Obama threatened capital gains increase - Page 2

MSOsr · 11-07-08, 10:40

If you have a long term capital gain in a particular stock, aren't you more likely to sell and take your profits now rather than take them next year and pay possibly more than 2Xs the taxes on the gain?

Mike (thought most investors were economically rational)

Bunky · 11-07-08, 01:56

Quote:

Originally Posted by mobenzowner

I suppose capital gains tax hikes are part of his plan to "spread the wealth".

This country has been spreading the wealth ever since it was founded so no one should be surprised. If we went to a per person tax (same rate for everyone), I suspect a few of you would complain.

When it comes to taxes, the wealthy pay a lot but they pay the least percentage thanks to all the loopholes. It is those in the 200k to 400k that probably pay the most since they earn most money through normal income.

Accumulator · 11-07-08, 03:49

Quote:

Originally Posted by MSOsr

If you have a long term capital gain in a particular stock, aren't you more likely to sell and take your profits now rather than take them next year and pay possibly more than 2Xs the taxes on the gain?

It's something to factor in, but it's not the *only* thing I'll consider when debating when to sell an appreciated holding.

MSOsr · 11-07-08, 03:59

Wasn't the initial income tax like 2 or 3% for everyone? When did it become "unchallengable" that we had to have a progressive income tax? With 50% of Americans paying no income taxes, haven't we lost our way as far as "fairness" is concerned?

Mike (if everyone paid the same percentage, the "rich" would still pay WAY MORE dollars than the "working poor")

qwertydude · 11-07-08, 11:17

The problem is also trying to find a balance with fairness and equality. If we were all equal we'd be all making the same amount of money and paying the same tax. We are not all equal so we must at least be fair.

Think about how much a less well to do person struggles, less taxes for him will allow that person a better chance to succeed into the american dream of joining the middle class or better. But if you haven't lived in the shoes of a poor person how can you possibly realize that 15-20 extra dollars out of your paycheck means you're that much closer to being evicted from your apartment.

Lumadar · 11-08-08, 04:09

Quote:

Originally Posted by Bunky

This country has been spreading the wealth ever since it was founded so no one should be surprised. If we went to a per person tax (same rate for everyone), I suspect a few of you would complain.

When it comes to taxes, the wealthy pay a lot *the most actually*. It is those in the 200k to 400k that probably pay the most since they earn most money through normal income.

There, I fixed that for you.

The top 50% of wage earners pay 96.03% of the country's income tax.

The top 10% pay 64.89%

The top 5% pay 53.25%

THE TOP 1% of wage earners pay TEN TIMES the federal income tax as the bottom 50%.

This doesn't even account for how much income the IRS generates from capital gains tax from the wealthy.

Furthermore, to address your "loophole" comment, the average tax rate for the "wealthy" aka the top 1% wage earners is actually 27%~

IMO, I think the wealthy pay enough taxes for this country as it is.

Here's some interesting info on taxes in America.

Guess Who Really Pays the Taxes — The American, A Magazine of Ideas

tsantoro · 11-08-08, 05:03

Welcome to socialism boys! Many who voted for Obama will suffer "buyer's remorse" once they find out what he really has in store for honest, hard-working, tax-paying, play- by-the rules Americans.

Bunky · 11-08-08, 05:28

If you guys really want change vote out your incumbent congressman and senators.

Let's take West Virginia. This state has voted republican for president yet continues to elect Byrd (porkbarrel for office). Even Ted Stevens was narrowly ahead in Alaska despite a conviction. This says something about Alaskan voters. Why did we give aid to hurricane victims in Texas? They do not like the federal goverment. They should have said no thanks and let the gov't tave the money. Why get the refineries online? It is a free market. People should pay whatever the oil companies want? Price gouging? That is capitalism... that is how it works.

That is, many Americans talk out of both sides of their mouths.

artm3 · 11-08-08, 05:41

the market went up despite a very negative jobs report...

artm3 · 11-08-08, 05:42

the top 5% pay 50% of the taxes but earn 70% of the income, so they do not pay their proportionally fair share

also the top 5% make 5 times the average wage, so their rate shouldn't be linear, it should be exponential...

jdoria · 11-08-08, 05:46

Interesting Wall St. perspective:

I was on the 5 train going to Wall St at 7am Thursday. 2 guys were talking next to me. Interesting exchange.

Guy 1: "I'm tired man, I got so drunk last night".

Guy2: "Were you out with clients?"

Guy 1: "Clients, what are clients? We'll all be lucky just to be alive in 6 months after this election"

Guy 2: "Yeah I know. If you are 19 years old or a mega-movie star that could pack up and go to France in a fk-ing heartbeat, Obama is your man!"

Guy 3: - not in the conversation, but overhearing them as I was: "You aren't kidding".

artm3 · 11-08-08, 06:03

those that think leaving the Country over this is a solution...
1 you are not Patriots
2 don't let the door hit you in the ***
3 we'll be better off without you

we'll all be dead in 6 months? psycho babble

reminds me of South Park this week
all the mccain people were off'ing themselves and building bunkers...
but when they looked, nothing changed...

all the obama supporters, partying, etc.
lost their jobs because they didn't show up for work and blamed obama...

people amuse me...
people making 50k/yr worrying about the 200k+ tax bracket, lol