Five Reasons To End Capital Gains Tax Breaks

Posted in the Minneapolis Forum

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Smart Liberal

Minneapolis, MN

#1 Oct 4, 2012
This isn’t a stop-the-presses new piece of information to people paying attention — the capital gains tax preferences benefit only the very rich, like Mitt Romney. But, here is a simple way to argue it.

Courtesy of the Citizens for Tax Justice:


1) The capital gains tax preference mainly benefits the richest one percent of Americans.

2) It reduces revenue, despite claims to the contrary.

3) It gives rise to tax shelters and makes the tax code overly complicated.

4) These problems will be mitigated, but certainly not eliminated, by the reform of the Hospital Insurance tax coming into effect in 2013.

5) The way to fully resolve the problems described here is to eliminate the special, low personal income tax rates for capital gains so that they are taxed just like any other income.


The full report is here: http://www.ctj.org/pdf/cgdiv2012.pdf
Fair Taxes

Saint Paul, MN

#2 Oct 8, 2012
Let's see.....

1) Capital gains are taxed at less than regular income

2) Almost all capital gains are reported by individuals with over $250,000 income

This one is a no-brainer - tax capital gains at the same rate as regular income!

Since: Sep 11

Rogers, MN

#3 Oct 8, 2012
What? 15% isn't enough for you? How much do you want? 20%, 50%, 90%? What is a "fair" rate?
Toidi Slayer

Saint Paul, MN

#4 Oct 8, 2012
The progressives would love to see a rate of about 125%. They aren't too good at math...

Since: Sep 11

Rogers, MN

#5 Oct 8, 2012
Toidi Slayer wrote:
The progressives would love to see a rate of about 125%. They aren't too good at math...
It would be so much better to switch to a flat tax on all income/profit, say about 15%, and eliminate all of this putzing about with so called "progressive" taxes and get rid of all of the exemptions, and deductions, and exceptions, and the IRS.
Duh

Saint Paul, MN

#6 Oct 8, 2012
cantmakeitup wrote:
<quoted text>
It would be so much better to switch to a flat tax on all income/profit, say about 15%, and eliminate all of this putzing about with so called "progressive" taxes and get rid of all of the exemptions, and deductions, and exceptions, and the IRS.
Right, except that America has agreed for a century now that a progressive tax is fairer.
Amused Slew

Seattle, WA

#7 Oct 8, 2012
cantmakeitup wrote:
What? 15% isn't enough for you? How much do you want? 20%, 50%, 90%? What is a "fair" rate?
Same as all income, do you hate your country and WANT IT TO FAIL, cheap bastardo ???

Since: Sep 11

Rogers, MN

#8 Oct 8, 2012
Duh wrote:
<quoted text>
Right, except that America has agreed for a century now that a progressive tax is fairer.
Consider the fact that it is the members of the 1% crowd that make those tax laws and make it possible for themselves to evade most of the "progressive" taxes. That so called "agreement" you mentioned was never put to the majority of Americans. Only to their elected representatives who are almost all above that $250,000 threshold. Do you really think they would or have ever voted to raise their own taxes?
Amused Slew

Seattle, WA

#9 Oct 8, 2012
Poor cantgetitup, part of the problem, so you contribute to stalemate...
The Truth

Saint Paul, MN

#10 Oct 8, 2012
Between 1954 and 2003, capital gains taxes ranged from 20% and 39.875%. We lowered them allegedly to spur economic growth.

Well it's obvious that didn't work. We show raise capital gains back to at least 25%.

Since: Sep 11

Rogers, MN

#11 Oct 8, 2012
Amused Slew wrote:
<quoted text>Same as all income, do you hate your country and WANT IT TO FAIL, cheap bastardo ???
Deny, defer, deflect, deceive, deride, disparage, disdain, dodge. Oh, and plagiarize.

Since: Sep 11

Rogers, MN

#12 Oct 8, 2012
The Truth wrote:
Between 1954 and 2003, capital gains taxes ranged from 20% and 39.875%. We lowered them allegedly to spur economic growth.
Well it's obvious that didn't work. We show raise capital gains back to at least 25%.
Taxing any form of income or profit at a rate above 10 or 15 percent is taxation without representation. The governments needs to stop spending so much on so little that we don't need.

