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

  1. #631
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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by Samhain View Post
    Because you've already had the income you are using for long term investments taxed once. Its a "thank you" from the government for your long term investment.

    There is nothing discriminatory about it, since anyone can have a long term investment and in fact, if you are in the low income tax brackets( 10 & 15 percent ), your long term capital gains rate is 0.
    some are mad that the wealthy have lots of LTCG

    their argument is not based on a rational argument that LTCG should be taxed at the same rate as STCG or ordinary income based on the nature of the income

    rather they are motivated by class envy and are upset that the rich can pay a lower rate than the 35-39-40-45-70 percent rates they want to impose on the rich

    It has nothing to do with understanding and then arguing that each form of income ought to be taxed the same rather they are upset that a billionaire with only dividend or LTCG income can pay a lower effective overall income tax rate than someone who has a million in earned income or even a couple hundred k

    they squeal about "fairness" in one breath but whine that the rich should pay rates of 40% or more while others should pay 10-15-20% in the next

    In other words, the rants have NOTHING TO DO with why different forms of income are taxed at different rates but WHO has such income

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

    None of that content of your post Turtle gives us one rational reason why the US government should have a tax policy which gives a preferential rate for capital gains which benefits mostly the wealthy while taxing income and salary of workers at higher rates.
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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by TurtleDude View Post
    In other words, the rants have NOTHING TO DO with why different forms of income are taxed at different rates but WHO has such income
    See exhibit #630:
    Your claim that is it not discriminatory in favor of the wealthy flies in the face of reality and the statistics available on capital gains which clearly demonstrates two things
    1) you first have to have available funds for these long term investments and working people do not have them since almost all of their income goes for basic living expenses
    2) those who do have the available funds for such investments are disproportionally the wealthy - thus they benefit while average wage earners do not.
    It's all about class warfare.

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

    Quote Originally Posted by haymarket View Post
    None of that content of your post Turtle gives us one rational reason why the US government should have a tax policy which gives a preferential rate for capital gains which benefits mostly the wealthy while taxing income and salary of workers at higher rates.
    and you have never given a rational argument why I should pay a higher effective rate than others.

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

    Quote Originally Posted by haymarket View Post
    Those are not answers. You are avoiding the question.

    Your point about you already paid tax on the income once is irrelevant because the income from capital gains investment is NEW INCOME that has not been taxed. You have NOT paid income tax upon it.

    Your claim that is it not discriminatory in favor of the wealthy flies in the face of reality and the statistics available on capital gains which clearly demonstrates two things
    1) you first have to have available funds for these long term investments and working people do not have them since almost all of their income goes for basic living expenses
    2) those who do have the available funds for such investments are disproportionally the wealthy - thus they benefit while average wage earners do not.

    What is the effect of a lower tax rate?



    Reality often proves theory wrong. This is one very clear case of it.
    Your statistic is based on the assumption that a non-equal capital gains scale to income scale is discriminatory. If that is discriminatory, then so is the fact that we have tax brackets based on income.

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

    Quote Originally Posted by Centinel View Post
    See exhibit #630:

    It's all about class warfare.
    buying the votes of the many with the coins of the few

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

    Quote Originally Posted by TurtleDude View Post
    buying the votes of the many with the coins of the few
    As John Adams said, "Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." Once the people are convinced that they can benefit at the expense of others, the end of the republic can't be far behind. Appeals to the mob and class warfare are always a sign of the transition from republic to empire.

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

    Quote Originally Posted by Samhain View Post
    Your statistic is based on the assumption that a non-equal capital gains scale to income scale is discriminatory. If that is discriminatory, then so is the fact that we have tax brackets based on income.
    You are confusing apples and cinderblocks. I have always advocated taxing ALL FORMS OF INCOME at the same rates where ever they may fall on the schedules and charts. That is not at all discriminatory since ALL forms of income would be taxed at the same rate depending on where they fall on the schedule.

    Capital gains taxed do the complete opposite. A person who earns a salary of $800,000.00 will pay 35%. A person who reaps capital gains of the same amount of $800,000.00 will pay only 15%. They both are on the same schedule accoriding to the same income level but the discriminatory preference for one type of income over another causes one to pay over twice as much taxes as the other.
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    Re: Census shows 1 in 2 people are poor or low-income

    Quote Originally Posted by TurtleDude View Post
    and you have never given a rational argument why I should pay a higher effective rate than others.
    I do not want you to pay any higher rate than anyone else in your income bracket. Why would you think that?
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    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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

    Quote Originally Posted by Centinel View Post
    As John Adams said, "Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." Once the people are convinced that they can benefit at the expense of others, the end of the republic can't be far behind. Appeals to the mob and class warfare are always a sign of the transition from republic to empire.
    So what? John Adams can say anything he wants. So what?
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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