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The fundamental problem is that those who control this conversation are convincing you people that this is an "us vs. them", zero-sum game. It is not! The budget of the federal government is WAY TOO HIGH. Those of us who pay income taxes pay more than we should have to in order to fund the bloated federal budget. If you want to get mad at someone, have someone to blame, then get mad at the federal government for consistently failing to cut spending and failing to cut the size of the government.
The federal budget is only bloated because of rightwing funding for unnecessary military spending.
Taxes are too low to meet the rightwing warmongering.
So yes, taxes do need to be raised and military spending needs to be drastically reduced.
This view is deranged. The big spending money pit is entitlements.
Spending is to high....but the left won't touch that with a ten foot pole
Spending is to high....but the left won't touch that with a ten foot pole
Too high in bail-outs, wars and welfare. True...Too low in infrastructure, science, and education.
Of course, you people of the black and white world don't think your positions through very well.
When I hear that hedge fund managers are getting away with only paying the capital gains rate (which is way too high) I think, "good for them!" Those of us who pay taxes pay way too much as it is. I pay the marginal rates. I am self employed. I regularly write checks to the federal government for income taxes. It does not bother me one bit that those guys get a sweet deal. It is not unfair to me. If they suddenly have to pay a lot more that is NOT going to reduce my tax burden. Congress will just spend the windfall elsewhere.
False.
Tax burdens for the average individual were reduced under Bush and Reagan.
Reagan also reduced tax rates and closed loopholes.
That can happen again.
Got it. But why punish them at all? Will it make you all warm and fuzzy to know that the federal government is forcibly extracting more money from the hedge fund managers?
Their income tax is based on capital gains - 20% plus a 3.8 surtax on income over $250k which is earmarked - supposedly - for Obamacare. So what? The argument is not that they ought to pay more in taxes. The argument is that the marginal rates are too high.
No, that's not the argument.
The argument is that carried interest shouldn't be taxed as capital gains.
Got it. But why punish them at all? Will it make you all warm and fuzzy to know that the federal government is forcibly extracting more money from the hedge fund managers?
Most of the developing world from China to Africa builds their economies by constructing infrastructure, investing in science and education. To say that we should cut these and we will some how have economic growth goes against most of the world.
Exactly............Scrap the current code. Simplify...........and make the system fair for everyone..............This is exactly why a flat tax is needed.
No more loop holes no more deductions,everyone pays.
I agree that the government is too big. I'd rather have less government and lower taxes.
But the carried interest loophole is exactly what is wrong about Washington. Special interests pay a lot of money to buy off senators so they can have a special exemption by redefining a term. That's corrupt.
Carried interest is not capital gains. It is fee income. But hedge fund managers pour millions of dollars into Washington to protect their special interests and privilege.
Tax them more and cut my taxes.
That's Trump's message.
Exactly............Scrap the current code. Simplify...........and make the system fair for everyone..............This is exactly why a flat tax is needed.
No more loop holes no more deductions,everyone pays.
They want the loop holes gone and so do I, but they for some strand reason want the same fucked up system we have now. Which is stupid.
The fundamental problem is that those who control this conversation are convincing you people that this is an "us vs. them", zero-sum game. It is not! The budget of the federal government is WAY TOO HIGH. Those of us who pay income taxes pay more than we should have to in order to fund the bloated federal budget. If you want to get mad at someone, have someone to blame, then get mad at the federal government for consistently failing to cut spending and failing to cut the size of the government.
The federal budget is only bloated because of rightwing funding for unnecessary military spending.
Taxes are too low to meet the rightwing warmongering.
So yes, taxes do need to be raised and military spending needs to be drastically reduced.
they shouldn't pay higher taxes b/c people paying more than them should pay less.Low taxes on hedge fund managers, that is.
Republican presidential front-runner Donald Trump blasted hedge fund managers on Sunday as mere "paper pushers" who he said were "getting away with murder" by not paying their fair share of taxes.
In a telephone interview on CBS's "Face the Nation," Trump vowed to reform the tax laws if elected and said the current system was harming middle class Americans who currently faced higher tax rates than traders on Wall Street.
"The hedge fund guys didn't build this country. These are guys that shift paper around and they get lucky," Trump said.
"They are energetic. They are very smart. But a lot of them - they are paper-pushers. They make a fortune. They pay no tax. It's ridiculous, ok?"
Trump's comments were referring to the so-called "carried interest loophole" - a provision in the tax code which allows private equity and hedge fund managers pay taxes at the capital gains rate instead of the ordinary income rate.
Many fund managers are in the top income bracket, but the capital gains tax bracket is only 20 percent.
While these individuals are also required to pay an additional 3.8 percent surtax on their net investment income, this total rate is still far lower than the 39.6 percent rate that top wage earners must pay on their ordinary income.
Trump says tax code is letting hedge funds 'get away with murder'
I happen to agree with Trump on this. As does Hillary Clinton. And Bernie Sanders.
But when I've discussed this with conservatives here on the board in the past, they've disagreed with me, saying hedge fund managers shouldn't pay higher taxes.
Most of the developing world from China to Africa builds their economies by constructing infrastructure, investing in science and education. To say that we should cut these and we will some how have economic growth goes against most of the world.
You know your calls for infrastructure science on a constant basis is just like the cries of racism....they get ignored when overused.
