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Do you know the difference between taxes on income and capital gains?

Gracie - Proud Conservative 2012/01/25 03:16:13
I know that President Obama needs stupid people. So, do you know why Warren Buffett's secretary pays a larger percentage than he does? Do you know the difference between taxes on income and taxes on capital gains?
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  • Classic... Gracie ... 2012/01/26 02:51:45
    Classical Liberal
    +1
    Indeed. I am suspicious that his "Rights of Man" may not have been written completely by him, though. Some of the demands contained within were not consistent with his previous positions.
  • Gracie ... Classic... 2012/01/26 05:04:18
    Gracie - Proud Conservative
    I can only imagine that circumstances can change your positions. The more history I read the more I realize just how weak we are. And that would be an understatement.
  • Classic... Gracie ... 2012/01/26 05:16:29
    Classical Liberal
    +1
    Perhaps. Jefferson could never quite make up his mind on whether or not he should free his slaves.
  • Gracie ... Classic... 2012/01/26 05:18:54
    Gracie - Proud Conservative
    I'm not a big Jefferson fan. I think Hamilton was perhaps the most fascinating. His life was so extraordinary.
  • Classic... Gracie ... 2012/01/26 05:25:39
    Classical Liberal
    +1
    I'm not a fan of central banks, he was, so I've never cared for him much.

    He sure knew his place during the war, though. Refused invitations from everybody up until Washington to leave the front lines.
  • Gracie ... Classic... 2012/01/26 05:34:38
    Gracie - Proud Conservative
    +1
    It's not that I agree with all of his policies at all. He wanted to make Washington a king. He was a big government kind of guy for the time. It's more about his ambition and how much he accomplished. He basically created the structure of the government. Those guys wrote and accomplished more while having yellow fever than we can do in the electronic age. They were amazing.
  • La Classic... 2012/01/25 23:21:19
    La
    I do not support socialism but from my understanding, taxation was never considered un-American. Taxation /without representation/ was the problem. Please explain how taxation is un-American? You must see that it's necessary, although of course endless argument can be made about how low/high the taxes should be, what should be taxed, etc. Every country in the world uses taxation.
  • Classic... La 2012/01/26 00:12:06 (edited)
    Classical Liberal
    It is not the matter of generating revenue, but the means.
    As an example, our federal government's second piece of legislation, the first which raised any revenue, was an external duty (or Tariff) known as the "Hamilton Tariff" or the "Tariff of 1789".
    http://en.wikipedia.org/wiki/...

    Most Tariffs should rightly be opposed as they are used as means of protecting domestic businesses from foreign competitors (violating free market principles) rather than for raising revenue. But I agree with the founders' decision that this was a suitable means of generating revenue.

    Of course, this was only possible with a small government which existed within the confines of the constitution. Our government requires something capable of raising more revenue, unfortunately.

    Thomas Jefferson opposed poll taxes (each individual is taxed a specific, fixed amount), land rents (property taxes), and income taxes (either flat or progressive) in favor of duties on merchandise; because it removes the burden from the producer/worker and places it instead on the consumer; and because it is essentially a payment for the market protections provided by the existence of the government.
    There is currently a revenue-neutral plan for such a system that would eliminate payroll taxes, corporate taxes, and income taxes; ...

    It is not the matter of generating revenue, but the means.
    As an example, our federal government's second piece of legislation, the first which raised any revenue, was an external duty (or Tariff) known as the "Hamilton Tariff" or the "Tariff of 1789".
    http://en.wikipedia.org/wiki/...

    Most Tariffs should rightly be opposed as they are used as means of protecting domestic businesses from foreign competitors (violating free market principles) rather than for raising revenue. But I agree with the founders' decision that this was a suitable means of generating revenue.

    Of course, this was only possible with a small government which existed within the confines of the constitution. Our government requires something capable of raising more revenue, unfortunately.

    Thomas Jefferson opposed poll taxes (each individual is taxed a specific, fixed amount), land rents (property taxes), and income taxes (either flat or progressive) in favor of duties on merchandise; because it removes the burden from the producer/worker and places it instead on the consumer; and because it is essentially a payment for the market protections provided by the existence of the government.
    There is currently a revenue-neutral plan for such a system that would eliminate payroll taxes, corporate taxes, and income taxes; but it hasn't seen much support.

