Taxing the wealthy the most isn’t about what’s fair - it’s about what is realistic

[mikegriffith1]

Some people make their living off Capital Gains and some people actually have to work for a living. Those who work for a living should not have to pay a higher rate.

Uh, huh? Did you miss the part about the fact that if you make a "rich" amount off capital gains, your cap gains tax rate is 20%. That's way more than the rate paid by those in the second and third tax brackets.

Capital gains tax rates are either 0%, 15% or 20% for most assets held for more than a year. If you make over $430K on cap gains on such assets, you pay 20%.

Furthermore, capital gains tax rates on most assets held for less than a year correspond to ordinary income tax brackets (10%, 12%, 15%, 22%, 24%, 32%, 35% or 37%).

 

[P@triot]

A progressive tax system isn’t “punishing the rich” or being a freeloader poor person in comparison. It’s about what makes goddamn sense.

And it makes no “goddamn sense”. None. What your dumb ass doesn’t realize is that we use percentages because it ensures that the more a person makes, the more they pay. 10% of one million dollars is $100,000 while 10% of $50,000 is $5,000. The wealthy is already paying more. A lot more.

And your dumb ass (and greedy ass) wants even more. You parasites always want more. But it makes no damn sense at all. Does a wealthy person enjoy more liberty from the military than a poor person? No. Does a wealthy person enjoy more streets from the city than a poor person? No. Does a wealthy person enjoy more libraries than a poor person? No. So why the fuck would they be expected to carry a higher percentage of the burden? You’re an idiot.

 

[pknopp]

Some people make their living off Capital Gains and some people actually have to work for a living. Those who work for a living should not have to pay a higher rate.

Uh, huh? Did you miss the part about the fact that if you make a "rich" amount off capital gains, your cap gains tax rate is 20%. That's way more than the rate paid by those in the second and third tax brackets.

Capital gains tax rates are either 0%, 15% or 20% for most assets held for more than a year. If you make over $430K on cap gains on such assets, you pay 20%.

Furthermore, capital gains tax rates on most assets held for less than a year correspond to ordinary income tax brackets (10%, 12%, 22%, 24%, 32%, 35% or 37%).

You didn't address what I said.

 

[pknopp]

A progressive tax system isn’t “punishing the rich” or being a freeloader poor person in comparison. It’s about what makes goddamn sense.

And it makes no “goddamn sense”. None. What your dumb ass doesn’t realize is that we use percentages because it ensures that the more a person makes, the more they pay. 10% of one million dollars is $100,000 while 10% of $50,000 is $5,000. The wealthy is already paying more. A lot more.

This does not take into account the myriad of deductions available.

 

[P@triot]

At least the Democrats are fiscally responsible enough to tax for the proceeds to use.

They do? Then why did the entire national debt double under Obama? And the Dumbocrats controlled the House and the Senate in his first two years - when he had the highest debt. His deficits actually decreased after Republicans took control.

 

[pknopp]

At least the Democrats are fiscally responsible enough to tax for the proceeds to use.

They do? Then why did the entire national debt double under Obama? And the Dumbocrats controlled the House and the Senate in his first two years - when he had the highest debt. His deficits actually decreased after Republicans took control.

Now it just increases.

 

[mikegriffith1]

A progressive tax system isn’t “punishing the rich” or being a freeloader poor person in comparison. It’s about what makes goddamn sense.

And it makes no “goddamn sense”. None. What your dumb ass doesn’t realize is that we use percentages because it ensures that the more a person makes, the more they pay. 10% of one million dollars is $100,000 while 10% of $50,000 is $5,000. The wealthy is already paying more. A lot more.

This does not take into account the myriad of deductions available.

Such as? The rich took a huge hit in deductions with the $10K cap on SALT deductions.

 

[P@triot]

You spend your way out of a financial catastrophe, as Obama was forced to do.

Only if your astoundingly ignorant of basic economics (as all leftists are). And Obama was “forced” to do shit. He made the conscious and free choice to throw trillions of dollars around like a good little marxist.

 

[Mac1958]

At least the Democrats are fiscally responsible enough to tax for the proceeds to use.

They do? Then why did the entire national debt double under Obama? And the Dumbocrats controlled the House and the Senate in his first two years - when he had the highest debt. His deficits actually decreased after Republicans took control.

I addressed spending during the Obama years.

If you're afraid to hold your party accountable, get in line.
.

 

[Mac1958]

You spend your way out of a financial catastrophe, as Obama was forced to do.

Only if your astoundingly ignorant of basic economics (as all leftists are). And Obama was “forced” to do shit. He made the conscious and free choice to throw trillions of dollars around like a good little marxist.

It's my profession. You're just another alternate universe Trumpster. Dismissed.
.

 

[P@triot]

Nah, as usual, my logic is undeniable.

Bwahahaha! Snowflake, your “logic” is getting obliterated in this thread.

 

[pknopp]

A progressive tax system isn’t “punishing the rich” or being a freeloader poor person in comparison. It’s about what makes goddamn sense.

