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Thread: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

  1. #431
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    This just out ~ The Top 0.1% Of The Nation Earn Half Of All Capital Gains

    "Capital gains are the key ingredient of income disparity in the US-- and the force behind the winner takes all mantra of our economic system. If you want even out earning power in the U.S, you have to raise the 15% capital gains tax.

    Income and wealth disparities become even more absurd if we look at the top 0.1% of the nation's earners-- rather than the more common 1%. The top 0.1%-- about 315,000 individuals out of 315 million-- are making about half of all capital gains on the sale of shares or property after 1 year; and these capital gains make up 60% of the income made by the Forbes 400.

    It's crystal clear that the Bush tax reduction on capital gains and dividend income in 2003 was the cutting edge policy that has created the immense increase in net worth of corporate executives, Wall St. professionals and other entrepreneurs.

    The reduction in the tax from 20% to 15% continued the step-by-step tradition of cutting this tax to create more wealth. It had first been reduced from 35% in 1978 at a time of stock market and economic stagnation to 28% . Again 1981, at the start of the Reagan era, it was reduced again to 20%-- raised back to 28% in 1987, on the eve of the October 19 232% crash in the market. In 1997 Clinton agreed to reduce it back to 20%, which move was an inducement for the explosion of hedge funds and private equity firms-- the most "rapidly rising cohort within the top 1 per cent."

    Make no mistake; the battle that is to be fought over the coming attempt to reverse this reduction in capital gains will be bloody and intense. The facts are clear according to the Congressional Budget Office more than 80% of the increase in income inequality was the result of an increase in the share of household income from capital gains. In fact, you can go so far as to claim that "Capital Gains income is the most unevenly distributed-- and volatile-- source of household income," according to Laura D'Andrea Tyson, University of California business professor and former chairwoman of the Council of Economic Advisers under President Clinton."

    The Top 0.1% Of The Nation Earn Half Of All Capital Gains - Yahoo! News
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  2. #432
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by Catawba View Post
    This just out ~ The Top 0.1% Of The Nation Earn Half Of All Capital Gains

    "Capital gains are the key ingredient of income disparity in the US-- and the force behind the winner takes all mantra of our economic system. If you want even out earning power in the U.S, you have to raise the 15% capital gains tax.

    Income and wealth disparities become even more absurd if we look at the top 0.1% of the nation's earners-- rather than the more common 1%. The top 0.1%-- about 315,000 individuals out of 315 million-- are making about half of all capital gains on the sale of shares or property after 1 year; and these capital gains make up 60% of the income made by the Forbes 400.

    It's crystal clear that the Bush tax reduction on capital gains and dividend income in 2003 was the cutting edge policy that has created the immense increase in net worth of corporate executives, Wall St. professionals and other entrepreneurs.

    The reduction in the tax from 20% to 15% continued the step-by-step tradition of cutting this tax to create more wealth. It had first been reduced from 35% in 1978 at a time of stock market and economic stagnation to 28% . Again 1981, at the start of the Reagan era, it was reduced again to 20%-- raised back to 28% in 1987, on the eve of the October 19 232% crash in the market. In 1997 Clinton agreed to reduce it back to 20%, which move was an inducement for the explosion of hedge funds and private equity firms-- the most "rapidly rising cohort within the top 1 per cent."

    Make no mistake; the battle that is to be fought over the coming attempt to reverse this reduction in capital gains will be bloody and intense. The facts are clear according to the Congressional Budget Office more than 80% of the increase in income inequality was the result of an increase in the share of household income from capital gains. In fact, you can go so far as to claim that "Capital Gains income is the most unevenly distributed-- and volatile-- source of household income," according to Laura D'Andrea Tyson, University of California business professor and former chairwoman of the Council of Economic Advisers under President Clinton."

    The Top 0.1% Of The Nation Earn Half Of All Capital Gains - Yahoo! News
    ie more tax the rich nonsense.



  3. #433
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by Catawba View Post
    Still trying to pretend that federal income taxes are all the taxes people pay???

    "Itís true that the top 1 percent of wage earners paid 38 percent of the federal income taxes in 2008 (the most recent year for which data is available). But people forget that the income tax is less than half of federal taxes and only one-fifth of taxes at all levels of government.

    Social Security, Medicare and unemployment insurance taxes (known as payroll taxes) are paid mostly by the bottom 90 percent of wage earners. Thatís because, once you reach $106,800 of income, you pay no more for Social Security, though the much smaller Medicare tax applies to all wages. Warren Buffett pays the exact same amount of Social Security taxes as someone who earns $106,800."

    "The Internal Revenue Service issues an annual report on the 400 highest income-tax payers. In 1961, there were 398 taxpayers who made $1 million or more, so I compared their income tax burdens from that year to 2007.