    Tariffs and consumption/sales taxes are the only two types of taxes allowed in the original text of the constitution. The income tax required the passage of the rather ambiguously worded 16th Amendment.
    (more)
  • La Classic... 2012/01/26 12:21:46
    La
    *shrug* GST is still a type of tax, so you can't claim that taxation is un-American. At best, you can claim that income tax/property tax is unconstitutional, although clearly your courts don't agree with you....
  • Justin.Long 2012/01/25 16:23:17
    Justin.Long
    +1
    I do but too bad most dont
  • bob 2012/01/25 15:44:21
    bob
    +2
    There should be no difference between taxes on income and capital gains taxes. They should be charged at the same rate of tax. Many of the wealthy live off of capital gains, including Vulture Capitalist who are destroying American Business and American Jobs.
  • Gracie ... bob 2012/01/25 17:38:12
    Gracie - Proud Conservative
    +1
    That's why there would be no wealth in a socialist state.
  • Ms. Mom - profits employ, t... 2012/01/25 14:29:29
    Ms. Mom - profits employ, taxes destroy
    +1
    Too bad obama does not! How dishonest of a president to pretend capital gains taxes are equivalent to income tax!
  • Gracie ... Ms. Mom... 2012/01/25 17:38:58
    Gracie - Proud Conservative
    +1
    And the media who perpetuates the fraud.
  • Ms. Mom... Gracie ... 2012/01/25 18:35:00 (edited)
    Ms. Mom - profits employ, taxes destroy
    +1
    Leave it to obama to tell people that those who earn money (taxed) and then invest it (taxed) are not paying 'their fair share'
  • Gracie ... Ms. Mom... 2012/01/25 23:09:13
    Gracie - Proud Conservative
    +1
    How else is he going to get votes?
  • Ms. Mom... Gracie ... 2012/01/25 23:16:43
    Ms. Mom - profits employ, taxes destroy
    +1
    That's right. Beg, Borrow, and Steal!

    Now that is the obama campaign slogan... ! I am surprised no one has used it yet.
  • Gracie ... Ms. Mom... 2012/01/25 23:27:10
    Gracie - Proud Conservative
    +1
    Maybe you could send it to them....it's very fitting!
  • Ms. Mom... Gracie ... 2012/01/25 23:33:51 (edited)
    Ms. Mom - profits employ, taxes destroy
    +1
    I have finally nailed the obama strategy and how to present it to the 99ers.... I am sending it to my candidate.!!

    No one has picked up on it... obama wants to kill the upper middle class... Why?

    Because in a 'free' society 'rich' people become 'poor' and 'poor' people become 'rich'... In fact, this year, 67% of the bottom 50% moved from the bottom and became 'richer'....

    OBAMA'S WORLD CAN'T HAVE THAT! His elitist friends must remain rich.... and the bottom suckers... well.... keep sucking up!
  • Gracie ... Ms. Mom... 2012/01/25 23:38:49
    Gracie - Proud Conservative
    +1
    You've got that right! It's a redistribution of wealth but it's going from the producers to the ruling elite, aka his friends.
  • Ms. Mom... Gracie ... 2012/01/25 23:42:20 (edited)
    Ms. Mom - profits employ, taxes destroy
    +1
    But, you see no one talks about how in a "free" society 'rich' people become "poor" and "poor" people become "rich"... The stats through this year prove this out... later it won't because of obama.

    If obama can eliminate the transition between the haves and the have nots... then he is done! = "upper middle class"....

    Maybe if the 99ers hear a different perspective in terms of 'mobility' we can make the point.

    They will never see the argument against 'taxing the rich' but maybe they can see the argument 'taxing me if I make it'
  • Gracie ... Ms. Mom... 2012/01/26 00:01:48
    Gracie - Proud Conservative
    +1
    The problem is that the people who think they are representing the 99% are really the 47% who don't really want to work to become the 1%. They want it taken away from the haves and given to them without a struggle. They've been lied to and told that the rich have robbed them of their chance at success when in reality they are shiftless and unmotivated. The only way they can have it, is to steal it and they're morally alright with it.

