Capital Gains Tax
       |           

Welcome, Guest. Please login or register.
Did you miss your activation email?
March 29, 2024, 08:54:13 AM
News: Election Simulator 2.0 Released. Senate/Gubernatorial maps, proportional electoral votes, and more - Read more

  Talk Elections
  General Politics
  Individual Politics (Moderator: The Dowager Mod)
  Capital Gains Tax
« previous next »
Pages: [1]
Poll
Question: ?
#1
Too high
 
#2
Too low
 
#3
About right
 
Show Pie Chart
Partisan results

Total Voters: 43

Author Topic: Capital Gains Tax  (Read 738 times)
RR1997
Sr. Member
****
Posts: 2,997
United States


Show only this user's posts in this thread
« on: July 01, 2015, 09:12:18 AM »
« edited: July 01, 2015, 09:24:32 AM by RR1997 »

Even though income taxes are much higher on the "rich" (those making over $400k a year in income), a lot of people argue that taxes are the lowest on the mega-ultra-rich because a lot of mega-ultra-rich people make their money through capital gains, not income, and the capital gains tax rate is only at 15%. For example, Mitt Romney only paid 15% of his yearly earnings in taxes because most of that money came in the form of capital gains, not income. Another good example is Warren Buffett.

What do you guys think we should do about the capital gains tax?

I think it should stay at 15%. You guys have to remember that the top 1% pay 35% of the taxes, and most rich people and ultra-rich people (and a significant portion of mega-ultra-rich people) get their money through income, not capital gains. I do believe that raising any tax will hurt our economy and I'm strongly against any increase in taxes. I would only support raising the capital gains tax if we lowered income taxes on the rich first, and even in this scenario, I would only support an increase in capital gains tax for capital gains that are over $1MM.
Logged
🦀🎂🦀🎂
CrabCake
Atlas Icon
*****
Posts: 19,192
Kiribati


Show only this user's posts in this thread
« Reply #1 on: July 01, 2015, 09:34:25 AM »

Sad though the plight of the overtaxed top one percent may be, the graph is incorrect (or at least badly labeled). The 1% pay 35% of the federal income tax, not just "taxes". Throw in broad taxes that rely on the poor and you get a lot more accurate picture of the burden.

Raise CGT and make it ... less ... loopy.
Logged
RINO Tom
Atlas Icon
*****
Posts: 17,002
United States


Political Matrix
E: 2.45, S: -0.52

Show only this user's posts in this thread
« Reply #2 on: July 01, 2015, 09:56:42 AM »

About right.  Taxing capital gains like income largely defeats the purpose, no?
Logged
Maxwell
mah519
Atlas Star
*****
Posts: 28,459
Germany


Political Matrix
E: -6.45, S: -6.96

Show only this user's posts in this thread
« Reply #3 on: July 01, 2015, 12:40:33 PM »
« Edited: July 01, 2015, 02:50:43 PM by PPT Maxwell »

About Right. Theoretically it makes sense to me - a lowered tax rate for giving up a financial asset.
Logged
Mercenary
Jr. Member
***
Posts: 1,575


Political Matrix
E: -3.94, S: -2.70

Show only this user's posts in this thread
« Reply #4 on: July 01, 2015, 07:14:31 PM »

All income should be taxed the same. Capital gains should just be treated as regular income.
As for whether income tax in general is too high or too low, I'd say too high.
Logged
RINO Tom
Atlas Icon
*****
Posts: 17,002
United States


Political Matrix
E: 2.45, S: -0.52

Show only this user's posts in this thread
« Reply #5 on: July 01, 2015, 08:25:58 PM »

All income should be taxed the same. Capital gains should just be treated as regular income.
As for whether income tax in general is too high or too low, I'd say too high.

But investment income ISN'T the same as regular income.  Everybody has to earn an income to afford to live; taxing too much of that borders on theft (we're nowhere near that point).  The idea of a low capital gains tax is to encourage investment.
Logged
RINO Tom
Atlas Icon
*****
Posts: 17,002
United States


Political Matrix
E: 2.45, S: -0.52

Show only this user's posts in this thread
« Reply #6 on: July 01, 2015, 08:27:02 PM »

All income should be taxed the same. Capital gains should just be treated as regular income.
As for whether income tax in general is too high or too low, I'd say too high.


But investment income ISN'T the same as regular income.  Everybody has to earn an income to afford to live; taxing too much of that borders on theft (we're nowhere near that point).  The idea of a low capital gains tax is to encourage investment.
Logged
RINO Tom
Atlas Icon
*****
Posts: 17,002
United States


Political Matrix
E: 2.45, S: -0.52

Show only this user's posts in this thread
« Reply #7 on: July 01, 2015, 08:27:39 PM »

All income should be taxed the same. Capital gains should just be treated as regular income.
As for whether income tax in general is too high or too low, I'd say too high.

But investment income ISN'T the same as regular income.  Everybody has to earn an income to afford to live; taxing too much of that borders on theft (we're nowhere near that point).  The idea of a low capital gains tax is to encourage investment.
Logged
True Federalist (진정한 연방 주의자)
Ernest
Moderators
Atlas Legend
*****
Posts: 42,157
United States


Show only this user's posts in this thread
« Reply #8 on: July 01, 2015, 10:26:58 PM »

I think the capital gains tax should be eliminated, but with some protections to keep ordinary income being converted into capital gains for the lower tax.  That needs to be done even if capital gains tax rates remain as they are.  If an executive gets a stick option or the like as compensation, then when they cash it in, it should be taxed in full, not at lower capital gains rates.
Logged
○∙◄☻¥tπ[╪AV┼cVê└
jfern
Atlas Institution
*****
Posts: 53,615


Political Matrix
E: -7.38, S: -8.36

Show only this user's posts in this thread
« Reply #9 on: July 01, 2015, 10:31:38 PM »

It should be taxed the same as ordinary income. Perhaps increase the homeowner exemption, though.
Logged
Antonio the Sixth
Antonio V
Atlas Institution
*****
Posts: 57,965
United States


Political Matrix
E: -7.87, S: -3.83

P P
Show only this user's posts in this thread
« Reply #10 on: July 02, 2015, 01:33:56 PM »

All incomes should be taxed together, with very rare and narrow exemptions.
Logged
RR1997
Sr. Member
****
Posts: 2,997
United States


Show only this user's posts in this thread
« Reply #11 on: August 23, 2015, 05:55:29 PM »

I want to bump this due to the fact that Trump now supports increasing the capital gains tax.
Logged
Mercenary
Jr. Member
***
Posts: 1,575


Political Matrix
E: -3.94, S: -2.70

Show only this user's posts in this thread
« Reply #12 on: August 25, 2015, 01:41:53 AM »

If anything the capital gains tax should be raised while the income tax should be lowered, although treating all income the same is acceptable as well.

Add in a financial transaction tax and lower the income tax even more while we are at it.
Logged
Pages: [1]  
« previous next »
Jump to:  


Login with username, password and session length

Terms of Service - DMCA Agent and Policy - Privacy Policy and Cookies

Powered by SMF 1.1.21 | SMF © 2015, Simple Machines

Page created in 0.031 seconds with 13 queries.