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?
Top Opinion
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Jackie G - Poker Playing Pa... 2012/01/25 03:17:37
He sure knew his place during the war, though. Refused invitations from everybody up until Washington to leave the front lines.
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; ...
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.
Now that is the obama campaign slogan... ! I am surprised no one has used it yet.
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!
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'
And then you have the rest that are just there for the food and the party.
But Obama's core base is not the smart people.
earned by trading or any other matter
Capital Gains = Any extra financial advantage availed by selling any fix properties
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.