    And then you have the rest that are just there for the food and the party.
  • Ms. Mom... Gracie ... 2012/01/26 00:26:32
    Ms. Mom - profits employ, taxes destroy
    Think about what I am saying... it is all about marketing... unfortunately so... mobility is the KEY that obama CAN'T pivot on.
  • SCOOP--RIP, MY DEAR MAX 2012/01/25 14:25:04
    SCOOP--RIP, MY DEAR MAX
    +3
    Taxes on the income are according to the guidelines of the tax code and it is already a higher bracket for the wealthy. Right now about 47 percent of our citizens pay no income tax. People who have money to invest, who have already paid income tax on their earnings, can invest their money and if they get a return on their investment, they pay capital gains taxes on that money. So simple for everyone except the liberals to understand.
  • jams 2012/01/25 14:24:36
    jams
    +4
    Yes I do. It's not so easy to understand basic tax law and Mitt Romney did a very good job of explaining to those that want to understand how income is double-taxed.

    But Obama's core base is not the smart people.
  • Wahvlvke 2012/01/25 13:18:15
    Wahvlvke
    +1
    Of course I know ... pay them every year ... am sure that the average obamarroid doesn't ... hell most of them don't pay any taxes to begin with.
  • Tuna 2012/01/25 13:12:56
    Tuna
    +4
    Don't overlook the fact that these capital gains taxes are the GOVERNMENT'S "second bite" out of the apple. Investors already paid income taxes on that money they used to buy these investments.

    taxed enough already
  • perks-a real PATRIOT 2012/01/25 12:52:11
    perks-a real PATRIOT
    +4
    I do, but I'm not sure how many other Americans do, especially nitwit liberals!!
  • Tuna perks-a... 2012/01/25 13:14:07
    Tuna
    +4
    They just suck up the lies the community organizer feeds them; his version of fairness.
  • perks-a... Tuna 2012/01/25 13:21:14
    perks-a real PATRIOT
    +3
    This fairness idea really perplexes me. Does anybody realize that any attempt at so called fairness means that an organization (government) or entity has to regulate every part of our lives in order to make an attempt at making things fair??
  • Tuna perks-a... 2012/01/25 13:50:35
    Tuna
    +4
    But we have families that make only $25,000 per year that are rich, they are happy. Then we have some that make $250,000 that are poor and miserable. How would you regulate THAT??
  • perks-a... Tuna 2012/01/25 13:53:06
    perks-a real PATRIOT
    +2
    You and I both know that it's impossible as well as one big fat lie, but dumbos supporters don't have the mental capacity to realize that he lies to them at every turn!!
  • Tuna perks-a... 2012/01/25 14:04:51 (edited)
    Tuna
    +3
    He subtly tells them "YOU CAN NOT SUCCEED"; that's what the Democrats have done to the poor, poor blacks in America for generations, then promise them the government will make it right but they are no better off than before the government set out to make it right.
  • perks-a... Tuna 2012/01/25 14:07:15
    perks-a real PATRIOT
    +2
    And they never will as long as they put their trust in communist government!!
  • Ms. Mom... Tuna 2012/01/25 14:27:53
    Ms. Mom - profits employ, taxes destroy
    +2
    exactly!
  • Ms. Mom... perks-a... 2012/01/25 14:27:29
    Ms. Mom - profits employ, taxes destroy
    +2
    When people don't think they don't stand a chance then many start to want something from someone else.. Too bad obama leaves people hopeless...
  • perks-a... Ms. Mom... 2012/01/25 14:28:45
    perks-a real PATRIOT
    +2
    That's his MO!!
  • hari 2012/01/25 11:21:46
    hari
    +3
    Taxes on Income = fix rate applicable on income earned either by catering services or
    earned by trading or any other matter

    Capital Gains = Any extra financial advantage availed by selling any fix properties
  • Rusty Bubbles 2012/01/25 10:32:09 (edited)
    Rusty Bubbles
    +3
    "Do you know the difference between taxes on income and capital gains?"



    Warren E. Buffett sure does!.............. it is a curious thing that so many are caught up in this political gamemanship ie: Poli-Speak

    If anyone cares to check, when Warren Buffett said millionaires need to be taxed more, he specifically referred to"taxable income,” ..... he has some of the best and brightest tax attorneys working for him to insure that no loop hole, shelter (foundation), or tax deduction is overlooked and he knows full well the government won't see but a fraction of what he truly earns.
  • Tuna Rusty B... 2012/01/25 13:15:27
    Tuna
    +1
    He can voluntarily pay all he wants to pay; does he pay more?? nope

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