•$75,000 to promote awareness about the role Michigan plays in producing Christmas trees & poinsettias.

•$15.3 million for one of the infamous Bridges to Nowhere in Alaska.

•$113,227 for video game preservation center in New York.

•$550,000 for a documentary about how rock music contributed to the collapse of the Soviet Union.

•$48,700 for 2nd annual Hawaii Chocolate Festival, to promote Hawaii's chocolate industry.

•$350,000 to support an International Art Exhibition in Venice, Italy.

•$10 million for a remake of "Sesame Street" for Pakistan.

•$35 million allocated for political party conventions in 2012.

•$765,828 to subsidize "pancakes for yuppies" in the nation's capital.

•$764,825 to study how college students use mobile devices for social networking.

Read more: http://www.americanthinker.com/blog/2011/12/c...

http://www.coburn.senate.gov/public//index.cf...

Read the document for yourself.
The Truth

Saint Paul, MN

#13 Oct 8, 2012
cantmakeitup wrote:
<quoted text>
Deny, defer, deflect, deceive, deride, disparage, disdain, dodge. Oh, and plagiarize.
You can't do anything besides attack???

Typical teabagger.
Toidi Slayer

Saint Paul, MN

#14 Oct 8, 2012
The Truth wrote:
<quoted text>
You can't do anything besides attack???
Typical teabagger.
Can't you do anything besides deny, defer, deflect, deceive, deride, disparage, disdain and dodge? The undecided voters aren't as gullible or Slewpid as the left - they understand your methods.

Since: Sep 11

Rogers, MN

#15 Oct 8, 2012
The Truth wrote:
<quoted text>
You can't do anything besides attack???
Typical teabagger.
pot/kettle
progressive liberal

Saint Paul, MN

#16 Oct 8, 2012
Sixth Reason To End Capital Gains Tax Breaks...

6) Class envy and hatred.
Bridgework

Lincoln, NE

#17 Oct 8, 2012
cantmakeitup wrote:
<quoted text>
Consider the fact that it is the members of the 1% crowd that make those tax laws and make it possible for themselves to evade most of the "progressive" taxes.
You know that is just not true.

The top 1% paid 36.7 percent of all federal individual income taxes.

http://taxfoundation.org/article/summary-late...

The top 1% paid an effective 24% rate.

http://money.cnn.com/2012/08/30/pf/taxes/rich...
Teddy

United States

#18 Oct 8, 2012
Reagan and Clinton both cut capital gains and together created over 40 million jobs.

How does that sound in a jobless Obamanomics with 47 million on food stamps?

Since: Sep 11

Rogers, MN

#19 Oct 8, 2012
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

According to the IRS, the tax rate for anyone over $379,150.00 (which hardly qualifies as rich) is 35%.

So if they paid an effective rate of 24%, they obviously found ways (exemptions, deductions, wrtie offs, etc) to reduce their tax rate by almost 30%. That's why a flat tax would actually be fair, as opposed to this progressive nonsense which is really not all that progressive.

So in other words, when congress says they will raise taxes on "the rich",(most of whom are, indeed, rich) they are lying. And I agree that the rich pay enough already. Revenue is not our issue, spending is.
fixed income

Saint Paul, MN

#20 Oct 8, 2012
cantmakeitup wrote:
http://www.irs.gov/pub/irs-pdf /i1040tt.pdf
According to the IRS, the tax rate for anyone over $379,150.00 (which hardly qualifies as rich) is 35%.
So if they paid an effective rate of 24%, they obviously found ways (exemptions, deductions, wrtie offs, etc) to reduce their tax rate by almost 30%. That's why a flat tax would actually be fair, as opposed to this progressive nonsense which is really not all that progressive.
So in other words, when congress says they will raise taxes on "the rich",(most of whom are, indeed, rich) they are lying. And I agree that the rich pay enough already. Revenue is not our issue, spending is.
In Obamaland anyone making over 40K per year is considered rich.

Just look at what he's done to gas and grocery store prices since he's taken office.

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