    Despite skyrocketing incomes, the federal tax burden on the richest 400 has been slashed, thanks to a variety of loopholes, allowable deductions and other tools. The actual share of their income paid in taxes, according to the IRS, is 16.6 percent. Adding payroll taxes barely nudges that number.

    Compare that to the vast majority of Americans, whose share of their income going to federal taxes increased from 13.1 percent in 1961 to 22.5 percent in 2007."


    9 Things The Rich Don't Want You To Know About Taxes


    Despite that you think you are, you are not fooling the American people, the great majority agree its time to eliminate the Bush tax cuts for the wealthy.
    still evading the issue? mertex claimed the rich aren't paying their fair share of the income tax which is moronic. why do you class warfare advocates scream about the top 400 when you want to soak everyone making more than 200K a year? payroll taxes were designed to pay for defined benefits. a billionaire gets no more benefits than a guy making 130K a year since they pay the same. If a billionaire has no taxable (for FICA) income his benefits are LESS than say someone like me who maxes out on FICA



  4. #434
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    We have other ways of taxing besides capital gains. Capital gains is a return on investment. Investments are the most important fuel we have for creating business opportunities and jobs. Raise income taxes if you want. Tax more of personal income. Reduce deductions on certain items. I say leave capital gains alone because you want investments like that to remain a very attractive vheicle to make money.

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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by Catawba View Post
    I give up on trying to explain it to you. I don't think you will ever understand someone wanting a change to make their country better, even though it will increase their taxes too.

    The important thing is that the majority of the country gets it!
    I fully understand why someone would want to effect change that helps the country. What I can't wrap my mind around is why these people don't step up to the plate, and put their money where their mouth is. Be FAR more effective of a tool to convince people of their sencerity than what it is they're doing now...

    Right now, all I see is a few rich people who use tax avoidance to get, and remain rich, trying to impose taxes on others, possibly even opening up a new line of customers for themselves.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  6. #436
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    To put it simply, actions speak louder than words.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    If I have this correct, what I am seeing in here is that those on the Liberal side of the argument such as Cat, and hay are making the argument that wealthy Americans should be whacked in taxes for more and more of their wealth, so that it can be redistributed to the middle class, and poor by government. Now let's leave aside the outright socialist nature of this argument for a second, and focus on the dishonesty of their argument.

    1. The argument is that the "The top 1% are making 40% of the wealth in this nation" a popular meme of the "99% protests" and that somehow this isn't fair. Why not? Does the fact that you may make more than me somehow limit what I can make? I don't think so.

    2. "The wealthy should pay more in tax than they currently do." Considering that the columns that even these Liberals have provided already state that the top 1% already pay 38% of taxes in this country my question is how much of the tax burden should they pay to fit their qualification of "fair share"?

    3. Jon Kerry was just on Fox speaking from the echo chamber hallway in DC, and made the statement that they would accept the Toomey plan if the republicans would drop their opposition for letting the Bush tax cuts expire. Well, that is a hit on everyone....

    A press release from the Tax Foundation states: "Report Shows How Expiration of Bush-Era Tax Cuts Would Affect Average Middle-Income Family by State, Congressional District." It is an informative report that clearly shows that the direct tax increases on the middle class will be significant, let alone the fact that it will hurt those who invest in job creation and the jobs they produce.

    The study examines an average family in the middle 20 percent of the income spectrum and compares their 2011 tax burden to what it would be if the tax cuts are extended. The study notes that, nationally, the typical middle-income family with a median income of $63,366, would see its federal income taxes go up by $1,540 if the Bush tax cuts are allowed to expire. This number is well below the magic "up to $200,000" spoken by Obama and his surrogates in the 2008 campaign as an income level that would be exempt from tax increases during his administration.

    If the Bush tax cuts expire, the middle class will suffer
    How is this not a tax hike on EVERYONE, or am I rich now?

    If there are areas that need to be looked at in the tax code for this country, and I think we all agree that there are, then it should be looked at fairly, and not under a microscope of class warfare that does little but to divide this nation. The tax code today is some 88,000 pages and is so cumbersome that even a middle class family like mine that owns a home, and has certain deductions for the job I do, needs an accountant to understand what my tax even is. That is not right.

    A truly fair system would take a look at those that don't pay anything to see if they are in need of this help from the rest of the country, or just gaming the system.

    j-mac
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by apdst View Post
    For the gazillionth time: The government can't create jobs.
    Go tell China that.

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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by rcart76 View Post
    Go tell China that.
    So you think that living in a communist state is better than here?


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by j-mac View Post
    So you think that living in a communist state is better than here?


    j-mac
    What it looks like is that a communist government knows how to exercise market control, I would have to question why 279 republicans who sold thier negotiating rights to a republican lobbyist " grover norquist" would care about creating a level playing field for american workers

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