Billionaires Up, America Down

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  • jlew24asu
    jlew24asu Posts: 10,118
    beachdweller wrote:
    this will be the legacy of Bush, and he'll be loved by the few for it. I hope the next Dem Pres does something about this, Hillary stated plans to target many of the unfair tax practices that allow for the few to get away with tax fraud, will it's legal, but it's a travesty that a multi millionaire plus pays 16% taxes, while a middle class american pays 30%. I'm paying 32% and Bush's tax cut's are bullshit.

    where are you getting this 16% figure?
  • jlew24asu
    jlew24asu Posts: 10,118
    my2hands wrote:
    i am doing it right now


    you pumped up the dems plan for restructuring the tax code, shifting the burden towards the wealthy... if you knew your shit, you would know that was the system for 100 fucking years, until 1980 with these trickle down economics assholes


    buy a new econ book, the one you have is lying to you

    the new plan just shifts around rates to benefit different people. the overall benefit is the same.
  • Indifference
    Indifference Posts: 2,778
    jlew24asu wrote:
    where are you getting this 16% figure?

    Yes - the federal tax system taxes you more the more you make - so if anything it penalized people who make more.

    Flat tax just makes so much sense.

    Dems want to raise my taxes - might have to vote repub for the first time ever in 2008.

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  • my2hands
    my2hands Posts: 17,117
    Indifference wrote:
    Yes - the federal tax system taxes you more the more you make - so if anything it penalized people who make more.

    Flat tax just makes so much sense.

    Dems want to raise my taxes - might have to vote repub for the first time ever in 2008.

    flat tax... is the worst idea of all time
  • my2hands
    my2hands Posts: 17,117
    jlew24asu wrote:
    where are you getting this 16% figure?

    capital gains tax is 15%... i think that is where he is getting it...


    hedge fund managers and investors pay a 15% capital gains tax, i believe. the guy this past year made over $1,000,000,000 last year as a hedge fund manger, and paid only the 16% on his income


    most of the very wealthy dont have jobs, investing is their job. remember we went back and forth about warren buffett paying a lower tax % than his secretary... that is what he was talking about

    warren buffets income all comes from investing, he doesnt have a job... so all of his income comes from captial gains profit... which is taxed at only 15%



    i think that is the issue, but maybe they will elaborate

    they quoted 16% in the debate last night as well... i assume they were referring to capital gains tax...
  • jlew24asu
    jlew24asu Posts: 10,118
    my2hands wrote:
    hedge fund managers and investors pay a 16% capital gains tax, i believe. the guy this past year made over $1,000,000,000 last year as a hedge fund manger, and paid only the 16% on his income


    most of the very wealthy dont have jobs, investing is their job. remember we went back and forth about warren buffett paying a lower tax % than his secretary... that is what he was talking about

    warren buffets income all comes from investing, he doesnt have a job... so all of his income comes from captial gains profit... which is taxed at only 16%

    most of the wealthy do have jobs and they pay 35% of their income and then an additional 16% on their capital gains..... thats much more then you who probably makes 30k and have no capital gains. get it?

    and hedge fund managers take on huge risk as do stock speculators or people who make a living off capital gains. they have no salary to be taxed.

    people who become millionaires did so through hard work and at some point in time probably had high salaries that were taxed at a much higher rate then you.

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