re: Warren’s Wealth Tax

Dude, you - and that article - need a finance lesson.

First, Romney’s EFFECTIVE tax rate is in the teens, not his MARGINAL. Second, I would say that Gundlach is fricking himself - or, more likely, obfuscating the truth - as a manager of a fricking hedge fund that utilizes, quite literally, the exact same compensation scheme as private equity funds do (like Bain).

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For example, I think we should not have so many loopholes

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First, there is no such thing as a loophole. The Code is the Code and it is applied equally to every citizen. If there is a specific section of the Code you disagree with, that would be worth talking about. There are lots of sections of the Code I disagree with.

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The example I gave is Mitt Romney and Warren Buffett. Both CEO's of companies and pay in the teens in tax rates. Plenty of other CEOs that pay over 30%.

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So you want tax rates pegged to job titles? That’s a really strange proposal. But I respect your honesty.

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So you want tax rates pegged to job titles? That’s a really strange proposal. But I respect your honesty.

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Nice leap. Hard to have a serious conversation with you here.

I should have said plenty of other people making millions upon millions that pay over 30%. Is that more clear for ya?

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You need to read better. I said you and the article writer do, not Gundlach.

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I am specifically referring to Gundlach's quotes. I listened to an interview with him discussing it. So again, do you think you know more about taxes and finances than him?

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You still make my point. Nobody should be paying effective tax rates of 14%. I am not saying everyone should be paying 37%. 25% is way more reasonable. But, one guy making $100M shouldn't pay 14% and the other 25% because of the tax code favoring certain people over others.

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You know why capital gains are taxed differently, right?

And damn near everyone on this board is paying an effective rate in the teens or low twenties, and many lower. You’re zeroing in on one specific year for Romney - in which he was not working with Bain - to prove a point that makes zero sense because of feelings.

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You still make my point. Nobody should be paying effective tax rates of 14%. I am not saying everyone should be paying 37%. 25% is way more reasonable. But, one guy making $100M shouldn't pay 14% and the other 25% because of the tax code favoring certain people over others.

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Again, you have no point.

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I work tangentially to his world

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I see why you are so committed to the cause.

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Yes. But, if your job is capital gains then it should be taxed like ordinary income. Like investment managers of all kinds.

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And small business owners? Anyone with any equity in any company at all?

Good luck on seeing any serious new entrepreneurial business. And flight of talent to Europe and Asia (who either have low or zero cap gains). And lower tax revenue. We already have one of the highest cap gains taxes in the world.

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And small business owners? Anyone with any equity in any company at all?

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Small business owners are trading their equity regularly?

I am fine with reducing everyone else income tax too. I am just stating no way should Mittens and Buffett be paying 14% and someone with a salaried job be paying more.

Heck you can focus all your attention on climbing the corporate later and a co-worker can can just do his thing and search for rental investments and make the same money as you and pay less in taxes. Way less.

That to me just isn't fair. That is where the system needs to be fixed. And that is much more logical than a wealth tax.