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Thread: Romney reveals he pays about 15% in taxes(edited)

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Grant View Post
    No, it seems TurtleDude covered it quite well.
    Despite being asked scores and scores of times, he has never provided and ration argument for a preferential discriminatory rate for capital gains.

    Can you?
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by teamosil View Post
    So there are no actual policy reasons to keep their taxes that low?
    Of course not -- it is a 100% ad hominem-based "argument."

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by haymarket View Post
    Despite being asked scores and scores of times, he has never provided and ration argument for a preferential discriminatory rate for capital gains.

    Can you?
    We were told that if we gave the rich people bigger tax cuts, they would create more jobs.....................oh wait.............that didn't happen did it? Never mind.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by haymarket View Post
    Despite being asked scores and scores of times, he has never provided and ration argument for a preferential discriminatory rate for capital gains.

    Can you?
    Taxing long-term capital gains at a lower rate most definitely encourages investors to put their money into the U.S. economy. That's not a bad thing; that's a good thing. Dividends, which are also treated as capital gains, are taxed twice. Once, to the company who's paying them; and again by the investor who receives them. That's rather unprecedented, really. Next, while the value of my stock goes down, I'm still required to pay capital gains tax rates on dividends I receive...so I can actually lose money on a stock, and still pay taxes to Uncle Sam. Also, in periods of inflation, the capital gain that has to be recognized isn't adjusted to inflation. Best example would be a second home. Much of the appreciation in real estate is due to the rate of inflation.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Catawba View Post
    We were told that if we gave the rich people bigger tax cuts, they would create more jobs.....................oh wait.............that didn't happen did it? Never mind.
    Yeah, they used to be able to use the "trickle down" angle, but obviously they can't use that anymore... So now they're just left with "shut up you suck"...

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by MaggieD View Post
    Taxing long-term capital gains at a lower rate most definitely encourages investors to put their money into the U.S. economy. That's not a bad thing; that's a good thing.
    No. If they invest in companies in another country, but they live here, they pay taxes here.

    Quote Originally Posted by MaggieD View Post
    Dividends, which are also treated as capital gains, are taxed twice.
    Mostly false. About 1/3 of profitable corporations pay no income taxes at all. Most just hide the money by reinvesting in the company. Besides, in the present case, that is definitely not true. Bain Capital is a partnership. Partnerships do not pay income taxes at all.

    Dividends are a tiny percentage of capital gains anyways.

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by teamosil View Post
    Yeah, they used to be able to use the "trickle down" angle, but obviously they can't use that anymore... So now they're just left with "shut up you suck"...
    Exactly, and I wager that will be a losing platform in November when the working class go to vote.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by teamosil View Post
    No. If they invest in companies in another country, but they live here, they pay taxes here.
    Yes! Just because one can invest in foreign corporations (and still pay the tax here) does not prove that it doesn't promote investment in U.S. companies.

    Mostly false. About 1/3 of profitable corporations pay no income taxes at all. Most just hide the money by reinvesting in the company. Besides, in the present case, that is definitely not true. Bain Capital is a partnership. Partnerships do not pay income taxes at all.

    Dividends are a tiny percentage of capital gains anyways.
    Dividends are not a tax deductible expense to a corporation. They pay tax on them. Just because it's a tiny percentage does not mean it shouldn't be taken into consideration. As to dividends being a tiny percentage of capital gains anyway, link? Also, you haven't addressed inflation...nor have you addressed that taxpayers end up paying taxes on dividends and then losing money on that particular stock.

    I'm in favor of some change to capital gains taxes -- maybe an AMT or income stipulations. Certainly not across the board to mom-and-pop. Considering that income tax was first instituted only on earned income, it should come as no surprise to anyone that there's a difference in how it's taxed.

    Partnerships don't pay Federal income tax because it's all passed through to the individuals. I don't get your point.
    Last edited by MaggieD; 01-22-12 at 06:09 PM.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by MaggieD View Post
    Yes! Just because one can invest in foreign corporations (and still pay the tax here) does not prove that it doesn't promote investment in U.S. companies.



    Dividends are not a tax deductible expense to a corporation. They pay tax on them. Just because it's a tiny percentage does not mean it shouldn't be taken into consideration. As to dividends being a tiny percentage of capital gains anyway, link? Also, you haven't addressed inflation...nor have you addressed that taxpayers end up paying taxes on dividends and then losing money on that particular stock.

    I'm in favor of some change to capital gains taxes -- maybe an AMT or income stipulations. Certainly not across the board to mom-and-pop. Considering that income tax was first instituted only on earned income, it should come as no surprise to anyone that there's a difference in how it's taxed.
    As far as I know there is no evidence that higher capital gains rates result in less investment. But if you think there is, one could argue that it's not such a great idea for the government to use a tax preference to encourage more risk taking.

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by AdamT View Post
    As far as I know there is no evidence that higher capital gains rates result in less investment. But if you think there is, one could argue that it's not such a great idea for the government to use a tax preference to encourage more risk taking.
    One could argue about many tax preferential treatments being social engineering -- which is exactly what they are.
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