And it makes no “goddamn sense”. None. What your dumb ass doesn’t realize is that we use percentages because it ensures that the more a person makes, the more they pay. 10% of one million dollars is $100,000 while 10% of $50,000 is $5,000. The wealthy is already paying more. A lot more.

This does not take into account the myriad of deductions available.

Such as? The rich took a huge hit in deductions with the $10K cap on SALT deductions.

Amazon made billions and got a tax refund.

Amazon Didn't Pay Taxes in 2018, Will Receive Refund

 

[P@triot]

I addressed spending during the Obama years.

Yes you did. Exactly as a 1st grader would. And I exposed that.

 

[mikegriffith1]

Some people make their living off Capital Gains and some people actually have to work for a living. Those who work for a living should not have to pay a higher rate.

Uh, huh? Did you miss the part about the fact that if you make a "rich" amount off capital gains, your cap gains tax rate is 20%. That's way more than the rate paid by those in the second and third tax brackets.

Capital gains tax rates are either 0%, 15% or 20% for most assets held for more than a year. If you make over $430K on cap gains on such assets, you pay 20%.

Furthermore, capital gains tax rates on most assets held for less than a year correspond to ordinary income tax brackets (10%, 12%, 22%, 24%, 32%, 35% or 37%).

You didn't address what I said.

I most certainly did. You said those who work for a living should not have to pay a higher rate than those who supposedly don't work but who get income from capital gains. I pointed out that anyone who is rich from capital gains income pays a rate of 20% if the assets are held more than a year, and that if the assets are held less than a year, normal tax rates apply, which would mean they would pay even more than 20%.

 

[edward37]

A progressive tax system isn’t “punishing the rich” or being a freeloader poor person in comparison. It’s about what makes goddamn sense.

And it makes no “goddamn sense”. None. What your dumb ass doesn’t realize is that we use percentages because it ensures that the more a person makes, the more they pay. 10% of one million dollars is $100,000 while 10% of $50,000 is $5,000. The wealthy is already paying more. A lot more.

This does not take into account the myriad of deductions available.

And they're all moving to Fla

 

[Mac1958]

I addressed spending during the Obama years.

Yes you did. Exactly as a 1st grader would. And I exposed that.

At your level, sure.
.

 

[P@triot]

A progressive tax system isn’t “punishing the rich” or being a freeloader poor person in comparison. It’s about what makes goddamn sense.

And it makes no “goddamn sense”. None. What your dumb ass doesn’t realize is that we use percentages because it ensures that the more a person makes, the more they pay. 10% of one million dollars is $100,000 while 10% of $50,000 is $5,000. The wealthy is already paying more. A lot more.

This does not take into account the myriad of deductions available.

Which a flat tax eliminates. And yet the idiot OP is fighting against it. Oops.

 

[bripat9643]

First, the GOP, despite its shallow libertarian droning about small government, spends like a 16 year old girl with Daddy's Gold Card. At least the Democrats are fiscally responsible enough to tax for the proceeds to use. You spend your way out of a financial catastrophe, as Obama was forced to do. You don't explode budgets in a period of growth, as Trump did.

Second, in any given economic system, there will always be individuals who are naturally, organically equipped to prosper significantly more within that system, and individuals who are not. An intelligent, prosperous, civilized society knows that you don't extravagantly reward only that select few and leave the rest to struggle. All that will inevitably lead to is...

....third, to steal a line from another poster, a smart socio-economic policy is valuable insurance against social revolution. The masses are human, and will only put up with increasing wealth disparity and income disparity for so long. At some point they will react, and when they do, it's human nature to over-react. The people below the top 5% vote, and they are paying attention.

Libertarian theory is fun 'n stuff, it has value as a general guardrail, but it's not realistic in the long run.
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Democrats tax for the receipts?

No they don't, they may talk about it, but then the balless republicans talk about cuts also. Democrats are the least responsible people I know.

When the Republican Party begins demonstrating REAL fiscal responsibility, you can try to make your case.

Until then, all you have is vague economic theory and platitudes.
.

Sound economic theory doesn't depend on what Republican politicians do

 

[P@triot]

You spend your way out of a financial catastrophe, as Obama was forced to do.

Only if your astoundingly ignorant of basic economics (as all leftists are). And Obama was “forced” to do shit. He made the conscious and free choice to throw trillions of dollars around like a good little marxist.

It's my profession.

To be an idiot? Uh. I did not realize “professional dumb ass” was a thing.

 

[edward37]

A progressive tax system isn’t “punishing the rich” or being a freeloader poor person in comparison. It’s about what makes goddamn sense.

And it makes no “goddamn sense”. None. What your dumb ass doesn’t realize is that we use percentages because it ensures that the more a person makes, the more they pay. 10% of one million dollars is $100,000 while 10% of $50,000 is $5,000. The wealthy is already paying more. A lot more.

This does not take into account the myriad of deductions available.

Such as? The rich took a huge hit in deductions with the $10K cap on SALT deductions.

and they're all moving to florida