The "rich" need to pay their "fair share"! How, exactly? - Page 3 - TigerDroppings.com

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Rex
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

Ha see all you needed to see from Rexy was that it wouldn't impact him, facts are no factor in his thinking.

You're wrong again. As a retired person I'm very much affected by capital gains tax rates.







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NC_Tigah
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

Because I'm certain it would be both fairer and substantial.
But there would be negative consequences too. You know that as well as I do, maybe better, given your background. It's why I asked.






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Jbird
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

As a retired person I'm very much affected by capital gains tax rates.


Oddly enough you suggest a possible plan of which you have no idea how it will impact you nor how much money it will suck out of the economy. I can see how you were such a awesome CFO and software god.






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Rex
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re: The "rich" need to pay their "fair share"! How, exactly?


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But there would be negative consequences too.

For most people in this country capital gains are a smaller part of income than wages. Also, I suspect that most capital gains for those people are kept or reinvested in retirement accounts and not realized until retirement. In a nutshell, the impact on the middle class would not be radical.






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Rex
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re: The "rich" need to pay their "fair share"! How, exactly?


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Oddly enough you suggest a possible plan of which you have no idea how it will impact you nor how much money it will suck out of the economy.

I have a very good idea of how my own capital gains taxed at a different rate would impact me.






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DapperDan
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

Because I'm certain it would be both fairer and substantial. I don't have to know how many people would be executed to support capital punishment, either.


What is the goal? revenue or something else?






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Jbird
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

I have a very good idea of how my own capital gains taxed at a different rate would impact me.


Well goody for you! Doesn't resolve the fact you hae no clue it's effect on the country.






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DapperDan
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

the impact on the middle class would not be radical.

laughable. That aside. Since you advocate equal treatment of ordinary income and capital gains, I assume you agree that losses should be deductions against income. I mean, if you are going to be consistent, right?






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Rex
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

I assume you agree that losses should be deductions against income. I mean, if you are going to be consistent, right?

Yes, I've already said that.






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DapperDan
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

Yes, I've already said that.


Then revenue certainly isn't your main concern. I'm in for your plan. Lets treat them the exact same. Revenue will drop, the rich get richer and the middle class gets smoked.






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Rex
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

Revenue will drop

I disagree. So does Warren Buffett.






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NC_Tigah
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

the impact on the middle class would not be radical.
Rex, there would certainly be a negative impact on market volatility. The only question is as to the degree.
Holdings would shift toward short term and/or day trading, etc.
Capital would exit US markets in search of relative tax havens.






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DapperDan
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

So does Warren Buffett.


Has Warren Buffet said to treat them the same. (give deductions for cap. losses)? If so, I haven't seen it . link please.






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Jbird
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re: The "rich" need to pay their "fair share"! How, exactly?


Warren of course, the only voice of reason, he would neer advance a plan that helps himself no would he?





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Rex
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re: The "rich" need to pay their "fair share"! How, exactly?


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Has Warren Buffet said to treat them the same.

Losses are already deducted from gains for taxation. My reference to Warren Buffett was in line with his public statements that his own investment decisions are never affected by capital gains tax rates.






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DapperDan
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

Losses are already deducted from gains for taxation
don't be obtuse. has he said losses would be deductible from ordinary income?

quote:

My reference to Warren Buffett was in line with his public statements that his own investment decisions are never affected by capital gains tax rates.


Oh. so you were taking liberties when you claimed Buffett said revenue would not dcrease if losses were deductions against income. got it.



This post was edited on 11/24 at 12:22 pm


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JohnnyKilroy
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

I disagree. So does Warren Buffett.


Yea because frick history amirite?






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Rex
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re: The "rich" need to pay their "fair share"! How, exactly?


I've already explained it... don't know what more you want.






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DapperDan
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re: The "rich" need to pay their "fair share"! How, exactly?


quote:

I've already explained it... don't know what more you want.


But you haven't. The plan you describe will kill revenue. I commend you for being consistent in saying that the two types of income should be treated the exact same. However, in doing that you necessarily allow for capital losses to be a deduction against personal income. This will destroy revenue. Buffet has not said otherwise because that would be moronic. So....if revenue isn't your ultimate goal, what is? (just say it....you will feel better)



This post was edited on 11/24 at 12:27 pm


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Rex
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re: The "rich" need to pay their "fair share"! How, exactly?


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The plan you describe will kill revenue.

No, it wouldn't.






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