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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 Centinel View Post
    And that rate is lower than what a mechanic would pay on his LTCG?
    Typically working class people don't have LTCG, so it's a moot point.

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

    Quote Originally Posted by AdamT View Post
    Typically working class people don't have LTCG, so it's a moot point.
    But if they did have any capital gains, would their tax rate on LTCG be higher than what the millionaire pays on his LTCG?

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

    Quote Originally Posted by Centinel View Post
    But if they did have any capital gains, would their tax rate on LTCG be higher than what the millionaire pays on his LTCG?
    No, but it's a moot point, because they don't. It's like saying that it would be fair if taxes on Bentleys and Aston Martin's were half the rate of taxes on Hyundais and Kias, because nothing's stopping middle class people from buying Bentleys and Aston Martins.

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

    Quote Originally Posted by AdamT View Post
    No, but it's a moot point, because they don't. It's like saying that it would be fair if taxes on Bentleys and Aston Martin's were half the rate of taxes on Hyundais and Kias, because nothing's stopping middle class people from buying Bentleys and Aston Martins.
    No, it's not like that at all. There's nothing stopping middle class people from buying a few shares of stock or a handful of Mercury dimes. And they would pay no higher rate on their LTCG than the millionaire would on his LTCG.
    Last edited by Centinel; 12-29-11 at 08:06 PM.

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

    Quote Originally Posted by Centinel View Post
    There's nothing stopping middle class people from buying a few shares of stock or a handful of Mercury dimes.
    Yeah. So?

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

    Quote Originally Posted by AdamT View Post
    Yeah. So?
    So your analogy is inaccurate. LTCG tax is a tax on any investment, no matter what the price. If a middle class worker invests in some junk silver, he will pay no higher rate on his LTCG than the millionaire would on his LTCG.

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

    Quote Originally Posted by Centinel View Post
    So your analogy is inaccurate. LTCG tax is a tax on any investment, no matter what the price. If a middle class worker invests in some junk silver, he will pay no higher rate on his LTCG than the millionaire would on his LTCG.
    It's a distinction without a difference. Let's say a middle class person can also get a tax break by buying a Bentley floor mat. The point is that the break on LTCG, for all intents and purposes, only benefits the wealthy.

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

    Quote Originally Posted by haymarket View Post
    I do not want you to pay any higher rate than anyone else in your income bracket. Why would you think that?
    that is not an honest claim and misrepresents what I have said

    I should keep exactly the same amount of my next dollar as you or anyone else

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

    Quote Originally Posted by AdamT View Post
    It's a distinction without a difference. Let's say a middle class person can also get a tax break by buying a Bentley floor mat. The point is that the break on LTCG, for all intents and purposes, only benefits the wealthy.
    No, it benefits anyone who makes a LTCG. Anyone, rich or poor can make an investment.

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

    Quote Originally Posted by Centinel View Post
    No, it benefits anyone who makes a LTCG. Anyone, rich or poor can make an investment.
    and that is the issue

    the attacks are based on who derives benefits rather than the legitimacy of the benefit

    In other words envy towards the rich

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