No More Corporate or Cap Gains Tax (Treas Sec O'Neil)

glenn1

Lifer
Sep 6, 2000
25,383
1,013
126
and thank goodness he's not... any tax cut is a good tax cut; whether it be corporate, personal, excise, any tax period.
 

Double Trouble

Elite Member
Oct 9, 1999
9,272
103
106
glenn1, now what did I tell ya in the other thread? You're gonna have to learn that less taxation is against the liberal mantra! No soup for you this week, go learn your lessons again :)
 

thebestMAX

Diamond Member
Sep 14, 2000
7,487
121
106
A personal capital gains tax cut would be a huge infusion of capital into the economy. How many people do not sell because of huge taxes on their gains. They took the risk in investing their money, why should Govt profit from this????

Soak the average working man???? No way, this helps him. Play the game by the rules and win.

BTW, FYI, Japan has NO capital gains tax and the highest per capita savings rate in the world despite a higher cost of living than ours.. Coincidence? I think not.
 

woodie1

Diamond Member
Mar 7, 2000
5,947
0
0
Corporations don't pay taxes. We pay them in the price of goods and services we purchase. All revenue comes from the working man/woman.
 

Sluggo

Lifer
Jun 12, 2000
15,488
5
81
Capital gains tax was SUCK from the beginning.

If you risk your money by investing it, and lose your azz, the gov't says "too damn bad."

If you risk your money by investing it, and actually make some money, the gov't comes knocking and says "we want 28% of what you made."

How in the world is that fair?
 

etech

Lifer
Oct 9, 1999
10,597
0
0
It sounds like an interesting idea to me also. Think of the wasted man hours that companies put in to filling out tax returns and figuring out ways around those taxes. It could increase the efficiency of many businesses by some small amount but added up over the entire US it could be a large boost to the economy.

Small business would have an even greater proportional savings.

Anything to simplify the collection of taxes is a good thing to be looked at.
 

thebestMAX

Diamond Member
Sep 14, 2000
7,487
121
106
Woody1-

Even if you were right, wouldnt this be a good thing for the working man, ie lower prices?

Please no rhetoric about obscene profits, etc.
 

woodie1

Diamond Member
Mar 7, 2000
5,947
0
0


<< Woody1-

Even if you were right, wouldnt this be a good thing for the working man, ie lower prices?

Please no rhetoric about obscene profits, etc.
>>



I don't understand your question...

I am saying that to think increasing the tax on corporations puts less of a tax burden on us is untrue. Increasing corporate taxes will increase the price we pay for their goods or services. If a company doesn't profit they go belly up. No matter who is sending the money in to Uncle Sam we, the working fools, are paying them.
 

MrPALCO

Banned
Nov 14, 1999
2,064
0
0


<< No More Corporate or Cap Gains Tax >>



Does the Corporation pay the tax, out of its own pocket?

Is it the customer of the Corporation that ultimately, pays the tax?

Are these customers, &quot;working men&quot;?

:)
 

XMan

Lifer
Oct 9, 1999
12,513
49
91
A personal capital gains tax cut would be a huge infusion of capital into the economy. How many people do not sell because of huge taxes on their gains. They took the risk in investing their money, why should Govt profit from this????

Preach it!!!
 

jjm

Golden Member
Oct 9, 1999
1,505
0
0
Sluggo: If you risk your money by investing it, and lose your azz, the gov't says &quot;too damn bad.&quot;

Sluggo, you won't get anyone to pay attention to your point if you tell a complete lie.

Capital losses can be used to offset capital gains, or, if there are no capital gains, they can be used to offset a certain amount of regular income each year. Unused losses can be carried forward as well.
 

Total Refected Power

Diamond Member
Oct 13, 1999
3,899
0
0
I agree with some of what he said but I am unclear with this statement:

Among other controversial ideas, Mr O'Neill questioned the the guarantees the government provides for full public subsidy of senior citizens' health care and retirement programmes. &quot;Able-bodied adults who have the ability to earn income have an obligation not to pass part of their own responsibility on to a broader population,&quot; he said.

Sounds like &quot;means-testing&quot;. Hey, give him credit, he has a lot of guts for making these statements!
 

thebestMAX

Diamond Member
Sep 14, 2000
7,487
121
106
OK -jjm, Im just playing Devils Advocate here, nothing personal.

Lowest tax bracket as of now, 15%

Make $100 they take 15. You get to keep 85.
Lose $100 they &quot;give&quot; you 15 You are still out 85.

Obviously it is better to make and give but what risk do they have? Like gambling, the house (Govt) has a big advantage. They can afford $15 a lot more than you can and you have to earn the $100 to invest by paying tax on earning it, $15, so they have no risk at all !!!
 

MrPALCO

Banned
Nov 14, 1999
2,064
0
0
A Man once said to me:

&quot;Punishing with tax, a group of men who create a Corporation, serve the community, and profit, will not ease the burden of bad life choices, you have made.&quot;

I never forgot his words.

:)
 

Taxes upon taxes upon taxes, so they cut a little off the top to make the working man have a false sense of happiness, and they govt. is still making out like a bandit.
Global sales tax is the only way it will ever be &quot;fair&quot;.

 

woodie1

Diamond Member
Mar 7, 2000
5,947
0
0


<< Excuse me, Woodie, misunderstood:eek: >>



No problem. My sentences are not the best.
 

jjm

Golden Member
Oct 9, 1999
1,505
0
0
thebestMax - I doubt that anyone in the lowest bracket will be risking much anyway.

The tax code is better than symmetrical in this case. If you have capital gains, you get a lower rate. If you have capital losses, you can eliminate all of the tax on every dollar you offset. On top of that, you can use any excess loss to cut taxes on ordinary income. Therefore, the tax code already gives special breaks to those with losses. Exactly the opposite of what Sluggo tried to imply.