edthecynic
Censored for Cynicism
- Oct 20, 2008
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Since you've made such a huge issue out of the distinction between "earned" and "unearned" income, I'd like to ask you if you know the difference between the two?
Thank you
Unearned in quotes no less. You MUST be a CON$ervative. LOL CON$ need their Straw Men like Linus needs his security blanket.
Where exactly does LimpBoy say "unearned?" He says "versus OTHER KINDS of income."
Earned income would be wages and fees, for example, and other kinds could be Capital Gains.
I put the two words in quotes so as to bring them to your attention without upsizing them as you just did. As far as I know those are the two only kinds of income, so when Rush mentions "earned" income the only other is "unearned", and both are taxable. It would be useful for you to tell us what you know about those two types of income, to see if you understand what Rush was talking about, and by extension if you do too.
And a half truth is a whole lie. Capital gains is not taxable until it is realized. Relatively little of it is ever taxed. It is like an unlimited IRA, it can grow tax free until you want to realize part or all of it. There is no higher tax rate penalty if you are below retirement age no early withdrawal penalty. In fact at any age you pay a lower tax rate than earned income on the cap gains you realize. And for the truly wealthy that tax can be offset by donating the stock (a capital asset) you control your monopoly with to yourself as head of your "charitable" foundation leaving you with ZERO taxable income.
For example, when Nelson Rockefeller was appointed VP he made his previous years income tax public, and on millions of income he paid not one single penny in taxes.
LimpBoy said it's hard to have no taxable income, but he's paid to deliberately mislead you, for some it's Piss Easy.
RUSH: It does, exactly, and here's the dirty little secret if you ever to pull it off. It's hard. This is why most people don't understand the tax-the-rich business. You've got to structure your life so you have no "earned" income. I'm out of time. I'll explain that. There's a category called earned income versus other kinds of income. Earned income is what the income tax rate is on. That's how "the rich" do it. They don't have "earned" income.
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