The Dow is down 300.

[geerair]

Dow at the time Bush dumped his wrecked economy....7,949.09

Dow under Obama....12,932.73

[chaard]

Has nothing to do with democrats. It's just not the best thing to do when you run for office. Americans have accounts in the Cayman and Switzerland to hide money or at least to circumvent taxation. Legally and illegally. Either way, not very patriotic.

Neither is sucking off the govt.

[netsalt]

Neither is sucking off the govt.

So evading taxes is not subsidizing their income on the backs of the folks who actually pay taxes. Sounds alot like welfare for people in three piece suits, and we all know about those Cadillac driving - hey wait a minute the rich and the poor DO have something in common - a love for luxury cars.

[chaard]

So evading taxes is not subsidizing their income on the backs of the folks who actually pay taxes. Sounds alot like welfare for people in three piece suits, and we all know about those Cadillac driving - hey wait a minute the rich and the poor DO have something in common - a love for luxury cars.

Show me where Romney evaded taxes.

There are plenty of poor people or so called poor, that steal from the govt via welfare and work getting paid under the table.
I've seen these leeches first hand. BIL was a slumlord.

[netsalt]

Lots of leeches at both ends of the spectrum. The technique is different but it still costs the treasury money. Do you think Robme will amend his return to get his tax rate down to 9%? I bet he will.

[Space Racer]

Let's say you work 60 hours a week, you make $50,000 a year, and you pay 30% in taxes (FICA, Medicare, fed, state, local income tax). That leaves you with $35,000.

Let's say you manage to invest $6,000 a year in the stock market and you make an average of 10% per year on your investment.

You are able to invest $6,000/year because you live in a mobile home and you are careful with your money.

You have two kids you want to put through college.

How much income tax should you pay on your 10% stock market earnings?

Now let's say after working 60 hours a week for 40 years and paying 30% income tax and socking your money away you retire as a millionaire.

Now how much income tax should you pay on your 10% stock market earnings?

[netsalt]

Let's say you work 60 hours a week, you make $50,000 a year, and you pay 30% in taxes (FICA, Medicare, fed, state, local income tax). That leaves you with $35,000.

Let's say you manage to invest $6,000 a year in the stock market and you make an average of 10% per year on your investment.

Good return!

You are able to invest $6,000/year because you live in a mobile home and you are careful with your money.

Investing for the future is good.

You have two kids you want to help put through college.

Personal choice, liberty, yada, yada, yada

How much income tax should you pay on your 10% stock market earnings?

Probably since it is income you should pay the same percentage as you do for other forms of income. But if you take advantage of a 529 you can do alot better!

[Space Racer]

So after working so hard for so long I should pay another 30% in income taxes?

[netsalt]

Yes you will be paying the going rate of federal and state income tax on the INCOME part of the invested money - not the principle. We have an income tax here in the US, like it or not, it should not discriminate based on how the income is produced.

[Space Racer]

How about paying say 35% in federal income tax if I leave the money in the market for less than a year and 15% if I leave it in for the long term, where it will help to stimulate the economy?

[netsalt]

This is how taxes were structured before, with long term and short term capital gains. I would be more favorable to the idea of long term capital gains with a longer period than one year, possibly 3 to 5 years.

[Space Racer]

So I could sell a stock after owning it for 5 years and pay 15%, right? Is that what you are saying?

[Brian GC]

... if I leave it in for the long term, where it will help to stimulate the economy?

I would think taking it out, paying the tax on it in real time, and using it for venture capital would stimulate the economy far better than leaving in the bank for them to loan out and make their interest on. Heck, taking it out to buy toasters, TV’s and vacations would stimulate the economy better than leaving it in.