Blame the Rich..

[Jhhnn]

The rich "investor class" does pay more, the tax breaks ended and now we pay nearly 40% (in cap gains) in federal taxes alone, which are some of the highest in the world.

You really need to source & link such claims.

This would seem to contradict it entirely-

http://www.nerdwallet.com/blog/inve...-rates-fiscal-cliff-38-net-investment-income/

I already knew that, & I'm not claiming to be much of an investor.

 

[brianmanahan]

If free market capitalism is so great, why does it fail so spectacularly?

it's doing a lot better than socialism or communism

 

[Incorruptible]

As if your ideological blinders even begin to allow you to comprehend Reich, let alone criticize him.



Of course govt has the constitutional right to redistribute wealth & income. It's been that way for a very long time. Witness progressive income taxes & estate taxes.

Socialism is a failure? Back in the 30's, the New Deal was what they could figure out to do to clean up the wreckage left behind in the collapse of of financialized free market capitalism. Some of it survives today.

We're in the same clean up mode today, just with different programs, more effective, I think.

Our mistake was in letting go of the New Deal headset, not wearing it in the first place.

If free market capitalism is so great, why does it fail so spectacularly?

You're a moron and a pathetic excuse for a human being. Capitalism is superior to socialism.

The US doesn't have free market Capitalism now. Are you really this stupid?

It sounds like you got your ass kicked by some Capitalists and hold a grudge over it.

 

[Jhhnn]

it's doing a lot better than socialism or communism

Our system has capitalistic & socialistic elements. Which of them fell apart in 1929 & 2008? What was that bailout all about, anyway?

 

[Incorruptible]

Our system has capitalistic & socialistic elements. Which of them fell apart in 1929 & 2008? What was that bailout all about, anyway?

I already said that there isn't full Capitalism. Are you really this ignorant or are you just trolling? Capitalism doesn't have taxpayer bailouts. That was crony Capitalism.

 

[brianmanahan]

Our system has capitalistic & socialistic elements. Which of them fell apart in 1929 & 2008? What was that bailout all about, anyway?

i dunno, 2008 wasnt that bad, i made money on it.

 

[highland145]

Our system has capitalistic & socialistic elements. Which of them fell apart in 1929 & 2008? What was that bailout all about, anyway?

Ahh, the one where the finance people paid back their loans, with interest rates set by the government? And the government made $$. They sky must be falling...but wait...the same one where GM/Freddie/Fannie effed the taxpayers? That one?

 

[Incorruptible]

Our system has capitalistic & socialistic elements. Which of them fell apart in 1929 & 2008? What was that bailout all about, anyway?

That's not Capitalism you liberal moron. Government forcing banks to give loans to people who can't afford them. Government bailing out banks with tax dollars. Sure sounds like big government failure.

Now STFU with your talking points.

 

[MagickMan]

You really need to source & link such claims.

This would seem to contradict it entirely-

http://www.nerdwallet.com/blog/inve...-rates-fiscal-cliff-38-net-investment-income/

I already knew that, & I'm not claiming to be much of an investor.

You think they're all long term gains? Hardly. Short term gains are taxed at the highest rate for top earners.

 

[SparkyJJO]

Our system has capitalistic & socialistic elements. Which of them fell apart in 1929 & 2008? What was that bailout all about, anyway?

If you think capitalism and government bailing banks out have anything in common, I have a bridge to sell you.

Capitalism would have said let those banks fail. Oh no, the politicians though couldn't have that!

 

[Matt1970]

Our system has capitalistic & socialistic elements. Which of them fell apart in 1929 & 2008? What was that bailout all about, anyway?

You want to make it contest between the two? You know god damn well that socialism is heavily dependent on someone else first creating the wealth. Without wealth you have nothing to spread around.

 

[Jhhnn]

Ahh, the one where the finance people paid back their loans, with interest rates set by the government? And the government made $$. They sky must be falling...but wait...the same one where GM/Freddie/Fannie effed the taxpayers? That one?

Yeh, that one, what the Bush Admin had to do to avert financial meltdown.

 

[Jhhnn]

You think they're all long term gains? Hardly. Short term gains are taxed at the highest rate for top earners.

Only for that portion of income above $400K single & $450K couple. Which isn't really what you claimed, at all-

The rich "investor class" does pay more, the tax breaks ended and now we pay nearly 40% (in cap gains) in federal taxes alone, which are some of the highest in the world.

