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  1. #27
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    15% would be open for debate but yes I think an asset held for a longer period of time should be taxed at a lower rate than short term gains perhaps 5% less.

  2. #28
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    And how about investing in tax-advantaged securities, like municipal bonds? Would it be ok to invest in them and pay a lower rate?
    Vacuum Technology:
    CRUD = Contamination Resulting in Undesirable Deposits.
    CRAPP = Contamination Resulting in Additional Partial Pressure.

    Change your vacuum pump oil now.

    Test. Testing, 1,2,3.

  3. #29
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    Where are you going with this? Muni bonds have been a way to lower taxes for ages while helping municipalities fund projects.

  4. #30
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    Edit.

  5. #31
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    How is the person in the above example any different from Mitt Romney or any other self-made millionaire?

    Why do people claim that Mitt Romney and other millionaires are tax evaders? Do you think they are not complying with the law? Do you think they are cheating the system somehow?

    And why do you want to penalize the people who work hard all their lives so that they can put their kids through college and live comfortably in their retirement?

    Why should a person who busted his butt 60 hours a week for 40 years for some extra cash have to pay more to a Congress that is incredibly foolish with money, when a person who works 40 hours a week and puts no money aside gets more benefit from the 60-hour man's tax money than the man who worked for it does?

    Why bother working for a better life?
    Vacuum Technology:
    CRUD = Contamination Resulting in Undesirable Deposits.
    CRAPP = Contamination Resulting in Additional Partial Pressure.

    Change your vacuum pump oil now.

    Test. Testing, 1,2,3.

  6. #32
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    Quote Originally Posted by chaard View Post
    Edit.
    I'm not talking about a Roth IRA or any other specific investment plan. I'm talking about people who work hard all their lives, who live beneath their means, who spend and invest their money carefully, who pay their taxes, and who eventually end up as millionaires because of their efforts.

    I'm talking about people who have a great sense of responsibility for themselves, for their families, and for their communities.
    Vacuum Technology:
    CRUD = Contamination Resulting in Undesirable Deposits.
    CRAPP = Contamination Resulting in Additional Partial Pressure.

    Change your vacuum pump oil now.

    Test. Testing, 1,2,3.

  7. #33
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    Quote Originally Posted by Space Racer View Post
    How is the person in the above example any different from Mitt Romney or any other self-made millionaire?

    Why do people claim that Mitt Romney and other millionaires are tax evaders? Do you think they are not complying with the law? Do you think they are cheating the system somehow?

    And why do you want to penalize the people who work hard all their lives so that they can put their kids through college and live comfortably in their retirement?

    Why should a person who busted his butt 60 hours a week for 40 years for some extra cash have to pay more to a Congress that is incredibly foolish with money, when a person who works 40 hours a week and puts no money aside gets more benefit from the 60-hour man's tax money than the man who worked for it does?

    Why bother working for a better life?
    Mitt is following the law I assume but if he was a true patriot that wanted to solve problems he wouldn't have offered tax cuts as a solution. That is kinda like saying to your boss "pay me less so I can work more hours to make more money" That might work in your household but I assure you it doesn't in mine.

    Is the extra income from investments not worth it? - it is to me even if I have to pay tax on it. The argument that people will stop striving for excellence and higher income if they are taxed on that income doesn't really hold water, they probably weren't going to try for the extra income and are just looking for an excuse to complain.

  8. #34
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    Quote Originally Posted by netsalt View Post
    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.
    So then how is it right to tax the "rich" more, but those that make $15,000 usually get back way more than they pay in {earned income credit} Why should income tax be only on the rich who pay the majority of the total tax bill already. You just said yourself that the tax code should not discriminate based on how the income is produced, so why should it discriminate on the quantity that is produced?

  9. #35
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    Quote Originally Posted by Space Racer View Post
    I'm not talking about a Roth IRA or any other specific investment plan. I'm talking about people who work hard all their lives, who live beneath their means, who spend and invest their money carefully, who pay their taxes, and who eventually end up as millionaires because of their efforts.

    I'm talking about people who have a great sense of responsibility for themselves, for their families, and for their communities.
    I had a brain fart.

  10. #36
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    Quote Originally Posted by kls-ccc View Post
    So then how is it right to tax the "rich" more, but those that make $15,000 usually get back way more than they pay in {earned income credit} Why should income tax be only on the rich who pay the majority of the total tax bill already. You just said yourself that the tax code should not discriminate based on how the income is produced, so why should it discriminate on the quantity that is produced?
    Our current system has been based on brackets for some time now. It is not a matter of taxing them more it is a matter of treating income as income.

  11. #37
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    Quote Originally Posted by netsalt View Post
    Mitt is following the law I assume but if he was a true patriot that wanted to solve problems he wouldn't have offered tax cuts as a solution. That is kinda like saying to your boss "pay me less so I can work more hours to make more money"
    You mean that if each person pays less in taxes the government will get less. But tax revenue can be increased by allowing businesses to be more productive and to hire more employees. Incentives work better than punishment. Punishment just scares people away.

    Is the extra income from investments not worth it? - it is to me even if I have to pay tax on it. The argument that people will stop striving for excellence and higher income if they are taxed on that income doesn't really hold water, they probably weren't going to try for the extra income and are just looking for an excuse to *****.

    What I was getting at in the above examples is you have to draw the line somewhere. The line is drawn, and you are fairly satisfied with where it is. You might modify it a little. Everybody has their own idea of exactly where it should be.

    So why penalize the man who toes the line? Why penalize the hard worker? And once you have penalized him, why keep raising the bar? Leave it alone. The more you raise it, the more you scare off the people who expected to find it where was. They don't need excuses; they just don't want the rug pulled out from under their plans. Everyone has his own tolerance level.

    If you want more money, find ways to encourage productivity and to expand your base. Don't keep poking at the old goose who is doing her best to provide you with a share of her golden eggs. Raise more geese.

    And why call a hardworking man who toes the line a tax evader? Why do some people think of Mitt Romney as someone who has cheated his way to the top, when all he has done was work hard, achieve the American Dream, and live his life in compliance with the law?
    Vacuum Technology:
    CRUD = Contamination Resulting in Undesirable Deposits.
    CRAPP = Contamination Resulting in Additional Partial Pressure.

    Change your vacuum pump oil now.

    Test. Testing, 1,2,3.

  12. #38
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    Quote Originally Posted by netsalt View Post
    Our current system has been based on brackets for some time now. It is not a matter of taxing them more it is a matter of treating income as income.
    So how is that different? Why is making money one way taxable by your definition, yet makng it and having enough quaified deductions, so you get more back than you paid in Ok? I thought" income was income", by your words?

    I had an employee that had a bunch of kids he paid in about $1500 in taxes and got back over $3000, while I paid in over $3000 and had to kick in more. How is his income different than mine? A dollars a dollar.

  13. #39
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    Quote Originally Posted by Space Racer View Post
    Incentives work better than punishment. Punishment just scares people away.
    Warren Buffet has already said this is not true in his many decades of experience. He said he has never seen a corporation pass on a business opportunity because of the taxes that would be assessed.

    Why do some people think of Mitt Romney as someone who has cheated his way to the top, when all he has done was work hard
    If that is all Romney has done he would release more than two years of amended taxes. Using your church to avoid paying taxes is legal, but is it moral? Mormons live by their own set of secret rules and morals.

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