Because capital gains is used as income and should be taxed as such and the estate tax on property of the ones with massive amounts of property and income would help deal with inherited power getting so out of hand. I understand getting what your parents left behind, but there has to be a cutoff point so things don't get too far out of hand. Leads to way too much consolidation of power over generations.
Edit: Or just treat all incoming money as income and tax it all as a lump some, regardless of source.
You take the money you get from your paycheck, from capital gains, from your interest in your bank account, take the total lump sum and then tax that entire thing as income.
But still won't fix enough till they close ways of people funneling their income to other nations or tax shelters to avoid paying taxes on it here or loopholes to get tax exemptions as both people and companies. Too many loopholes......
The fact that my dad was paying in more in taxes as a percentage of his income building tires for 24 years than Mitt Romney or Google or virtually any other big company that I know of let alone couldn't get money back like G.E. That is just insane. My friend pays over 35% taxes while they pay less than 14%.
Last edited by Fugus; 2012-11-27 at 11:58 PM.
Republicans are the Grinch who Stole Christmas.
I don't understand how people are spending money during the holidays, I'd suggest to hold on to what you got, you may need every cent of it if we slide down the fiscal cliff.
They aren't holding tax cuts hostage, they're holding the middle class hostage in order to give huge breaks only to the richest corporations that have proved they will only lay off more people.
You don't need to slash programs to effect savings.
Here is a fact about Social Security. When it was originally passed the life expectancy for an American was 58 years of age, and the retirement age was 62. It was even worse for men who had a lower life expectancy than woman and at the time were the primary wage earners.
Currently the retirement age is still 62 years of age, but the average life expectancy for an American is 78. That is the problem. People are living on average 20 years longer, but can retire at the same age as they did 70 years ago.
By simply bumping the retirement age to 70, Social Security would be completely solvent and we would be well on our way to a ballanced budget. Just need to combine that with moderate cuts in defense spending and things would be golden.
The problem is no one has the political will to do it.
They can get rid of Social Security and Medicare, but I better see every dime back I've ever put into either.
They can dynamite Devil Reef, but that will bring no relief, Y'ha-nthlei is deeper than they know.
Actually Social Security is running a surplus and always has, they have just taken that surplus to fund other stuff to hide a portion of their spending on the books. And the surplus has been in the BILLIONS with a "B". It ran a 95 billion dollar surplus in 2011. So the life expectancy is not a problem and the problem isn't with Social Security at all. If they were to cancel it and remove the taxes we pay to it, they would actually lose money on that one.
---------- Post added 2012-11-27 at 09:28 PM ----------
I would rather they cut stuff that actually needs to be cut.
But they could give us national healthcare (as in paid by taxes) then they could cut Mediacare, Medicaid, and even the need for their healthcare plan or the VIA hospital to cover the military and would be much cheaper (about 33-66% cheaper if we made it a carbon copy of the Canadian style) while being drastically better.
Then we could cut our military spending in more than half while still being overly adequate on our military defense and still spending more than any other nation on it. But to be honest, I would rather we cut it down to levels at least equal to what the 2nd highest nation spends on it.
All they would really need to do is set a deduction cap to target higher income levels. There isn't much of a reason to take away EITC, but I would like to see some of the refundable credits be made non-refundable. Some of my clients get more in tax returns than they bring in with earned wages.
Oh sure, I absolutely agree. I have grandparents that worked their whole lives and are collecting Social Security that they're owed.
I'm just saying if they did, then they better plan on refunding all the money they've collected from everyone over all these years, and give it to banks an oil companies.
They can dynamite Devil Reef, but that will bring no relief, Y'ha-nthlei is deeper than they know.
Social Security, let’s lay it to rest once in for all…Social Security has nothing to do with the deficit. Social Security is totally funded by the payroll tax levied on employer and employee. If you reduce the outgo of Social Security, that money would not go into the general fund to reduce the deficit. It would go into the Social Security trust fund. So Social Security has nothing to do with balancing the budget or erasing or lowering the deficit.
- Ronald Reagan
Let the Bush Tax Cuts end. Trickle down economics doesn't work, and trying to prop up this way of thinking is pointless.
/thread
"Imagine coming across a mentally disabled person who was not only drunk, high, but had a full frontal lobotomy leaving little to no intelligence left in their body.
He would be NORMAL, compared to me."
Agreed, I paid into it, I am getting something out of it. Not having it scrapped and all the money paid into it going to help some of their pork barrel projects to hide even more of their budget while refusing to actually get rid of the tax they used to collect it as they are no longer collecting the money for it's intended purpose.
I agree with you personally it's pointless. We tried this time with Bush. He had the best ecomnic times almost in the history of the nation the person before him 24 million jobs were added. They had a surplus they were making so much money. Bush stepped in and used the tax cuts which is at 35 percent taxes for the rich. We can't write a bill to extend tax cuts for the not rich.
The senate did just that and it had to pass through the House which majority is controlled by Republicans who lead by Mitt Romney not too long ago. Thought the best balanced way was not to raise taxes and go back to the same methods that were used before. The people overwhelmingly rejected his idea. Thought it's now very very hard to get anything passed.
It would require a deal from both republicans and democrats. The last time we got close to a big situation. We got our credit down graded because we came so close. Both sides seem to be more divided then ever and in only 32 days it has to get done. This cannot wait. Or everyone's taxes will go up.
I love how liberals can't make the connection between revenue and unemployment.