Five Reasons To End Capital Gains Tax...
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Bridgework

Olathe, KS

#21 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.
35% is the top marginal rate and not the entire tax rate. Also the FIT average rate in the US is 12%.

Since: Sep 11

Rogers, MN

#22 Oct 8, 2012
Bridgework wrote:
<quoted text>
35% is the top marginal rate and not the entire tax rate. Also the FIT average rate in the US is 12%.
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

sorry, forgot to add the link

and 35% is not marginal...it's robbery.
Smart Liberal

Minneapolis, MN

#23 Oct 8, 2012
This isnít a stop-the-presses new piece of information to people paying attention ó 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.
Smart Liberal

Minneapolis, MN

#24 Oct 9, 2012
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.
El Rushbo

Minneapolis, MN

#25 Oct 10, 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.
'

Just don't mess with our captial gains tax and loopholes!

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