Yeah there is a debate to be had about whether capital gains should be given some kind of tax deduction, and if so how much; the “pro” theory being that it encourages long term investment. The “anti” argument being that the income is somehow “unearned” and therefore deserves unfavorable treatment.
1 million/year seems like a nice round threshold, but do you realize that when you compare San Francisco to Tulsa, that number means two completely different things?
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Alternate Minimum Tax A-M-T, repeat it a few times and then look it up. It’s the rule that says that things like mortgage interest and property tax deduction slowly disappear as you become wealthy.
While we’re at it, let’s not say that failing to take money from one person is the same thing as giving money to another. Let’s remember that we have an extremely progressive tax system where the top 10% of earners pay 70% of all income tax.
There is a difference between income and wealth - which the video very neatly blurs.
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Yeah, I know. But its fair. If some rich fuck really cares to pay less property tax or get a deduction for his interest he’s free to buy a smaller house.
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No it isn’t.
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There is a jump in the tax rate for upper middle class earners, but they only pay that additional percentage on the overage of their salary past the lower rate;
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The wealthiest people earn most of their “income” via investments, which is taxed at a LOWER rate.
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You know, usually we get a few posts in before someone starts spewing this kind of garbage. You’re fast on the draw today, I’ll give you that. Now, where did I put my temporarily embarrassed millionaire bingo card?
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the income is somehow “unearned” and therefore deserves unfavorable treatment.
FTFY
It is unearned. The price is a function of legal rules and policy not whether anyone deserves to be paid or not.
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Mitt Romney pays less in taxes than most of us, I’d wager (at least percentage of his income, much of which come from investments).
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Did they steal your lunch money? Do you think maybe the way you deliver pedantic diatribes might be part of why some people respond to you in ways you don’t like?
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See, I didn’t say I didn’t like it. I’m amused by it. Otherwise, I wouldn’t be here.
Yes, it’s true that people who dislike pedants and smartass diatribes will probably dislike me.[1]
All the school bullies certainly did. (Though they didn’t steal my lunch money.)
But this is the internet, so the would-be bullies can’t resort to punching me when their angry sarcastic dismissiveness gets nothing but a poorly stifled laugh, so it’s a big improvement over school days. (-:
[1] Though that had nothing to with my presence on The List, which was quite literally a misinterpretation by someone apparently eager to add a new name. They thought I was saying something other than what I said. Is all.
See? Even footnotes. You want pedantic, we got pedantic. (-:
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a tax incentive very much is a subsidy. Call it what you will, but call it regressive as fuck along the way
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What about if I am happy to pay my fair share for civilization, and expect you to as well, without the whinging or the high horsemanship?
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Hmmm… That rather implies that everyone who dislikes you is a “bully.”
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BUT JOB CREATORS! /s
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Have you ever wondered if you’re the presumptuous one?
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I wouldn’t say that investment income is unearned, because it is capital that is put at risk to
invest in some enterprise that may or may not return a profit.
It makes sense to have our society encourage this kind of use of capital, by taxing it favorably as compared to ordinary income, as it promotes investment and risk taking in building new kinds of value (commercializing new inventions, investing in capital expenses for factories or other money-sinks with risk and delayed reward ) for the long term by people.
Yes, that misquote is inevitable in these conversations. You can stop lying about that whenever you’re ready to face facts. Or just keep lying. Whatevz.
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I’m amused by it.
Certainly I take all my amusements so personally.
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and if it does not make a profit it is untaxed. In fact it’s a write off.
If it does make money it IS taxed, at a rate much less than labor is. That seems fair /s
(if you have the capital and no shame, a LOT makes sense).
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