joey wants a 44+% capital gains tax
- Thread starter BillytheC
- Start date
This isn't taxation. This is THEFT.
It's not just capital gains...his corporate tax rate, depending on the state taxes, would be higher than China for many businesses.
Guess who pays corporate taxes - any idea @kalimgoodman ?
EDITORIAL: Biden tax plan would pummel average Americans
Mr. Biden’s budget, unveiled in March, spends at a record pace. The debt would continue to soar and trillion-dollar deficits would become the new norm.
www.reviewjournal.com
Are you a finance/tax specialist? I am not and I don't pretend or care to be a know it know. So ill defer to the people that is.It's not just capital gains...his corporate tax rate, depending on the state taxes, would be higher than China for many businesses.
Guess who pays corporate taxes - any idea @kalimgoodman ?
EDITORIAL: Biden tax plan would pummel average Americans
Mr. Biden’s budget, unveiled in March, spends at a record pace. The debt would continue to soar and trillion-dollar deficits would become the new norm.
I am not saying you are right or wrong. I just can't offer anything on this topic.
You don't have to be an expert. It's basic business acumen.
Consumers pay the most (and first). Then employees, then investors.
The first thing you have to understand is businesses have to make a profit or they cease to exist. That's sort of the whole point.
When the gov't raises the cost floor, the first thing that happens is prices go up. When the price elasticity of demand curve is maxed out, you cut costs...usually quality first then wages. When that is maxed out, you see profits drop and investors feel the pain. When it gets too bad the business shuts down.
The bottom line is you can't tax your way into prosperity, but with $5T in proposed tax increases over the next 10 years that's exactly what Biden is trying to do.
But it's not just corporate taxes...personal and capital gains taxes will increase substantially too if Biden wins in Nov.
If you want the gov't to have more of your money vote Biden. It's that simple.
THIS is what dimwits have NEVER understood. They have always attacked business owners in the name of companies like Wal Mart, and other HUGE companies...when in fact who this hurts are the Mom and Pop businesses that struggle every day to make a profit. TheyGuess who pays corporate taxes - any idea @kalimgoodman ?
EDITORIAL: Biden tax plan would pummel average Americans
Mr. Biden’s budget, unveiled in March, spends at a record pace. The debt would continue to soar and trillion-dollar deficits would become the new norm.
HAVE to raise prices, which makes their products/services hard to compete against others, and it raises prices out of sight for the consumer. Dimwads DO NOT get this.
Ok, I don't own a business or run a business. I don't even know what is capital gain taxes haha. I know you want to "own me" and call me out but I can't help this discussion, sorry.
here you go
Capital Gains Tax: What It Is, How It Works, and Current Rates
A capital gains tax is a levy on the profit that an investor makes from the sale of an investment such as stock shares. Here's how to calculate it.
Buy a stock for a hundred, sell it for 2 hundred, cap gain equal a hundred.
Buy a stock for 2 hundred, sell it for a hundred, cap loss equal a hundred.
You buy a stock for $10. You sell it for $20 two years later. You only get to keep $5.60 of the $10 profit. Stated another way, you get a tax bill for $4.40 at the end of the year.
Same thing with a house - bought it for $100k 20 years ago and you just sold it for $200k? You're sending a $44k check to Uncle Sam come tax time. That lost profit can't be used to buy a new house, making housing less affordable.
Keep in mind - this is all post-tax money. The $100k house you bought was paid for with money that was taxed 30%-50% (depending on your income level).
And you want to pass down the $56k from the sale of the house to your kids when you die? They'll get about $28k of that money. The rest is inheritance tax.
If you vote you really should develop a basic understanding of this stuff, the examples above are about 8th grade level financial concepts.
The bigger picture is the inefficiency of gov't...every dollar they take in taxes is a dollar pulled out of more efficient free markets - consumers are much more careful with their money than gov't is. It bogs down the economy and increases the size of gov't. You cannot tax an economy into prosperity.
Think. How does ANY solvent business pass along added costs to stay in business? For example, does a business just pay sales taxes right out of their pockets? They are just required to give it a line item on an invoice. Corporate taxes are hidden in the sales price.
It's important to understand. You can't view any tax in a vacuum.
The bigger problem is the growth of gov't at the expense of the free market. We have a fed who's raking in record level revenue ($4.9T in 2022) with a President who's planning to double that in the next 10 years.
Can you imagine a gov't twice the size it is today? He's turning us into China and bragging about it, like it's a good idea.
And maybe the problem is ITT - people like Kalim who pay a lot of attention to politics but have no clue what they're really voting for (at least fiscally, which touches every part of life). I'm sure @Mdfgator and @Illegal-shift are in the exact same boat.
No one with a lick of financial sense thinks doubling the Fed's tax revenue is good for the economy.
The .GOV is the least efficient mechanism to get things done. The cost of anything is double that of private enterprise. Why? Red tape, and tons of it. And the worst part is that bureaucrats don't care. They have an open checkbook and when those checks start bouncing, they'll just print more money, MDFers dreamboat scenario.
