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Why? They were good enough for Reagan but not BHO? What is your reasoning behind taxing capital at a different rate than labor?
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Why? They were good enough for Reagan but not BHO? What is your reasoning behind taxing capital at a different rate than labor?
Lol @ "good enough for Reagan" is taking one item out of context with the whole. Nice little talking point though.
Last edited by CosmicCowboy; 02-24-2015 at 06:05 PM.
Fine. Answer the question explaining your reasoning as to why taxing capital and labor differently is good policy.
Much is made of the stagnation of middle class incomes but the best tax treatment available to combat this is to allow them to maximize their savings investments, purchase homes as part of a retirement strategy, etc. excessive taxation of their investments after already taxing their income is a disincentive to savings and investment.
So based on that theory there should be some correlation with the saving rate and changes in the capital gains tax rates
There's the saving rate. I'm not going to take the time to overlay the cap gains tax, but I think it's pretty clear there's no correlation if you take a look at the links RG and VY posted upstream.
So you would deny the middle class any tax incentive to save and improve their situation? Remove capital gains rates from the sale of homes? Have a one time "income" the year you sell your house and get whacked at 30-40% going straight to the government?
No much argument to be made that Ant significant income from capital gains and dividends is going to the middle class
I don't have a problem with not taxing the Profits from the sale of a primary home as capital gains, but as I demonstrated above, the middle class isn't the group making money on capital gains and dividends. Sorry.
So to spite the "rich" pusher says " the middle class" that is trying to responsibly have some savings and investments. Jealously rears its ugly head again.
Oh, ok. Now you want to have the magic wand that decides what are "good" investments to be tax favored and what are "bad " investments to be appropriated by the government.
Not at all. I don't mind Obama's progressive tax on cap gains. We tax earned income under a progressive system, why not cap gains?
That's the way it is now.
I just don't like the flat cap gains tax. Obama has introduced some progressive tax structure and is proposing more. Make a cogent argument against that.
So basically you are advocating the classic jealous income warfare being advocated by Obama as a polarizing political issue in the classically cynical "there are more poor voters than wealthy voters" so let's make wealthy people the boogeyman. Got it.
I admit that as I drive down I10 in my six year old pickup and see all the cool E500's panamericas, jaguars etc. that I am sharing the road with I get a little of that "damn, that would be nice" but I don't resent them so much that I want the government to confiscate their income.
It has nothing to do with jealously. I simply think making capital gains a progressive tax, just like earned income, is good policy.
Since you were unable to refute it with any cogent argument I'll assume you are incapable of doing so.
Progressive.
Classic liberal weighted phrase for taking someone else's money.
Then make an argument for a flat tax. I'd assume you'd support a flat tax for earned income too? It appears to me you can't string together an argument. There's plenty out there you can plagiarize if you like.
He did.
Problem with your chart is that it doesn't differentiate between economic strata. But more to the point, the claim that just because lower cap gains taxes might not, on their own, cause drastic increases in personal savings does not provide a reason why, as a matter of policy, we should keep the rate high.
And ironically, the progressive system we have now (based on income) does nothing for those whose actual take home is based solely on capital gains. Essentially, you have the Romneys of the world paying 15% rather than 20%
And bull , I bet CC could buy him a s550 if he really wanted to.
on what they declare, not on the many $Bs they have hidden in tax havens.
See the chart I pasted up steam wrt your claim I had not differentiated between economic strata. The crux of CC's argument was that a lowered cap gains rates encouraged savings and investment for the middle class. I refuted that, but then suggested a policy of a progressive cap gains rate which would still theoretically incentivize saving and investment.No much argument to be made that Ant significant income from capital gains and dividends is going to the middle class
And a progressive tax is good policy IMO as it would increase government revenues and in the long run narrow the inequality gap, which I believe is being driven by recent reductions in capital gains tax rates.
That's why I am arguing for progressive capital gains tax rates similar to what we have with earned income.
Last edited by Th'Pusher; 02-24-2015 at 08:25 PM.
Actually, that was exactly what he was pointing out, if I understood correctly.
From a strictly economic standpoint, the end result seems to be an incentive towards "rentier capitalism".
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