GregD wrote: BillyBob66 wrote:
Because everyone in the US is a roofer in Mississippi?
I'm sure you did not get that from what I said. ...
People at my income level and above will do just fine if their tax rates don't change or even go up. Maybe they won't get to retire quite as early as otherwise, but their lifestyle isn't going to suffer. Even though it may not eliminate the current federal budget deficit, it will certainly help.
Notice that people like me don't need to work a second job to make ends meet. We typically hire people (often at particularly low wages because the people are illegal aliens) to mow our lawns and clean our toilets. There is nothing wrong with that at all (provided we pay fair wages). But don't conflate the situation of people like me with the situation of your daughter; they simply aren't the same.
Your entire argument favors those with money at the expense of those with none.
Regarding capital gains: The reward one earns by risking their money is the return on the investment. But no, you want even more reward - a preferred tax rate. If you want that buy municipal bonds.
Even Warren Buffett asserts that it is unconscionable that his effective tax rate is less than his secretary's (whose salary is nominally middle-class).
Yet again, I have to say: you did not get that from what I said. In what way did I "conflate the situation of people like me with the situation of your daughter; they simply aren't the same.". Very very obviously, my daughters situation is not the same as yours. You have a lot, she does not unless her parents give it to her. What would make you think that I was saying her situation was like yours? She certainly has no luxuries or retirement to speak of even at age 48(having made some poor choices and had some bad luck) unless we supply them. If you increase my taxes, we will be less able to do so.
But there is ONE way ( out of many that could be considered) in which her situation, and that of every other wage earning American, is very much like yours
: if she earns more money from a job or 2 jobs, she pays an ever increasing percentage of that money into taxes. If she doubles her money, it is guaranteed she will more than double her taxes. Your situation and her situation are identical in that way, don't you agree?
"Regarding capital gains: The reward one earns by risking their money is the return on the investment. But no, you want even more reward - a preferred tax rate. If you want that buy municipal bonds.".
Exactly what I said. The reward is the return, which might be zero or even a loss, and the risk is taken with already taxed money that the common man may have, miraculously, had left over after taxes and living expenses. But even though millions of Americans risk their already taxed left over money investing in American companies or maybe even cities(mun. bonds), you are not satisfied with 15% of their gains if the should be so lucky as to have a gain, you want more, right? And BTW, even municipal bonds are not risk free, people have and do lose money on those when the tax and spend more than they collect in taxes cities go bust. Which has been known to happen, and will happen again in the future. Anyway, why should there be a favored tax rate for mun. bonds and not other taxes? Because the government wants to encourage you to put their money at risk with them, but no private company should have that privilege?
"Even Warren Buffett asserts that it is unconscionable". This is a very common syndrome. Rich liberals feel guilty about what they have accomplished, or what some one else has accomplished and left to them. They respond to this guilt by wanting all the hard working people to pay more taxes, to give more to the government who can pay more for prisoner's sex change procedures. Instead of just giving all of their excess money to the poor or even the government, they always want me to pay more taxes. Even though they know it will never be able to overcome the amount the government wants to spend, they always want me to pay more. Here is a governments plan to invest, always the same: Bill and the other folks must pay up. Whatever they come up with, I (and millions like me) must pay. That is the plan! They can always find something else to "invest" my money in. And every one else's money! You earn it, or you risk it after earning it, they take it, that is the plan.
As Margaret Thatcher supposedly once said, "The trouble with socialism is that sooner or later, you run out of other peoples money".
Rom8:21the creation itself also will be set free from its slavery to corruption23..but..we ourselves, having the first fruits of the Spirit.. groan within ourselves, waiting eagerly for our adoption as sons, the redemption of our body