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Trickle-down Obama

Races for the Senate, U.S. House, etc. and other issues of national importance.

Re: Trickle-down Obama

Postby rabble » Thu Jul 12, 2012 1:30 pm

Francis Di Domizio wrote:
Henry Vilas wrote:Does Romney report and pay taxes the interest income he earns on his secret Swiss bank account?


Are you just worried that Romney needs to be better at keeping secrets?

Well, he IS trying to be President. If he can't hide his money away from the tax collectors, how's he going to hide the Abstinence Police and the Home Security Personal Info Data Gatherers?

Probably they'll come up with a name that creates a better acronym than HSPIDG but still, it'll have to be hid and Romney doesn't appear to be a good hider.
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Re: Trickle-down Obama

Postby wack wack » Thu Jul 12, 2012 1:32 pm

jman111 wrote:
wack wack wrote:
Francis Di Domizio wrote:Taxing income (whether it be capital gains, work income, inheritance or other) makes sense and doing so in progressive manner is a defensible position.


I think we should start reform by treating money earned by working hands much differently from income earned through investment or inheritance.

But we already do. We tax it higher in most cases, right?


I think some cases is more accurate.

If the information at the following link can be believed as factual: long term capital gains were taxed at 15% in 2012, 20% in 2013. Meanwhile, ordinary income tax brackets range from 10% to 39.6%.

http://apiexchange.com/index_main.php?id=8&idz=238
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Re: Trickle-down Obama

Postby Francis Di Domizio » Thu Jul 12, 2012 1:39 pm

jman111 wrote:
wack wack wrote:
Francis Di Domizio wrote:Taxing income (whether it be capital gains, work income, inheritance or other) makes sense and doing so in progressive manner is a defensible position.


I think we should start reform by treating money earned by working hands much differently from income earned through investment or inheritance.

But we already do. We tax it higher in most cases, right?


Short term investments are actually taxed at the same rate as regular income tax, Long term investments (longer than a year) are taxed at 15% or 0% if your regular income tax rate is 15% or less. That changes to 20% and 10% next year, with 18% and 8% for qualified five-year capital gains.

The theory of the lower tax rate for investments is that it encourages investment in the private sector, and strengthens the economy. Of course like every other tax rate the issue isn't so much the rate as that there are multiple routes to reducing your tax burden, that should be eliminated first.
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Re: Trickle-down Obama

Postby Henry Vilas » Thu Jul 12, 2012 2:21 pm

Francis Di Domizio wrote:Also can we stop pretending that any past Republican president would fit in the mold of the current Republican/Tea party?

Who's pretending? My example just pointed out that fact.
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