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The biggest injustice is the capital gains tax.
Billionaires pay only 15% on epic amounts of money they just sit around and collect.
Surgeons pay 37% for doing something really useful with their time.
It boggles my mind that people want to take money from productive people and make them give it to the Governments, the same Governments that are corrupt and give themselves raises while inflicting Economic policies that destroys middle class jobs, and creates part time Fast Food workers as the largest growing industry segment.
But then they freak out over rising interest rates which would actually benefit everyone that was wise enough to save their money and be frugal instead of spending and pissing it away. They worry charging Billionairs 8% interest would break them. But not taxing them 70%.
Still, no reason capital gains should not be taxed at the same rate as earned income.
Still, no reason capital gains should not be taxed at the same rate as earned income.
HeadSet saysStill, no reason capital gains should not be taxed at the same rate as earned income.
At one time the government encouraged financial growth. If your bank account was a 80's era Savings and Loan Savings account earning you 4 to 8% interest you would be singing a different tune. I guarantee it. You champion capital gain taxes now, because only people who already has substantial money has enough money of their own, to put their capital to work for them.
What do you want them to do, pay 37% BOTH times?
Surgeons pay 37% on the first bite of the apple, and invest what's left over.
On the second bite, when they cash in those investments, they pay 15%.
What do you want them to do, pay 37% BOTH times?
Sounds kinda Socialist, don't you think?
The income from investments is still income.
So yes, they should pay at least the same rate on the income from investing that they do on the income from actually working.
I'm all for a fair return on investment. But at some point the argument that we have to be nice to billionaries just gets silly. Why do billionaires pay only 15% when the rest of us generally pay much more than that for money we have to slowly and painfully earn one hour at a time?
I already told you that, the billionaires already paid that 37% on the first go around
Mark 12:41-44 New International Version (NIV)
41 Jesus sat down opposite the place where the offerings were put and watched the crowd putting their money into the temple treasury. Many rich people threw in large amounts. 42 But a poor widow came and put in two very small copper coins, worth only a few cents.
43 Calling his disciples to him, Jesus said, “Truly I tell you, this poor widow has put more into the treasury than all the others. 44 They all gave out of their wealth; but she, out of her poverty, put in everything—all she had to live on.”
Woah, wtf lol.
When exactly did they pay that 37% on the billions in capital gains?
Surgeons pay 37% for doing something really useful with their time.
And percentages are exactly the right number to look at btw.
Now in every case, you see the the very richest people are paying a lower percent of their taxes, even though they got the greatest benefits from government.
Billionaires
I bet his invitation to Davos has been permanently cancelled.