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tl;dr Ultra rich person pushes supply-side swill in time of record deficits. (Biden's first will be about 4 trillion). This is stupid, bad, wrong, and dumb.
Opinion piece:
This is written by Jim Clark. He is the founder of a slew of companies. His net worth is 2.4 billion.
https://www.washingtonpost.com/opin...t-understand-about-business/#comments-wrapper
He is peddling the same old supply-side swill to argue against paying capital gains at the normal tax rate. Specifically, fear-mongering with claims that if investors had to pay a normal rate, they would not invest even if they thought they could make immense profits; that people won't be able to raise investment for start-ups if cap gains is higher; that start-ups won't find workers willing to take early (and cheap) stock as pay because they might have to pay a bit more tax on it when they sell it later. Yadda yadda.
Supply side.
My remarks, ported here with some changes:
To any people here who thinks this makes some kind of sense:
Ok. So you don't understand that someone will put his labor or capital towards whatever he thinks will make the most profit regardless of tax rate so long as that rate is not 100%. Then listen a bit.
The notion that people will not take risk where they think they can profit (even immensely) if they have to pay a bit more in taxes is moronic. The Republicans have had every last opportunity to take that swill and turn it into policy, and they took those opportunities. Reagan tax cuts were bad enough. Taxes had to go up.
Clinton managed to hand Bush a surplus. Bush, putting your swill into practice, slashed taxes and primarily on the richest. The claim was new investment risks would be taken and everything would trickle down. Unfortunately, the only thing that trickled down was a golden shower, and not the good kind. 440 billion/year deficits. And then his financial deregulation, also based on your swill, blew up the mortgage bubble.
Obama was handed a 1.4 trillion deficit. He managed to get it down to about 550 billion/year. Trump took it and promptly turned it into over a trillion a year of deficits, again based on the kind of supply-side idiocy you are spewing. Trump will now hand Biden a deficit of nearly FOUR TRILLION.
We cannot afford any more Republican tax policy. You need to wrap your head around this: people like the author do not care about America. They do not care about you. They were happy to borrow a trillion a year against YOUR children's future, so they could avoid taxes. They will be fine even if America collapses outright. We won't.
The rare ultra-rich people who care about others are the Gates' type. There are very very few of them.
It'd be pretty easy to tie the normal income tax rate for cap gains to a trigger point. Say, someone who makes 50k or 100k in gains in a given year? That way, your ordinary Joe / retired person does not have to worry. But these ultra-rich people are sucking America dry, and the non-rich people who vote Republican are too damn stupid to see it (or such single-minded voters - guns, gays, abortion - that they could not care less if they sell their children short).
About desirability of doing business in a given country, relative to tax rate:
The best countries to do business, Forbes listing, has America at 17. So very many of the countries that are deemed better to do business in have tax rates Democrats would not even dream of proposing. From every direction, supply-side is a proven lie.
Best Countries for Business List
And the sickest part? If Biden doesn't get any cap gains increase, the author will pen another op-ed in 10 years saying we should just do away with cap gains altogether. If Republicans have power again, they might just do it. Deficits will further increase. Your children's future will be further imperiled.
And this will all be so that the Jim Clarks of the country can get a little richer a little faster.
WAKE UP!
Opinion piece:
This is written by Jim Clark. He is the founder of a slew of companies. His net worth is 2.4 billion.
https://www.washingtonpost.com/opin...t-understand-about-business/#comments-wrapper
He is peddling the same old supply-side swill to argue against paying capital gains at the normal tax rate. Specifically, fear-mongering with claims that if investors had to pay a normal rate, they would not invest even if they thought they could make immense profits; that people won't be able to raise investment for start-ups if cap gains is higher; that start-ups won't find workers willing to take early (and cheap) stock as pay because they might have to pay a bit more tax on it when they sell it later. Yadda yadda.
Supply side.
My remarks, ported here with some changes:
To any people here who thinks this makes some kind of sense:
Ok. So you don't understand that someone will put his labor or capital towards whatever he thinks will make the most profit regardless of tax rate so long as that rate is not 100%. Then listen a bit.
The notion that people will not take risk where they think they can profit (even immensely) if they have to pay a bit more in taxes is moronic. The Republicans have had every last opportunity to take that swill and turn it into policy, and they took those opportunities. Reagan tax cuts were bad enough. Taxes had to go up.
Clinton managed to hand Bush a surplus. Bush, putting your swill into practice, slashed taxes and primarily on the richest. The claim was new investment risks would be taken and everything would trickle down. Unfortunately, the only thing that trickled down was a golden shower, and not the good kind. 440 billion/year deficits. And then his financial deregulation, also based on your swill, blew up the mortgage bubble.
Obama was handed a 1.4 trillion deficit. He managed to get it down to about 550 billion/year. Trump took it and promptly turned it into over a trillion a year of deficits, again based on the kind of supply-side idiocy you are spewing. Trump will now hand Biden a deficit of nearly FOUR TRILLION.
We cannot afford any more Republican tax policy. You need to wrap your head around this: people like the author do not care about America. They do not care about you. They were happy to borrow a trillion a year against YOUR children's future, so they could avoid taxes. They will be fine even if America collapses outright. We won't.
The rare ultra-rich people who care about others are the Gates' type. There are very very few of them.
It'd be pretty easy to tie the normal income tax rate for cap gains to a trigger point. Say, someone who makes 50k or 100k in gains in a given year? That way, your ordinary Joe / retired person does not have to worry. But these ultra-rich people are sucking America dry, and the non-rich people who vote Republican are too damn stupid to see it (or such single-minded voters - guns, gays, abortion - that they could not care less if they sell their children short).
About desirability of doing business in a given country, relative to tax rate:
The best countries to do business, Forbes listing, has America at 17. So very many of the countries that are deemed better to do business in have tax rates Democrats would not even dream of proposing. From every direction, supply-side is a proven lie.
Best Countries for Business List
And the sickest part? If Biden doesn't get any cap gains increase, the author will pen another op-ed in 10 years saying we should just do away with cap gains altogether. If Republicans have power again, they might just do it. Deficits will further increase. Your children's future will be further imperiled.
And this will all be so that the Jim Clarks of the country can get a little richer a little faster.
WAKE UP!
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