The "millionaires and billionaires" that the left ostensibly hates do not make their money through income or corporate bonuses. Individuals like Nancy Pelosi (who bought LEAP calls on Zoom in 2019, how convenient) make their fortune through capital gains.
We COULD have a more equitable society if we raised the capital gains tax.
Raising the income tax only hurts the upper-middle class and lower-upper class, effectively creating one giant middle class and one tiny legacy class.
We don't have an income problem. Full Stop. Read it again. One more time for good measure We don't have an income problem. We have a spending problem.
The USA is the strongest economic engine in world history. It is a mother fucking juggernaut. Still not strong enough to pay for leftists fantasies.
Our tax receipts aint gonna change with a tax increase. Sounds weird I know, see this link https://www.investopedia.com/terms/l/laffercurve.asp#:~:text=The%20Laffer%20Curve%20is%20a,can%20increase%20total%20tax%20revenue.
Homeboy won a Nobel Prize for that. This was before they started handing them out with every happy meal.
We. Do. Not. Have. An. Income. Problem.
We have a leftist faggot problem.
We don't have an income problem. No source of my income should be taxed higher than 10 percent. No source of anyone's income should. The government needs to shrink to fit within that.
I sort of agree. All taxation is theft. The tithing 10% goes to the church and actual charities to do the job the govt took over (usurped) and are elective, not coerced.
Taxes are NOT used to pay for services. The govt creates services to justify collecting taxes. That is why govt services suck. They are designed to get money, not actually solve a problem. (- Thomas Sowell, I think)
I especially think income tax is theft and used to socially engineer behavior.
Amen
The problem with raising capital gains tax is that it limits the middle class's ability to build wealth. If you think middle class people shouldn't be able to make money by investing, then you are doing it wrong.
I should also add that biden wants to do away with cap gains tax completely and tax all gains at ordinary income, in addition to raising the corporate and individual tax rates. They will probably take it one step further and reduce the amount of losses you can use to offset gains.
You might also need to be schooled as to why his plan to tax the recipient of any inheritance on the appreciation of the property will also make it impossible for the middle class to build or sustain wealth.
Your post is indicating you don't fully understand how taxes work.
Excellent post. I fear the whole point of taxing inheritance, punishing savings (low interest rates), and taxing capital gains is to purposefully destroy the family and the middle class in order to increase political power over us by eliminating any threat of "improper" wealth creation. The lack of true economic philosophy taught to children is a crime.
First, all taxation is theft. Some talk of double taxation, but that isn't this.
The concept of low-to-no capital gains taxes dates way back to when saved money ("capital") was used to start business and generate production and jobs. The initial savings/capital came from work. Investments deriving from that capital investment were beneficial because they fed the business productivity cycle and were to be encouraged.
HOWEVER, the FED prints free money and the banking system has totally negated the concept of true capital investment and now punishes savings. Therefore capital gains are now simply income that the "correct" people earn rather than those other people. The "correct" people are being magnanimous (virtuous?) in allowing us to partake a little bit in their tax-reduction tool.
The idea of paying off the fed's infinite debt is a one way road that will only lead to disaster and it's by design.
Who is making the law? That tells you everything
They are trying to drive away corporations is the only answer.
Capital gains tax should be $0. Why would you punish people for creating jobs?
What we need is for the government to disappear. It's free, and it would solve all our problems.