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The alternative is that you see charities see their donations collapse.
Nonsense.
The alternative is that you see charities see their donations collapse.
Exactly!!make less money = pay less taxes
no one deserves preferential loopholes....
why should anyone receive tax cuts for donating money?
Nonsense.
Why not just have a pure tiered flat tax?
First 10k is 0%
10k-30k is 5%
30k-50k is 10%
etc.
Need to get the folks like Razoo actually paying taxes. All he wants to do is extract more money from people he is envious of.
2022 Standard Deductions
The deduction set by the IRS for 2022 is:
- $12,950 for single filers
- $12,950 for married couples filing separately
- $19,400 for heads of households
- $25,900 for married couples filing jointly
- $25,900 for surviving spouses
WTF? You have now dropped all deductions after asserting that they were necessary.
No, I said you would see charitable contributions plummet without a deduction. If you are ok with that, fine.
Why should there be any amount of income that is tax free? What % of the population gets a free ride?
There really is a simple solution to this problem. Simply get rid of private ownership of everything. If the government simply owned all real estate, all businesses and all intangible assets then we would have no wealth discrepancies. The government would provide adequate food, housing and clothing for everyone and nobody would be allowed to have more than anyone else. Problem solved!In an era of profound inequality, few issues illustrate such stark differences in economic priorities as capital gains taxes. Capital gains accrue overwhelmingly to the wealthy and receive favorable tax treatment in several ways.
Cutting capital gains taxes would confer another windfall on the wealthy, exacerbate the tax preference for income from wealth over income from work, increase inequality, and drain revenue.
By contrast, raising capital gains taxes and closing loopholes would make the wealthy pay more of their fair share, lessen tax code disparities, reduce inequality, and raise substantial revenue for the country.
Capital gains and dividends accrue overwhelmingly to the wealthy and are taxed at preferential rates
A capital gain is the profit from selling an asset such as a stock or other financial instrument, an interest in a business, or real estate. The gains from the sale of such assets held more than one year are considered long-term gains and taxed at special low rates.
While ordinary income such as wages and salaries is taxed at rates ranging from 0 percent for low levels of income to 37 percent for the highest levels of income, long-term capital gains are taxed at 0 percent, 15 percent, and 20 percent.
Most corporate dividends that are paid to shareholders are also taxed at these favorable rates. There is also a 3.8 percent Medicare tax on high-income taxpayers’ net investment income, including capital gains and dividends.
The 3.8 percent net investment income tax (NIIT) was enacted in companion legislation to the Affordable Care Act in 2010 and essentially parallels the Medicare tax on wages.1
Capital Gains Tax Preference Should Be Ended, Not Expanded
https://www.americanprogress.org › article › capital-gai...
Sep 28, 2020 — Congress should close—not expand—capital gains loopholes and tax income from wealth the same as income from work.
There really is a simple solution to this problem. Simply get rid of private ownership of everything. If the government simply owned all real estate, all businesses and all intangible assets then we would have no wealth discrepancies. The government would provide adequate food, housing and clothing for everyone and nobody would be allowed to have more than anyone else. Problem solved!
I would use income inequality of OECD countries as a measure of input:
Inequality - Income inequality - OECD Data
Find, compare and share OECD data by indicator.data.oecd.org
And use wealth inequality as a measure of outcome:
The distance in % from the middle would be the percentage of how fair and unfair in plus+ and -, respectively. Ultimately, the fairness would be the wealth gap.
The measure of the whole number of OECD countries would be the figure at the middle going up or down from one point in time to another.
The same "fairness" % can be applied to all countries.
How would you do it?
But you can't refute the fact of what I said.
Lul, what? Corporate taxation has nothing to do with the progressivity of a code. Progressivity is a metric of individual tax burdens. Get the basic definitions before you claim basic facts.
FWIW, the lower/middle class received the bulk of the benefit from the TCJA tax reforms. IRS even said so, keep up with the news.
Again, lol.
The US having the most progressive tax code inherently means that it is the least advantaged to those at the higher end.
Oh, please go a pure VAT system. Let the half the country not paying in start paying.
Edit: Posting something as collateral has nothing to do with realization of a gain or loss. When someone posts their house as collateral to a mortage or home equity line, should that trigger a realization of capital gains? There is a hard and fast definition of what realization is, and that is based upon the disposal of an asset. Meaning, change in ownership. So as long as you remain the owner of an asset, then there has been no realization.
What you said is utter nonsense. It takes a special sort of thinking to complain about wealth inequality when you are sitting in the country with the highest median income of any major developed nation. You would rather change policies to mimic poorer countries? Policies even those countries have largely abandoned?
Neat.
Calling a tax system "progressive" doesn't mean it favors the lower incomes when the net effect of the tax system, progressive or otherwise, favors the rich and large corps.
I don't think a VAT is the way to go when we can simply change existing policy.
I'm saying, regardless of how well-off Americans are, those in the lower incomes do not get their fair share of the pie as proven by wealth inequality. The fact also is that most other developed countries have better wealth equality level.