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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
    No, it benefits anyone who makes a LTCG. Anyone, rich or poor can make an investment.
    Yes, I think we've also established that, and we've also established that, IN REALITY, it is only the wealthy who have enough disposable income to earn significant income from capital gains.

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

    Quote Originally Posted by TurtleDude View Post
    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
    A) it's not an "attack", and B) the point is simply that the tax primarily benefits the wealthy. If you can't even admit that bog-obvious fact then it's pretty hard to have a discussion about it.

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

    Quote Originally Posted by AdamT View Post
    Yes, I think we've also established that, and we've also established that, IN REALITY, it is only the wealthy who have enough disposable income to earn significant income from capital gains.
    so amount should determine whether LTCG should be treated differently? It all comes down to class envy. no one has come close to demonstrating a SOUND economic reason for treating LTCG the same as STCG

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

    Quote Originally Posted by AdamT View Post
    A) it's not an "attack", and B) the point is simply that the tax primarily benefits the wealthy. If you can't even admit that bog-obvious fact then it's pretty hard to have a discussion about it.


    that has absolutely no relevance to the reasons why LTCG are taxed differently nor should it

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

    Quote Originally Posted by AdamT View Post
    Yes, I think we've also established that, and we've also established that, IN REALITY, it is only the wealthy who have enough disposable income to earn significant income from capital gains.
    Whether a person's LTCG is large or small doesn't matter. The tax on capital gains is percentage based. If one earns a couple bucks from investing in some junk silver, or if one earns a million dollars from investing in equities, the tax on each dollar earned should be the same. Otherwise, it's just not fair.

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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
    Nothing about what you say about buying votes makes sense. The fact of the matter is, is yes indeed lower income people by percentage did vote for Obama over McCain last election:

    income.jpg

    However, many of those people are younger anyways and tend to skew towards the democratic party anyways, and a good portion likely still live with their family and/or are in college. In reality the vast majority of voters have had some college or graduated and make $40,000+ a year ie lower middle class and up so what is those that voted for Obama over McCain making $200k or more getting out of it other than him backing down on letting the Bush tax cuts expire for them?
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

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

    So Obama is appealing to whom by whining that the rich don't pay their fair share?

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

    Quote Originally Posted by TurtleDude View Post
    that has absolutely no relevance to the reasons why LTCG are taxed differently nor should it
    Of course it's relevant to the reasons LTCG are taxed differently. The wealthy pay good money to secure tax advantages, and this is certainly one of them.

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

    Quote Originally Posted by TurtleDude View Post
    So Obama is appealing to whom by whining that the rich don't pay their fair share?
    I'm not sure I am asking you. If rich knew that their taxes were to go up, then why would they have voted for him over McCain? Maybe he bought their votes too? When this next election comes up, and the results are similar between Obama and Romney are you going to blame the "millions" of poor people working at McDonald's then too? Fact of the matter is the poor, or people that would take great advantage of social programs make up roughly 18 to 37% (I suppose depending on the area you live in what could be classified to qualify for these programs) of last elections votes and not all of them voted for Obama some actually voted for McCain.

    That brings me to the point of my original post, could someone explain what the census qualifies as poor or low-income?
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

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

    Quote Originally Posted by AdamT View Post
    Of course it's relevant to the reasons LTCG are taxed differently. The wealthy pay good money to secure tax advantages, and this is certainly one of them.
    Yeah we have big tax advantages-that's why us in the top one percent earn 22% of the total income yet PAY 40% of the income tax. we pay more income taxes than 90% of the country and we sure don't use more government BENEFITS than those 90%

    Seems to me if we had all the power you claim, we'd be paying between one and 22 percent of the income tax (one being our share of government services, the other being our share of the income)

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