the investor class.
I make capital gains.
Uh... yeah. Have you checked the rates on CDs lately?
Kind of a fail right now. Maybe if you hired somebody?
It's free when you make gains but it's far from guaranteed. You are putting money at risk in the hopes of getting something in return.But not at the same as income you earned doing work.
If anything, you should get taxed more because it's free money.
If you want to talk about inequality, that it.
*I have a keen sense of not knowing what I am talking about.
If the S&P 500 is negative from when you enter the work force in your 20s to when you retire in your 50s/60s, you have bigger problems than risk in your life I bet. Your life probably coincided with actual Visigoths sacking DC.
If you put it all on Enron or DOGE, that's a personal decision.
Anyone who isn't first earning their investment money with a 'real job' and paying Earned Income tax rates is living life in the easy lane, financially.
If you're happy with low quality/generic/one-size-fits-all investing, good for you. If you want to diversify into real estate, buying and selling businesses, precious metals, stocks, bonds, options, commodities, tax and retirement planning, you obviously do need to hire someone if you have anything of consequence. Which would be pretty tough bussing tables or mowing lawns.