GWB era rates were preserved for incomes under $400K, which most likely includes you.

http://taxfoundation.org/blog/2013-tax-brackets

 

[brianmanahan]

lower LTCG tax is an incentive to invest and save for the long term

 

[Zaap]

You want to make it contest between the two? You know god damn well that socialism is heavily dependent on someone else first creating the wealth. Without wealth you have nothing to spread around.

Yeah, socialism only works when Sugar Daddy Capitalism is footing the bills.

 

[MagickMan]

Only for that portion of income above $400K single & $450K couple. Which isn't really what you claimed, at all-



GWB era rates were preserved for incomes under $400K, which most likely includes you.

http://taxfoundation.org/blog/2013-tax-brackets

I said what I said, my taxes went up dramatically. The "rich investor class" is around a $1M /yr "buy-in", most of the best managers won't even pick up your account if your portfolio is generating less.

 

[highland145]

Yeh, that one, what the Bush Admin had to do to avert financial meltdown.

But, but, buu...no wait...:hmm:

Economists way smarter than me said it had to be done, not the GM/Fannie/Freddie give away, and it worked and the government made $$.

And, yes, some assholes should have gone to jail over it but might ($$) makes right.

 

[Jhhnn]

I said what I said, my taxes went up dramatically. The "rich investor class" is around a $1M /yr "buy-in", most of the best managers won't even pick up your account if your portfolio is generating less.

And you exaggerate grievously. How can your taxes on capital gains have gone up dramatically when they only went up a small % on income over $400K or $450K? Even with an enormous investment income, taxes can't be said to have increased by that full amount.

If Mitt's income taxes went from 13% to 18%, highly unlikely, that could be said to be "dramatic", but it doesn't make any difference to him other than on paper. It won't change his lifestyle in the slightest. If you are who you claim to be, the changes won't affect yours either.

 

[Jhhnn]

But, but, buu...no wait...:hmm:

Economists way smarter than me said it had to be done, not the GM/Fannie/Freddie give away, and it worked and the government made $$.

And, yes, some assholes should have gone to jail over it but might ($$) makes right.

None of which contradicts what I offered, no matter how badly you might want it to.

 

[highland145]

None of which contradicts what I offered, no matter how badly you might want it to.

:\ What makes you think I'm contradicting you and that I want to that badly?


Are people watching you?

 

[MagickMan]

And you exaggerate grievously. How can your taxes on capital gains have gone up dramatically when they only went up a small % on income over $400K or $450K? Even with an enormous investment income, taxes can't be said to have increased by that full amount.

If Mitt's income taxes went from 13% to 18%, highly unlikely, that could be said to be "dramatic", but it doesn't make any difference to him other than on paper. It won't change his lifestyle in the slightest. If you are who you claim to be, the changes won't affect yours either.

My portfolio made some large transitions, I didn't benefit from "long term" securities, because I didn't own them long term. Is that somehow difficult to understand? :\

Who's talking about "lifestyle differences"? I live well below where I could, because I'm not a spendthrift. What does that have to do with anything?

 

[Jhhnn]

My portfolio made some large transitions, I didn't benefit from "long term" securities, because I didn't own them long term. Is that somehow difficult to understand? :\

So, uhh, you paid earned income rates that haven't changed on amounts under $400-$450K, correct?

Who's talking about "lifestyle differences"? I live well below where I could, because I'm not a spendthrift. What does that have to do with anything?

It has to do with your ability to pay taxes rather painlessly, even as you whine as if that weren't true.

Median families are dying to pay big taxes on big money because they lack the sense of entitlement enjoyed by all too many people who do. They also know that it's the bottom line that counts, no matter how you get there.

 

[MagickMan]

So, uhh, you paid earned income rates that haven't changed on amounts under $400-$450K, correct?

Rates did change, especially short-term cap gains, which represented the highest portion of our income. Due to new limitations on some deductions, as well the expiration of others, effectively more tax is paid, even on the first 450k. I've not seen the final numbers, since I don't do my own taxes, but according to my accountant it will be more.

It has to do with your ability to pay taxes rather painlessly, even as you whine as if that weren't true.

Median families are dying to pay big taxes on big money because they lack the sense of entitlement enjoyed by all too many people who do. They also know that it's the bottom line that counts, no matter how you get there.

So you're saying people should pay taxes until it "hurts"? Of course I feel entitled to it, it's my money. What property you own is yours, should other people have a right to do what they want with it, even if you aren't actively making use of it at the time?