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Thread: Obama to propose $1.5 trillion in new tax revenue

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Smokified View Post
    Most people did not receive capital gains. I personally had to claim capital loss. Thanks to the rich I was able to get some of the money back that I lost due to our irresponsible government.
    Correct, and that 47% or whatever didn't receive enough income to have paid income taxes.

    None of that means that the 47% or the non capital gains payers don't pay taxes.
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    Re: Obama to propose $1.5 trillion in new tax revenue

    . Those that make the investment are not worried about the tax consequence of the investment, they are worried about the business consequence.
    What percentage of the 47% are start-ups. If it's significant, you have a point. If it's not, you don't.

    Quote Originally Posted by upsideguy View Post
    raise the taxes on the highest brackets. They can are the one's most able to contribute at the least pain.
    First, you paying 15% taxes on nothing for example...you'd still pay nothing in taxes. We're talking about someone earning say $40K, should pay *something*. If you lose money, that's not normally taxed...

    So you haven't yet actually experienced the taxation at higher tax brackets. Let's give you few years of combined franchise/state plus federal plus payroll plus when you get health insurance, etc.

    There are numerous reasons to oppose high taxes, and public policy that caters to a majority that votes the minority to pay their way. If you don't acknowledge both sides, I don't believe you're serious.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Smokified View Post
    Most people did not receive capital gains. I personally had to claim capital loss. Thanks to the rich and all of the income taxes they paid, I was able to get some of the money back that I lost due to our irresponsible government.
    really? you had to liquidate some holdings? so sorry. but how is the govt responsible for your losses?

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Dittohead not! View Post
    Correct, and that 47% or whatever didn't receive enough income to have paid income taxes.

    None of that means that the 47% or the non capital gains payers don't pay taxes.
    And your justification for trying to impose more taxes on the rich is? What do you feel is enough income to have paid income taxes? Is a household income of $80,000 enough? Statistically families with a household income of $80,000 paid 4% or less, compared to the 500k-1m and 1m+ brackets paying 24% of their income....

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by liblady View Post
    really? you had to liquidate some holdings? so sorry. but how is the govt responsible for your losses?
    The government has been unable to bring stability to the economy therefore causing businesses to either not grow or fail entirely. This affects the prices of stocks and has much more of an effect on smaller less established investment funds. I am sure that you must be at least remotely aware of how many people have lost 401ks and other invesment accounts throughout this economical disaster caused by our ineffective government.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Smokified View Post
    The government has been unable to bring stability to the economy therefore causing businesses to either not grow or fail entirely. This affects the prices of stocks and has much more of an effect on smaller less established investment funds. I am sure that you must be at least remotely aware of how many people have lost 401ks and other invesment accounts throughout this economical disaster caused by our ineffective government.
    it's a paper loss unless you have to liquidate. 401s should carry low risk investments if a person is close to retirement. that's why investing in the stock market is not for everyone.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Smokified View Post
    And your justification for trying to impose more taxes on the rich is? What do you feel is enough income to have paid income taxes? Is a household income of $80,000 enough? Statistically families with a household income of $80,000 paid 4% or less, compared to the 500k-1m and 1m+ brackets paying 24% of their income....
    Actually, I'm not the one advocating for a tax on the rich.

    What would be best is to tax all types of income at the same rate, regardless of source. That sounds more fair to me.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by liblady View Post
    it's a paper loss unless you have to liquidate. 401s should carry low risk investments if a person is close to retirement. that's why investing in the stock market is not for everyone.
    Completely irrelevant.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Dittohead not! View Post
    Actually, I'm not the one advocating for a tax on the rich.

    What would be best is to tax all types of income at the same rate, regardless of source. That sounds more fair to me.
    Maybe you can elaborate on this a bit more or point me to a post in which you have already.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Smokified View Post
    Maybe you can elaborate on this a bit more or point me to a post in which you have already.
    Currently, income from wages, salaries, is taxed at a rate determined by your income bracket, while capital gains is taxed at a different rate. If you make a large salary, you pay the top marginal tax rate. If you make a similar amount in capital gains, then you pay a much lower rate. Why should it matter whether the source of income is from wages and salaries, or whether it is from capital gains? Tax all income on the same scale, regardless of source, and the situation in which Buffet pays less than his housekeeper, as an example, would disappear.

    The problem with that is the same people who make our laws get most of their income from capital gains. Unfortunately, all too many of them are protecting their own interests rather than the interests of the voters who elected them.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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