Should taxes be raised on the wealthiest people?

AngelSpeaks said:
Investment income is what keeps our economy growing. Corporations wouldn't exist if individuals didn't buy shares. Every business would be a Mom and Pop shop. These are great for shopping districts but who would build furniture, vehicles, appliances, etc? If Investment income was heavily taxed than businesses would fail.
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Spending is what keeps our economy going. By definition the economy is spending
 
Thales750 said:
I think the rules should be to try to keep a line of conversation to a minimum of topics until that has been agreed upon or decided that their can be no agreement. No page long diatribes covering 12 different topics, no more ignoring direct question. If a person elects not to answer they should still address the question.

Does that sound fair?
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​

Should taxes be raised on the wealthiest people?​


Yes or no.
 
Thales750 said:
We have leaniant taxes on capital gains. The whole system is set up to reward investment income.
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Because as I explained earlier, that makes sense. It doesn't preference the wealthy exclusively like many other types of deductions because middle income people also invest in property and securities. In fact, the best way up in the world is buying a duplex instead of your dream home. So, you live in a less desirable neighborhood in smaller digs but someone else is paying the mortgage and as soon as you have enough for another downpayment, you buy another one. Long term capital gains are taxed at a lower rate because you are mostly taxing inflation which in itself is also a tax. Short term gains (< 1 year holding period) are taxed at ordinary income levels.

So, yes, the more of your income that is capital gains, the lower your effective tax rate. What you do see through from the first chart is that the lighter blue tier is disadvantaged by the current system. They are the group that could be paying less. They are the upper middle class. The well off but not wealthy people.

Other graphics. The numbers may vary slightly depending on the year the graphic was created.
TaxesPctPaid.JPG

WhoPaysTaxes.JPG
 
Thales750 said:
The dynamics have changed. And that message is now a great big lie.
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You offered that comment in response to my statement that investment is what enables businesses to form and grow.

You are incorrect. Spending by itself does no good. A business needs an initial capital outlay which requires an accumulation of wealth to provide the investment at once. Spending does not provide the "expendatory lump" needed to start a business. Spending SUSTAINS a business but investment STARTS a business. And if you deny that, the economists whose books you are reading deserve to have their degrees revoked. And perhaps the institutions that conferred the degrees need to be decertified as centers of higher learning. I'm sorry but I have absolutely no choice to intensely disagree with you.
 
The_Doc_Man said:
You offered that comment in response to my statement that investment is what enables businesses to form and grow.

You are incorrect. Spending by itself does no good. A business needs an initial capital outlay which requires an accumulation of wealth to provide the investment at once. Spending does not provide the "expendatory lump" needed to start a business. Spending SUSTAINS a business but investment STARTS a business. And if you deny that, the economists whose books you are reading deserve to have their degrees revoked. And perhaps the institutions that conferred the degrees need to be decertified as centers of higher learning. I'm sorry but I have absolutely no choice to intensely disagree with you.
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You are using metrics that have become obsolete in the last 40 years. Investment money supply is virtually infinite in our modern Global Economy.
This is the part where all of you people that can't distinguish between Micro and Macro economics, have to rely on propaganda for answers.

Government spending accounts for roughly 25% of our economy (GDP). Think about that. it is the main reason we still have Federal deficits.
I don't like talking that way Doc, but you add insults when you refuse see the complete picture.
 
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Pat Hartman said:
Because as I explained earlier, that makes sense. It doesn't preference the wealthy exclusively like many other types of deductions because middle income people also invest in property and securities. In fact, the best way up in the world is buying a duplex instead of your dream home. So, you live in a less desirable neighborhood in smaller digs but someone else is paying the mortgage and as soon as you have enough for another downpayment, you buy another one. Long term capital gains are taxed at a lower rate because you are mostly taxing inflation which in itself is also a tax. Short term gains (< 1 year holding period) are taxed at ordinary income levels.

So, yes, the more of your income that is capital gains, the lower your effective tax rate. What you do see through from the first chart is that the lighter blue tier is disadvantaged by the current system. They are the group that could be paying less. They are the upper middle class. The well off but not wealthy people.

Other graphics. The numbers may vary slightly depending on the year the graphic was created.
View attachment 115466
View attachment 115467
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Are you sure these chart include Capital Gains?
 
AccessBlaster said:
If you just say yes or no it super fast ;)
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I absolutely do. But I imagine it has nothing to do with why you think I do. I would say would are going to have a very hard time wrapping your head around it. Having listened to the propaganda for so long.
We'll see. I have been dreaming of this moment for 30 years.
 
Thales750 said:
I absolutely do. But I imagine it has nothing to do with why you think I do. I would say would are going to have a very hard time wrapping your head around it. Having listened to the propaganda for so long.
We'll see. I have been dreaming of this moment for 30 years.
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This is your third non-answer to a direct question, that's called obfuscation. See thread #49 for reference
 
Thales750 said:
Middle Class Folks supporting reduced taxes for the top class; is about the same as poor white cotton farmers going to war to support the rich folks right to own slaves
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So ask yourself, why do I support it nonetheless? Why would my family grow up poor in a state full of Democrats did we vote Republican? And that's where the issue of principles and philosophies comes in. It would have been better for our bank account to vote Democrat heck it's better for everyone's bank account in the short term but you can only steal other people's money so long
 
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