Senate Republicans Block Tax Cut Plan that Leaves Out High Earners

[LightningCrash]

All the so called "wealthy people" I know pay under 10% effective income taxes each year. This debate has no gas.

 

[Hobbes]

Not to worry.

The Senate is chock full of millionaires. They will reach a compromise before the end of the month that preserves the tax cuts for the rich.

If China will let us keep borrowing the money to pay for them ...

 

[jfssms]

All the so called "wealthy people" I know pay under 10% effective income taxes each year. This debate has no gas.

Lightning,I sure would like to hear you expound this point!

 

[vvvvvvv]

If China will let us keep borrowing the money to pay for them ...

I take it you don't consider the economy as being dynamic?

 

[Hobbes]

I take it you don't consider the economy as being dynamic?

The economy is dynamic whether taxes are cut or not.

Lightning,I sure would like to hear you expound this point!

I don't want to speak for LC, he can do that for himself.

You know that a lot of really wealthy people don't pay income taxes at all, right?
They pay capital gains taxes.
Be it equities or real estate, they pay CG taxes that max out at 15%

I don't know about you but I pay a LOT more than 15% income tax rate.

 

[jfssms]

The economy is dynamic whether taxes are cut or not.



I don't want to speak for LC, he can do that for himself.

You know that a lot of really wealthy people don't pay income taxes at all, right?
They pay capital gains taxes.
Be it equities or real estate, they pay CG taxes that max out at 15%

I don't know about you but I pay a LOT more than 15% income tax rate.

Obviously your not wealthy....neither are those earning 250k plus.IMO
All this class warfare stuff is nothing but noise.The truely wealthy aren't
the people the politicos want to tax.

 

[Hobbes]

Interesting chart from the Washington Post:

Study the numbers on the right side a bit.
Compare the taxes cut for $1,000,000 incomes compared to $100,000 incomes.
A person with an income of $1,000,000 makes 10 times what an earner who makes $100,000 does.
Does his taxes get cut by the same ratio? 10 times?

 

[RickN]

The votes today were a political move by the Dems to show the far left they tried to raise taxes on the wealthy. A compromise has already been reached on keeping the Bush tax cuts and a new vote will be held in a few days. As for the wealthy not paying income tax, they do pay far more then anyone else.

The sad thing is they would not need to raise taxes on anyone or cut any benefits if they cut all useless government programs and stopped all pork spending. Of course it would help if all the people in government and who worked for the government paid their freaking taxes.

 

[vvvvvvv]

The economy is dynamic whether taxes are cut or not.



I don't want to speak for LC, he can do that for himself.

You know that a lot of really wealthy people don't pay income taxes at all, right?
They pay capital gains taxes.
Be it equities or real estate, they pay CG taxes that max out at 15%

I don't know about you but I pay a LOT more than 15% income tax rate.

I'm not sure that you've looked at the tax forms.

Short term capital gains (such as equities that were only held for under one year) are taxed at the same amount as income. Long term capital gains are taxed at 15%, with the exception of the two lowest income brackets which are not taxed.

Your total capital gains are added to your income on Form 1040. However, you are able to take a credit on Form 1040 of the capital gains taxes that you paid.

If your only income is capital gains, then you generally still pay income taxes in addition to the capital gains tax.

Just because you heard it on talk radio doesn't mean its true.

 

[vvvvvvv]

Interesting chart from the Washington Post:

Study the numbers on the right side a bit.
Compare the taxes cut for $1,000,000 incomes compared to $100,000 incomes.
A person with an income of $1,000,000 makes 10 times what an earner who makes $100,000 does.
Does his taxes get cut by the same ratio? 10 times?

I love how they try to sell it as if it is cutting from current tax rates...