Mitt's Tin Ear - Page 4 - PeachParts Mercedes-Benz Forum

Brian Carlton · #1 09-24-2012, 06:22 PM

Quote:

Originally Posted by cmbdiesel

Well... not exactly. I would propose that capital gains be taxed as income, which for a guy in your position, would result in the same or reduced taxes, provided you did not cash out all at once.
Your frugality would be rewarded, and the uber wealthy investors would pay their share according to whatever bracket they fall into, instead of paying a flat 15%.

That logic is severely flawed.

He'd pay full rates on all money withdrawn from the retirement account resulting in the government taking 30% of it.

Yep, that's really rewarding his frugality...............

Botnst · #2 09-24-2012, 06:21 PM

If my investment income is not a capital gain, what is it? How is it different from somebody else' capital gain? I know I sound ignorant. Probably because it is true.

Oh, I get it: You're back to the argument that all income should have the same exposure to whatever tax bracket one might fall into.

I could agree with that if
1) we abandon earned income credit as a failed experiment
2) tax every person equally
3) remove all deductions

But when we allow the gov to pick winners and losers rather than the market then we have the problem of which winners get picked and by whom and why. It's thoroughly corrupt. Take the picking and choosing out of the gov's hands and I'm with you.

cmbdiesel · #3 09-24-2012, 06:28 PM

Quote:

Originally Posted by Botnst

If my investment income is not a capital gain, what is it? How is it different from somebody else' capital gain? I know I sound ignorant. Probably because it is true.

Oh, I get it: You're back to the argument that all income should have the same exposure to whatever tax bracket one might fall into.

I could agree with that if
1) we abandon earned income credit as a failed experiment
2) tax every person equally
3) remove all deductions

But when we allow the gov to pick winners and losers rather than the market then we have the problem of which winners get picked and by whom and why. It's thoroughly corrupt. Take the picking and choosing out of the gov's hands and I'm with you.

I still believe in sliding scale tax brackets. Other than that, I agree completely.