Election's have consequences.
Stolen have catastrophic consequences!
Stolen have catastrophic consequences!
I have always loved this Margaret Thatcher quote: "The problem with socialism is that you eventually run out of other people's money."
And he votes...no wonder this country is struggling.
Compulsory education (as well a pill counter school) has failed an entire generation.
Of course you will throw shots. Sad stuff.
The constitution doesn't specific why people or how people should vote, you can vote for someone because you like their eyes. You have your reasons why you vote for someone and I have mine.
JFC put the shovel down man.
The Constitution isn’t proscriptive on a personal level. It’s a document that limits the power of the Federal Gov’t. You don’t even understand the most basic concept of a critical founding document.
If you’re so against orange skin that you’ll gladly vote to give the govt more of your hard earned money you have a very strange set of priorities.
You think our Corporate tax rate should be higher than China? That’s ok with you? When are taxes high enough that you’d change your vote?
Or would you rather just give the gov’t 100% and accept whatever they think you deserve? Who is better at spending your money - your or local and federal officials?
That MFR is a tax freak. I read about the capital gains tax somewhere else a few days ago. I'm 77, retired and have 2 properties I intend to sell. They aren't Mega expensive but will fetch north of $300K. the capital gains tax for me now is in the 15-17% range and the thought of coughing up $150K+ s ends me further into hate Joe mode.
That SOB is a tax freak. I'm 77, retired an have 2 property I intend to sell. They're not mega money class but will fetch well north of $300K.. Presently the capital gains payment would be a little over $51,000. Dumbo's proposed 44% would hit me for $151K. The mere thought of that puts me even deeper intoned more despise Joe moe.
Democrats know NOTHING about the Constitution, because THEY are EXACTLY why the document was made in the first place. Our founding Fathers were BRILLIANT.
The ignorance (not stupidity - ignorance is lack of knowledge) is breathtaking.
FIRE. One fires shots. You throw stones, rocks, Molotov cocktails, etc but shots are FIRED.
/pedantics
I didn't dig myself in any hole because I never took a position. This goes to your desire to "own" me. It's really odd.
You will always be the type that attack something and use me as your debate person, while ignoring my actual thoughts on it all to feel like a big man on campus. That speaks volumes of your life. You need to break me down to build you up.
Bygones.
Do you think the government is entitled to 44 percent of your investment return? But a lower rate if you write it off as loss? That's money they already taxed you on when you earned it.
If so why, and kindly show your work.
Well if you are around black culture like you claim, you would know that we say throw shots. Listen to any rap diss song or interview about a diss song. Guess you were lying about knowing black culture.
I love being black and speaking black. You don't need to make me white. Thanks though.
I don’t “own” anyone. And I’m not “breaking you down”, I’m just pointing out facts.
I would much rather you knew the purpose of the Constitution and what Capital Gains taxes are if you’re an active voter, trust me.
And by “digging a hole” I mean you’re demonstrating ignorance without the need to do so regarding the Constitution. If you don’t know much about a subject, that’s fine…either ask questions or avoid it.
Because you are an expert? You never confirmed that you are. Also, I never disagreed with your "facts". I literally said that I don't know if you're right or right. So something isn't adding up with reply.
I never entered the conversation haha. You tagged me, I said I can't help with this topic and you keep going with attacking my intelligence because I don't know something.
Guess on experts on everything should be allowed to vote.
Ah yes, anyone that disagrees with you is a liar.
Setting that aside for a moment.
The written word provides little context or tone.
I could point out ten posts in this thread where imprecise language caused a misunderstanding.
Punctuation is a thing whether you believe it is or not.
So is precise language.
Are we kicking it in the hood? No, I don't believe we are.
Do you talk the same way to a loan officer as you do to your boys?
I should hope not since the banker would think you were ignorant and your friends would think you were being bougie at the very least.
You sound like an idiot when you misuse common phrases and idioms.
So do most rappers these days. Back in the day, Mc had a thorough command of the language but I'm not getting into that just now. I'm guessing that people who say dumb shit like throwing shots don't know any better. You do.
Generally if you can't manage to not mangle the grammar of the only language you speak, it's hard to get anyone to pay attention to your point.
I don't know if you've noticed, but you're already fighting uphill.
I'm not even going to dignify your last statement with a response.
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Where did I say I was an expert? Cite it, along with all of the “propaganda” I’ve posted.
I think I cited “8th grade understanding” in fact.
FAR from ever calling myself an expert…
He’s not going to answer even the most basic questions.
Complete waste of time.
No, I asked you were you an expert. once again YOU DON"T ACTUALLY READ MY POST.
I can't with you. If you refuse to read my post, then why bother.
Entitled is a strong word but I don't have issues with paying taxes to improve or sustain what makes America, America,
I do hate paying taxes on my damn bonus though.
