Mitt's tax info

[kydonky]

I think gains should have a graduated rate. Maybe allow gains to be claimed as income but only amounts above 2 million dollars.

I know that sounds silly, but if you want to see the lower rates for gains, then you MUST take income above 2 million from your investments....AND the first 2 million is taxed as income at 36%, while the next x million is taxed at 15%, the regular capital gain rate.

AND if you want to really know what Romney paid, you need to see how much HIS profits in his BUSINESSES was taxed. Remember the GAINS is paid on profits, but the PRINCIPLE of those profits had already been taxed at maybe upwards of 36%.

I really WISH folks could understand that.

Later,

Geo.

Geo, why would you tax the first 2 mil. at the higher rate and any amount above this at the lower rate?

This would be a little unfair to the small investor and reward the largest investors only. Why not reverse this to the first 2 mil. income at the low rate and the amounts above this at the higher rate? You would have more investors that would translate to more investment. If the small investors were taxed that high rate I would think they would not risk even their small investments.

So I invest $20,000.00, have a return of 8% for a profit of $1600.00. Tax the $1600.00 at 36% would net $1024.00. An investment that returns 8% these days carries risks, I could just as easily lost $1600.00 or even the entire principal. Think I will buy a new Tracker pontoon instead.

[GeoFisher]

Geo, why would you tax the first 2 mil. at the higher rate and any amount above this at the lower rate?

This would be a little unfair to the small investor and reward the largest investors only. Why not reverse this to the first 2 mil. income at the low rate and the amounts above this at the higher rate? You would have more investors that would translate to more investment. If the small investors were taxed that high rate I would think they would not risk even their small investments.

So I invest $20,000.00, have a return of 8% for a profit of $1600.00. Tax the $1600.00 at 36% would net $1024.00. An investment that returns 8% these days carries risks, I could just as easily lost $1600.00 or even the entire principal. Think I will buy a new Tracker pontoon instead.

I don't have hardly any of the answers.

People BITCH about the rich not paying their fair share. If the "rich" need or want to take income, their ONLY income from gains, then maybe they should have a graduated rate to pay taxes on the first LUMP of it.

Obviously, from most of my other posts I'm against most tax increases, and I really had capital gains taxes.......they are kicking my ass too as a small investor. In my case, I save 1000 bucks, which has ALREADY been taxed, and then I invest that 1000 bucks buying apple stock. When I sell that stock I pay an additonal 20% So I paid 300 bucks initially on the 1000 bucks and then I get to pay 20% on the GAINS that it makes.

That is inherently wrong.

BUT, if the only income I get is from gains, and I'm crazy wealthy, Maybe the initial million or 2 should be taxed as income and the rest as gains.

Like I said. I don't know.

An even better solution would simply be a flat tax period.........on EVERYTHING. GAINS, INCOME, whatever. You make a buck, NO MATTER how, pay the gubment 15%.

I'd take that.

later,

Geo

[GeoFisher]

Geo, why would you tax the first 2 mil. at the higher rate and any amount above this at the lower rate?

This would be a little unfair to the small investor and reward the largest investors only. Why not reverse this to the first 2 mil. income at the low rate and the amounts above this at the higher rate? You would have more investors that would translate to more investment. If the small investors were taxed that high rate I would think they would not risk even their small investments.

So I invest $20,000.00, have a return of 8% for a profit of $1600.00. Tax the $1600.00 at 36% would net $1024.00. An investment that returns 8% these days carries risks, I could just as easily lost $1600.00 or even the entire principal. Think I will buy a new Tracker pontoon instead.

Hey.....and TRUST me.......I want you to Keep all of that 1600.....EVERY PENNY, especially if you made the initial investment POST taxes.

I've never quite understood why libs think it is OK to tax money that has already been taxed. That is like property taxes. I already OWN it, Why do I have to pay the gubment money for the priviledge of OWNING it?? I've never understood that.

Same thing with inheritance tax. If I'm lucky enough to make a few million in my lifetime, and WILL that to my kids, why the hell should the gubment be able to take 55% of it when I die. THAT is wrong.

Later,

Geo