Do You Support a Tax Hike For The Wealthiest Americans?
- Thread starter Straight Shooter
- Start date
Rey C.
Racing is life... anything else is just waiting.
For the record, closing loopholes is exactly the same thing as "raising taxes". Whether you increase the marginal rate or close the loophole, if someone ends up paying a higher tax bill on April 15, you've (effectively) raised their taxes.
But I am more in favor of closing loopholes, because that would/should make tax avoidance more difficult for those with slick accountants.
But I am more in favor of closing loopholes, because that would/should make tax avoidance more difficult for those with slick accountants.
All that will happen if and when taxes are raised, they will claim that they didn't get enough money raised. So then they will say that the only conclusion they have left to balance the budget and bring down the debt is raised taxes on the middle class. After that consumption taxes will be raised, taxes on alcohol, cigarettes, gas and other.
xfire
New Twitter/X @cxffreeman
Close loopholes and raise the top marginal rates. Like energy, we need an "all of the above" solution.
Rey C.
Racing is life... anything else is just waiting.
Yeah, even better. And things like the carried interest provision need to be eliminated. This is something that I fully agree with Chuck Schumer on. Sen. Schumer Adamant 15% Tax On Carried Interest Be Raised To 35%
When this has been discussed here, you see so many people claiming that it's not fair to tax money managers salaries' at 35% because their salaries are based on the returns from their own invested money (which has already been taxed once). But that isn't necessarily true... not at all. Hedge and private equity funds typically charge annual 2&20 fees (2% of invested capital and 20% of the profits). And while some money managers may have some of their own capital invested in some of their funds, that's not a requirement and some of them have none of their own money invested in the funds they manage. Their salaries should be recognized as earned income. The same as anyone else. The woman who is my property manager charges percentage fees based on gross rents collected. Why does she have to declare her fee income as earned income and be taxed at a max of 35%, and a money manager on Wall St. can claim his fee income as capital gains/carried interest and be taxed at a max of 15%? Easy answer: because he and those of his ilk have Congressmen in their (deep) pockets who have conspired to give them special treatment.
Will E Worm
Conspiracy...
:goodpost:
The point is to get the debt going the other way this will take revenue as well as cuts. We should close every military base we have in Europe or Asia bring all our soldiers home where they belong get off this perpetual war footing we've been on since 1941 and cut the military budget by 50% over the next decade. Stop every form of international support militarily or financially. Its been way to long that we have tried to take care of the world. Bring it home, take care of ours, and put this country back to what it should be.
He is entitled to his opinion as much as you are,so no insults please. You don't like his opinion, fine. Then put him on ignore, plain and simple.
Typical whining
xfire
New Twitter/X @cxffreeman
The most prosperous times in American history were when the top marginal tax rates were between 70% and 90%, that is historic fact. After taxes were cut in 1980 the deficit and debt sky have skyrocketed, the income gap has risen exponentially, and the economy has gotten worse for the vast majority of Americans. Hell yeah, I support a tax hike for the top margin.
I'm sorry you feel that way. It seems we have a differing of opinions. While I disagree with your opinion you are fully entitled to it. I hope we can come around to seeing each other's viewpoint more clearly. I hope you have a nice weekend. And a belated happy new year to you and your family
Eat the Rich
