OK. As you jump in this the idea being thrown around is do people making money on investments work as hard as say blue collar worker. I think some do, and some don't. I don't think that all people who make money through investments spend their time studying every aspect of their investments. That is what I believe this discussion was about. But hey, let's talk trickle down economics . . . that is Reagan era right?
It doesn't matter what era it is. You're actually talking about it. Already taxed income by Romney is being spent by him to pay "experts". The "experts" then pay their own federal rate, while Romney still pays capital gains on that money as well. It's really not that complicated. Again, I'm not flaming you. I just see that you are actually talking about Trickle Down taxation, and I don't think that you realize that you're doing so.
We weren't really talking economic implications, the discussion, as I understood it, was do rich people spend all their time analyzing their investments. I say not all, because some will hire people to do that. If that helps out the economy, great. I hope Denny is wrong even about Romney and that he hires people to study his investments, the economy could use all the help it can get.
That some people who live on investment income don't spend all their time analyzing their investments.
Are you asking me personally? Yes, I manage both my own 401(k) and my non-401(k) portfolio. And frankly, it's a lot less work than my regular job. Yes, it is some effort. But is it so much effort that I need a tax break to do it? No. barfo
Correct. They pay people good money to analyze it for them, and then those people pay federal and state taxes and employ other people in their firms. Those employees also pay taxes, right down to the janitor in most cases. You're a closet fiscal conservative, and you really don't even know it.
Maybe since I don't know what defines a fiscal conservative. But give me $250M and stamp fiscal conservative on my forehead because I am all for a life where I take my fortune, turn it over to people I trust, pay them to make me money that I get taxed on 15% while I chill on the big island.
Romney didn't inherit his fortune. Unlike John Kerry, of course, who married into his ... twice. Plus, I must have missed where Romney has "chilled" anywhere. He chaired Bain, he left Bain to take over the SLC Olympics, he then ran for governor of MA, and after that, ran for President twice, winning the nomination the second time around. I wonder what's wrong with that?
I suspect Romney had to work hard for his $250M where as some are just born with the silver spoon or marry into it. But until I am one of them, I think it sucks that people can make so much money on CGs and pay less taxes percentage wise than a common secretary pays on his/her income tax. Hopefully some day, sooner rather than later, I will be on this board cheering and clapping for 15% capital gains tax (and laughing at the secretary . . . or criticize them for accepting their situation and feeling like they are entitled to more of my money)
Not yet papag, right now I am of the opinion that 15% is too low for long term CG and that neither Romney nor Obama paid their fair share of taxes. Maybe when I win my $200, I can go the Mitt and Barrack life style.
You must have added to your post after I responded. I can see why you think I'm slamming Romney on this issue. I'm really not (in this thread) I slamming the 15%, it should be higher. Although Denny has made me reconsider explaining the advantages of people more likely pulling profits off the table because the rate is so low. Buying and selling is good for wall street, but I don't think it would slow down if raised to 25%. Who knows?
"i dont pay more than are legally due. And, frankly, if I had paid more than are legally due I don't think I'd be qualified to become president. I'd think people would want me to follow the law and pay only what the tax code requires." "I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes." umm, he left a few million in deductions on the table, paying around a half a million dollars more than he had to... so......
why? That's not what we're called to do. In fact, it seems a lot like this post from a few years ago:
I was thinking of this statement in the bible "Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God." Matt. 19:24
Oh and I was referring to the fact that Romney donated 30% of his income to charity in 2011, not talking about taxes, etc.
There's only two things you need to enter the Kingdom of God: 1. and 2. All of the Ten Commandments, Golden Rules, Sermon on the Mount Parables, etc. were to show you that unlike almost every other religion ever, you cannot get there on your own. In pre-Christian Judaism (which Christ is tossing upside-down in his ministry), being rich allowed you more to spend on temple sacrifices, more to tithe, etc. and therefore a "better chance" as they saw it to be pure and enter Heaven. Jesus said "nope...being rich won't help you." As I'm reading the tax returns, it looks like (from a secular perspective) of the $14M or so Romney made last year, he gave about $2M to the gov't and $4M to charity. that seems to be about 43% of his income going away, which I'm sure is more than Obama's secretary, even if she somehow paid a ridiculous 20% in federal income tax, which I can't understand. I mean, I make a decent wage, and I don't come close to 20% federal income tax.
