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Newt Gingrich thinks so.
What do you think?
Given that the money from capital gains has usually (accept in the case of interest earned on savings accounts) has already been taxed at least once. Taxing capital gains is by and large a rather retarded idea that likely costs the government more money than it earns them in higher unemployment rates, higher health care cost for medicaid etc.
Money from stock dividends was taxed once before it was dispersed as dividends.
If you invested in a small business the money you invested was already taxed before you invested it and was taxed again the minute that small business returned a profit and currently your return on that investment gets taxed yet again.
It also means there is less investment which in turn translates to fewer Jobs which means lower wages and more unemployment and less innovation which means more pollution and other things all of which are bad.
In fact it is particularly germane to capital gains since people tend to invest based on the amount of reward they think they will gain thereby except of course in housing. Me I prefer a flat tax exempting x amout of income income as defined by any net fanancial gain. I don't like the fair tax simply because I don't trust the governments willingness to micromanage our lives through the tax code as is already demonstrated by the various so called sin taxes.
Basically what that suggests is that if you make money, and it is taxed, and then should you take the residual money and make more money with it, those profits or revenues should NEVER be taxed because your original investment had already been taxed
Yes, we should abolish it in it's current form and tax income from invested capital exactly the same way that income from back breaking labor is taxed. Eliminate the distinction, since it's wholly bogus to begin with.
Newt Gingrich thinks so.
What do you think?
Basically what that suggests is that if you make money, and it is taxed, and then should you take the residual money and make more money with it, those profits or revenues should NEVER be taxed because your original investment had already been taxed
Do you realize that there are some people who make millions of dollars a year off of capital gains? The reason capital gains are taxed is to prevent those people from being able to earn income without paying taxes.
gary, a fair tax also takes into consideration ability to pay. Because the higher income earnerss are ABLE to pay more in tax, it is considered FAIR to tax them more. If you look at the current tax brackets, most higher income tax payers are still paying around the same average rate as some of the lower taxpayers. In addition, as was stated, most of the higher income earners also receive income from capital gains. If we stop taxing those gains, these people would be earning tax free income that is not available to the lower taxpayers.
Why am I the only one that is actually fighting for a tax system that favors the middle and lower income classes?
Whose talking about a progressive tax? Certainly not I. For my money a flat tax is by definition a fair tax and a progressive tax is unfair by definition.
What is called the fair tax is a national retail sales tax which scares the hell out of me.
Because you have more money does not mean you work longer or harder than anyone else, it simply means you are rewarded more for your efforts. I'm the last person to argue that the rich don't deserve the salaries they earn, because I fully believe that everyone is paid the salary they are worth, nothing more and nothing less.
But in a system where the lowest earners are making less than 1% of the highest earners, it's hardly fair to think that everyone should pay equal tax rates. 20% to someone making $20,000 means the difference between feeding their children or living off the government. 20% to a millionaire means nothing, you can still live a lavish lifestyle and stuff money in the bank. Even 30% or 40% means very little to someone earning that sort of income. When a 10% increase in tax means the difference between your being able to provide your family, I'll have sympathy for you. But so long as you can put food on the table, a roof over your head, and clothes on your back, everything else is luxury, and less luxury won't kill you. Less MIGHT kill someone making $20,000 a year.
Basically what that suggests is that if you make money, and it is taxed, and then should you take the residual money and make more money with it, those profits or revenues should NEVER be taxed because your original investment had already been taxed
Do you realize that there are some people who make millions of dollars a year off of capital gains? The reason capital gains are taxed is to prevent those people from being able to earn income without paying taxes.
gary, a fair tax also takes into consideration ability to pay. Because the higher income earnerss are ABLE to pay more in tax, it is considered FAIR to tax them more. If you look at the current tax brackets, most higher income tax payers are still paying around the same average rate as some of the lower taxpayers. In addition, as was stated, most of the higher income earners also receive income from capital gains. If we stop taxing those gains, these people would be earning tax free income that is not available to the lower taxpayers.
Why am I the only one that is actually fighting for a tax system that favors the middle and lower income classes?
Because I work longer and harder to get the extra money and to drive my business you have no right to take a higher percentage in taxes from me than you do from anyone else. How the hell do I reward my best workers if you are taking half my damn money year in and year out to fund programs for people who don't want to work or can't work.
Carefor etal what bogus nonsense. Because I work longer and harder to get the extra money and to drive my business you have no right to take a higher percentage in taxes from me than you do from anyone else.
How the hell do I reward my best workers if you are taking half my damn money year in and year out to fund programs for people who don't want to work or can't work.
