Thread: Obama to target tax fairness in speech

Originally Posted by splansing

You must have missed the NUMEROUS responses to this question, which you ask like it's a spasm you can't control. For any and all specifics on what their fair share is, we have the pre-Reagan tax code.

What was more fair about it? And if the top 1% paying 40% of income taxes and the bottom 50% paying virtually nothing what would be.

Why do you have such a hard time stating what that would be?

If you aren't sure about any detail, you can refer to the appropriate section of any pre-1980 tax code and find what it is that people are advocating in this regard. Some people might direct you to look further back for what they consider fair, like the 1960's or even the 1950's, when the top tax rate was 90%.

But they didn't pay 90%.

What SHARE of income taxes is their Fair SHARE? You keep dancing around the question.

Add 20 points to the rates of every bracket over 250K and you're in the neighborhood. No capital gains crap either.

Originally Posted by splansing

What is your agenda?

My "agenda" has nothing to do with the question posed to you.

Doesn't it depend on what percentage of the nation's wealth they control?

No, wealth has nothing to do with income taxes, we don't tax wealth.

"What's their FAIR SHARE! What's their FAIR SHARE!" Jesus. Why are you here? Just to regurgitate the same simplistic silliness?

PAY THEIR FAIR SHARE, PAY THEIR FAIR SHARE, PAY THEIR FAIR SHARE, PAY THEIR FAIR SHARE, PAY THEIR FAIR SHARE, PAY THEIR FAIR SHARE Jesus why are you here? It is YOUR position that they aren't paying that is the subject here you know. YOU are the one harping on them paying their fair share not me. You can't even say what it is and what is the fair share of the bottom 50% so how can you possibly know they aren't paying it and more than their fair share now?

Originally Posted by zitiboy

Add 20 points to the rates of every bracket over 250K and you're in the neighborhood. No capital gains crap either.

And how do you know that would make it fair when you can't even say what fair is?

Originally Posted by JayDubya

Oh, so you were just trolling again, then.

What a shock, you never troll the forums.

Don't project your own actions on others - unless, of course, you are ignorant of your actions, which I suspect Trolls are.

Originally Posted by Mertex

Don't project your own actions on others - unless, of course, you are ignorant of your actions, which I suspect Trolls are.

In other words, you don't realize you're a troll. Interesting concept.

Originally Posted by Bluesguy

Capital gains are considered in the calculation for AGI which determines which income group you are in and what tax bracket you are in and what capital gains tax you will pay. The highest earners pay the highest capital gains rates just as they pay the highest earned income rates just as they pay the highest effective rates

IRS:
Capital gains and deductible capital losses are reported on Form 1040, Schedule D (PDF). If you have a net capital gain, that gain may be taxed at a lower tax rate than your ordinary income tax rates. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than the sum of your net short-term capital loss and any long-term capital loss carried over from the previous year. Generally, net capital gain is taxed at rates no higher than 15%. However, for the years 2008 through 2012, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates.
There are three exceptions where capital gains may be taxed at rates greater than 15%:

1. The taxable part of a gain from selling Section 1202 qualified small business stock is taxed at a maximum 28% rate.
2. Net capital gain from selling collectibles (such as coins or art) is taxed at a maximum 28% rate.
3. The part of any net capital gain from selling Section 1250 real property that is required to be recaptured in excess of straight-line depreciation is taxed at a maximum 25% rate.

http://www.irs.gov/taxtopics/tc409.html

Romney in his $250 million income group was able to pay at 15%.

Mitt Romneyrevealed for the first time today that his effective tax rate is “closer to 15 percent,” suggesting that he pays less in taxes than many middle income Americans despite being worth an estimated $250 million.
“What’s the effective rate I’ve been paying? It’s probably closer to the 15 percent rate than anything,” Romney said during a press conference after an early morning rally. “Because my last 10 years, I’ve…my income comes overwhelmingly from some investments made in the past, whether ordinary income or earned annually.

What Romney admitted is exactly what billionaire Warren Buffet has railed against – the fact that many multi-millionaires actually pay far less in taxes than the people who work for them.
Romney Reveals His Tax Rate Is ‘Probably Closer to 15 Percent’ - ABC News



Q: I'm concerned that a capital gain will push my other income into a higher tax bracket. Doesn't this mean the real cost of a capital gain is higher than it appears?
A: No, capital gain is "stacked" on top of your other income, so it won't push the other income up into a higher tax bracket. As we pointed out earlier, a capital gain increases your income, and that could cause you to lose a benefit somewhere. For example, your exemptions or itemized deductions might be reduced when you have a capital gain. So there can be some indirect tax costs when you have a capital gain. But your other income stays in the same bracket when you have a capital gain.
Basic Questions About Capital Gains and Losses

The fairness question today isn’t whether higher income people should be paying HIGHER rates. The fairness question today is whether higher income people should be paying LOWER rates. As the top 1% today, like Romney, pays most of their income at the 15% cap. gain flat rate.

Originally Posted by Mordent

In other words, you don't realize you're a troll. Interesting concept.

No, YOU don't.