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Thread: Census shows 1 in 2 people are poor or low-income

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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by Blue_State View Post
    It's not artificial if it's permanent.
    Yes, it's still artificial in the sense that the tax code would put in place a *permanent* disparity between ordinary income and capital gains income. That just creates a permanent incentive to shift more resources towards risk and to increased leverage.

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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by AdamT View Post
    Yes, it's still artificial in the sense that the tax code would put in place a *permanent* disparity between ordinary income and capital gains income. That just creates a permanent incentive to shift more resources towards risk and to increased leverage.
    I read that as growth.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by Blue_State View Post
    I agreed Obama inherited a recession that happened during the Bush Administration. Was it created by Bush, No. It was created by a horrible piece of legislation.
    Are you speaking of the Gramm-Leach-Bliley Act???

    You can't ever cut government spending. Just doesn't happen.
    See the debt to GDP ratio before the Reagan Administration, and also see spending cuts in the 1990s under the Clinton Administration.
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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by Catawba View Post
    Are you speaking of the Gramm-Leach-Bliley Act???



    See the debt to GDP ratio before the Reagan Administration, and also see spending cuts in the 1990s under the Clinton Administration.
    Yes.

    I have.
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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by Blue_State View Post
    Yes.
    I agree the repeal of the firewall between investment banks and commercial banks was the cause of the Recession, that and too much wealth concentrated at the top by 30 years of tax cuts for the rich. The Democrats have proposed bills to correct both of those problems. Guess who is blocking them?

    I have.
    Than you should be aware we never had a debt to GDP ratio problem before Reagan, and we cut spending and raised revenues in the 1990s so that by the end of Clinton's term, we had no deficit spending.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by Blue_State View Post
    I read that as growth.
    Well yeah, we had a lot of leverage/risk-based growth from 2002-2006. How'd that work out?

    No, the sensible thing to do is to say that income is income, no matter the source. We don't want to create additional incentives to push our best and brightest into high finance, as opposed to science, mathematics, and engineering. Been there, done that.

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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by AdamT View Post
    Well yeah, we had a lot of leverage/risk-based growth from 2002-2006. How'd that work out?

    No, the sensible thing to do is to say that income is income, no matter the source. We don't want to create additional incentives to push our best and brightest into high finance, as opposed to science, mathematics, and engineering. Been there, done that.
    We are in 100% disagreement.
    Last edited by Blue_State; 12-21-11 at 09:06 PM.
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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by Blue_State View Post
    We are in 100% disagreement.
    Yes we are.
    Ted Cruz is the dumbest person alive.

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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by haymarket View Post
    Why should not all INCOME - regardless of the source - be subject to the same rate schedules?
    Why should it be treated the same? There is no correct or incorrect way, to suggest it (again) is as absurd as it was in prior posts.

    1. There is no "should" on an issue like taxation, with regards to what policies are actually in place. You should know this already, that you are still questioning it leads me to believe you have motiations other than seeking the truth.

    2. Again, income is widely differentiated on a lot more than simply long-term cap gains, check the IRS:
    Tax Topics - Topic 400 Types of Income

    For any one of these, say, pensions (you have a nice public pension, do you not?), is treated differently, than other income sources, depending on the state, how it was contributed to, and in some part, the whim of whatever government officials set up whatever laws relate to it.

    If you don't understand this, and really just want to learn more about capital gains, here, I'll wiki it for you.
    Capital gains tax in the United States - Wikipedia, the free encyclopedia

    In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income. Capital gains are generally taxed at a preferential rate in comparison to ordinary income (26 U.S.C. 1(h)). This is intended to provide incentives for investors to make capital investments, to fund entrepreneurial activity, and to compensate for the effect of inflation and the corporate income tax.
    Of course, simplifying the tax code is a good thing that a number of candidates have as part of their rhetoric. We know from other posts you oppose flat taxes though (correct?), seems odd to someone I'm sure.

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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by Mach View Post
    Why should it be treated the same? There is no correct or incorrect way, to suggest it (again) is as absurd as it was in prior posts.
    There is a very good reason to treat all income the same. Quite simply, if you create a tax preference for one type of income over another you are distorting the market. You are creating a PREFERENCE for investment income versus earned income.

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