Skip to comments.Freep a Poll! (should 15% long term capital gains tax be raised?)
Posted on 10/02/2012 2:25:43 PM PDT by dynachrome
Some budgeteers argue that the 15% tax rate on long-term capital gains should be raised as part of efforts to cut the federal deficit. Do you agree?
Yes. This is the primary reason that income inequality has grown in the U.S.
No. A low capital gains rate is the key to encouraging investment in our economy.
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Capitol gains should be zero%.
I have some long-term capital gains (sold my house) to declare next year. I am already going to have to pay 15% on that. I hope they don’t increase the rate before I can pay it. The house was my primary residence 20 years ago. I had been collecting enough rent on it to pay the mortgage ever since. Well, I managed to sell it this year and make a little profit when all was said and done. I guess I am one of those evil rich people that Obama is so intent on taxing. Liberals are so stupid, it makes my head hurt.
Yes. This is the primary reason that income inequality has grown in the U.S. 28.7%
No. A low capital gains rate is the key to encouraging investment in our economy. 66.9%
Not sure 4.4%
Total votes: 2134
Poll>> [low capital gains rate] is the primary reason that income inequality has grown in the U.S.
Dynachrome>> It’s for the children/s
Nervous Tick>> ((double facepalm))
Yeah, I chuckled at the sarcasm.
The really hilarious thing is...
IF you could take ALL the wealth in the country, put it in one big pot, and then divide it exactly equally among the population so that everyone started from the same point,
IF you could rig it so that everyone got to stay alive until the wealth distribution again reached steady state —
Pretty much the same people who are “well off” now would be “well off” in the new steady state economy. And pretty much the same people who are “poor” now would be “poor” once the new equilibrium was reached...
because, over time, it’s more a function of what you *do* with what you have then what’s in your pot to start with.
>> I guess I am one of those evil rich people that Obama is so intent on taxing.
I think you’re gonna be OK, there, Mr. Trump... the tax rate shouldn’t change retroactively and it’s set for tax year 2012.
Of course there will always be *some* loser who is jealous of you for making money, there, Mr. Goldfinger. You evil scum. But you’re OK vis a vis the gubmint, I’m afraid. :-)
Long term capital gains should be near zero. Short term capital gains should be taxed at normal income tax rates.
Yeah, I figured the tax rate was already set for 2012. But, with this administration the enactment of ex-post facto laws and taxation by fiat is not inconceivable.
On the matter of making money, I guess I have something in common with the Donald (albeit on a much, much smaller scale) in that my wife will end up with most of my “riches” anyway.
Thanks for posting this poll.
The NO’s have it so far: 68.7%
My cousin is 4 months older than me. Both our moms are simple country women. Same with her dad. My dad bailed after my parents got divorced when I was 14. I almost didn't graduate HS.
My cousin from HS on babysat kids. Oh she did pick asparagus a few years. Now, she cleans houses.
Her husband, when they met, was a carny (carnival worker). Now, he works in factories at whatever work he can get.
Whenever he needs to do any work around the house, he needs to call one of his inlaws for help. 2 brother in laws are tired of going over to "HELP". One is tired of going over to help and shelling out his money to pay for parts.
My cousins husband has often bragged that on jobs he is known as the porn king. His 3 kids have grown up knowing dad watches porn all the time. Plus playing vid games.
The oldest daughter "CAAAAAAN'T" get a job, so she babysits occaisionally. She has government supplied housing and foodstamps.
The middle kid, has been out of HS just over a year. She had government grants for college. Last Thanksgiving she introduced me to her boyfriend. (No job, no motivation, loves to play video games) (Just like her dad)
My first thought was that this was her first boyfriend and that she was going to be pregnant in short order. Sure enough, 3 weeks later we got the call that she was pregnant.
The youngest, 17, was arrested for child molestation for something he did years before, when he was about 12, and now has to sign up on a sex offenders list. I attribute this to dads overt porn obsession. (and not RAISING any of his kids).
I'm considered the "rich" relative. I was delivering papers from 6th grade to sophmore year in HS. Then I worked in restaurants for the rest of HSinto college. I went to a jr college (paid my own way through), took auto mechanics and welding and machine shop. Now I work in construction.
I regularly drive 100-120 miles a day to get to and from work. I usually work 10 hrs a day, sometimes 12, and usually 6 days a week. Though recently worked 19 days straight. Whatever needs to get the job done.
My cousin makes a big deal about working 6-8 hrs.
The point about this rant is that income inequality ISN'T about capital gains being taxed to low, its about life choices and attitudes and work ethic. The money I make is because of what I do, what I'm willing to do and the hours I work to make it. I can then take some of that money and invest it. If there are long term cap gains I pay 15% tax on them. My overall "income tax" rate is OVER 15%.
Meanwhile, my cousin and her husband, after standard deductions and exemptions, they will havea taxable income of about $16,200. Meaning they will pay a tax rate of 10%, and about a total of 6% of their income. Plus, they will qualify for the Earned Income Tax Credit, which means they WILL NOT pay any federal income tax, but gey money from the government.
Income inequality isn't about tax rates. Its about hard work and wise choices.
John Wayne: Lifes Hard. Its even harder if your stupid.
Yes. This is the primary reason that income inequality has grown in the U.S. 26.0%
No. A low capital gains rate is the key to encouraging investment in our economy. 70.0%
Not sure 4.0%
Total votes: 2402
“inequality”!? There should be inequality. Different efforts, choices, sacrifices, ... different results.