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Yep, Because his only income is from Capital gains.
You too can enjoy this low % when you see gains in your own Retirement Portfolio, It is not just for the rich.
It's not just for the rich, it's for the guy who can hire a lawyer or tax attorney to find the loop holes. Just so happens that you have to pay those guys. So being rich isn't a requirement but having more money helps to hire those guys. One thing is for sure, you don't have to be rich but you DAM SURE can't be poor.
Money isn't required...unless you want those breaks. Then yeah, you need money.
Ummmmm no its not true.
on his personal income taxes he pays a higher rate than me
on his investiment income, capital gains taxes, he pays the same rate as me.
Your link is a bunch of hogwash meant to trick the uniformed.
Romney is just like us, you know. 375K speaking fees; worrying about pink slips; he's unemployed, too; 15% taxes; corporations are people, my friend. Just a regular Joe.
He may be like us, but he's not like you unless he pretends to be black
Goofs? Now it's a "goof" for someone to pay the legal tax rate for his type of income? How come it wasn't a "goof" for Obama to appoint people who don't pay their taxes AT ALL?
I'm sick to death of the double standards you dipshit liberals employ while trying to claim some sort of moral high ground, as though being poor, envy-ridden failures is somehow a virtue now.
Ummmmm no its not true.
on his personal income taxes he pays a higher rate than me
on his investiment income, capital gains taxes, he pays the same rate as me.
Your link is a bunch of hogwash meant to trick the uniformed.
Ummm, so you're saying Romney is lying?
No shit it's income. The same way paying for it out of pocket OR having it paid for by your employer. This is a cute little union game they play to try and pretend that insurance isn't income. Fine, if it's not income, it may as well be cut. How's your income doing then, smartass?
Uh huh. not even 12 months ago and you're quibbling. Yeah, figures. I dunno about you but 10 months economically wasn't that long ago, AND there's no evidence things have changed that much since then.
Yep, Because his only income is from Capital gains.
You too can enjoy this low % when you see gains in your own Retirement Portfolio, It is not just for the rich.
It's not just for the rich, it's for the guy who can hire a lawyer or tax attorney to find the loop holes. Just so happens that you have to pay those guys. So being rich isn't a requirement but having more money helps to hire those guys. One thing is for sure, you don't have to be rich but you DAM SURE can't be poor.
Money isn't required...unless you want those breaks. Then yeah, you need money.
Find loopholes? WHAT loopholes? It's the capital gains tax. You invest your money, you get a return, boom! There it is. The capital gains tax doesn't require a lawyer to find it. I assure you that Turbo Tax is well aware of it, and the IRS will be more than happy to tell you about it for free.
Admittedly, you're going to have to have some money to invest, though.
False.
If you buy 100k worth of a stock and sell the stock for 120k you only pay capital gains tax on the 20k profit i.e. the new income.
I think what cecilie is thinking is that initial 100k you invested was already taxed and that the money you make of that money is "double taxed"
But like you said you only pay on the gains and you can write off losses so you are, in effect, not double taxed.
Correct.....so her assertion is flat out wrong.
if romney is claiming his personal income tax rate is lower than mine he is lying
if he claims his cap gains tax rate is different than anyone else's he is lying.
It's not just for the rich, it's for the guy who can hire a lawyer or tax attorney to find the loop holes. Just so happens that you have to pay those guys. So being rich isn't a requirement but having more money helps to hire those guys. One thing is for sure, you don't have to be rich but you DAM SURE can't be poor.
Money isn't required...unless you want those breaks. Then yeah, you need money.
Find loopholes? WHAT loopholes? It's the capital gains tax. You invest your money, you get a return, boom! There it is. The capital gains tax doesn't require a lawyer to find it. I assure you that Turbo Tax is well aware of it, and the IRS will be more than happy to tell you about it for free.
Admittedly, you're going to have to have some money to invest, though.
Actually, from what I heard it is kind of a loophole. It is not a straight capital gain it is compensation for being a manager of a hedge fund which he does not have to treat as salary.
In any case, it is legal. It is up to the voters to decide if it is fair
Fine change the tax code....
But for one thing I doubt I am alone in this.
The left raises taxes on Capital gains and I will no longer
invest in anything outside my 401k or IRA acct.
Why would I want to pay more taxes on my money that
was already taxed...
The left get a good idea and they totally screw the pooch on it.
Just look at Obama care.
Consider though, that those making 1000 times our salary on investment income aren't exactly punching time cards, or showing up for work 40hrs a week. Again, neither are Federal Workers. Then there are those working 80+hrs a week. It's a pretty tangled web we weave huh. Is it fair to expect a Congress that cannot even come up with a budget plan to restructure a fair impartial tax code? Is it even possible?
Before we start attacking people who are living off of Returns on Investments. We might want to look at who they are. Because a very good Chunk of Retired People in America are living off Investments. Meaning they only taxes they pay are the 15% long term Capital Gains tax as well. Are we going to raise Taxes on everyone who has Capital Gains? Or just those we deem to rich, and not the Retired people who were smart enough to build a nest egg and are not living off it?
I think what cecilie is thinking is that initial 100k you invested was already taxed and that the money you make of that money is "double taxed"
But like you said you only pay on the gains and you can write off losses so you are, in effect, not double taxed.
Correct.....so her assertion is flat out wrong.
Partially correct. When you invest earned and taxed Income, yes. When you invest earnings from current or previous investment, not so much.
Since almost half of Americans pay a tax rate of 0%, I wouldn't bet on the thread title.
Incorrect. Anyone who pulls a paycheck pays 15.3% in FICA alone. Mittens in all likelyhood pays none.
Correct.....so her assertion is flat out wrong.
Partially correct. When you invest earned and taxed Income, yes. When you invest earnings from current or previous investment, not so much.
Again false.
If I sell that 120k worth of stock and pay 15% on the cream I am left with 117k. If I reinvest that money and sell it again at a profit I am still only paying taxes on new income....
Romney paid 15 percent.
Obama on his 2010 tax returns paid around 25 percent.
Basic tax rate for MOST Americans is around 28 percent.
Still think Romney is a good idea?
A guy who knows how to game the system by making sure all of his income is "capital gains". Was he supposed to ignore the rules that give him an advantage? Would you?
Gee, how many people do we have gaming the system these days?
Tens of millions. On both ends of the income spectrum, squeezing the shit out of the middle.
You can't change earned income into capital gains by "gaming" the system. The capital gains tax isn't "gaming" - it does exactly what the lawmakers who wrote it intended it to do - tax income from investment at a lower rate than income from labor and ingenuity, so that the investor class would be favored over the working and creative classes.
NO risk is taken when you earn wage income?
Umm how many wall street types are killed or maimed each year in work related accidents?
Just risking their lives vs a bit of potential profit.
don't be a hack dude, you know what he meant and we see what your doing
Partially correct. When you invest earned and taxed Income, yes. When you invest earnings from current or previous investment, not so much.
Again false.
If I sell that 120k worth of stock and pay 15% on the cream I am left with 117k. If I reinvest that money and sell it again at a profit I am still only paying taxes on new income....
Understood, at the lower rate. You are no longer using capital taxed at the higher rate, that's my point.
Actually it isn't a true story. He is investing his money and paying capital gains and NOT INCOME TAX. The he is paying he second tax on money that was already taxed!
Capital gains tax applies only to capital GAINS (duh) - the principal, which has already been taxed, is not taxed again.
