So people earn money,save it and invest. Something that was taught to me from the time I was a little kid as being the right thing to do. Somehow that has become evil in this country, I don't get it.
My grandfather worked as a factory foreman and in the depths of the depression invested his money. By time he retired at 62, he was set for the rest of his life and my grandmother's life. The last ten years he worked he made more from investment income than salary. I guess he was evil.
For the last ten years since I retired and went into teaching, my investment income has been more than my teaching salary. I guess that is wrong and I am evil.
I guess I should have gone out and spent my money stupidly like others did.
Stop putting words into people's mouths. No one's said investing is "evil," or anything except a sensible thing to do if one can.. I invest, too, as do most who have enough discretionary income with which to do so. What's "evil" (or at least grossly unfair) is taxing income from investments at lower rates than income from labor, thereby assuring that "them's that's got shall get while them that's not shall lose."
Your grandfather, BTW, was lucky to have a job at all during the depression, as was mine, who got downright rich.
Since all the so-called "experts in Washington are having such a hard time with this, maybe we should make a list and send it to them. Since I have an actual job and live in the real world, I know when I get into debt, I have to spend less AND increase income, so I'm good with letting taxes go up a bit, somewhere near Clinton era.
REDUCE military spending. WHY do we have the biggest, most expensive military in the world and GIVE ungodly amounts of money to other countries, and why will no on speak of this? (Well, I know the answer. All of the politicians are being bought by the parties that get all of this money.) Just think of what our country would be like if we put all of that money and manpower into our infrastructure, kids, elderly?
Agreed. But we'll never get there with the "leaders" we now have in Washington. Anything they do will be less than what we'll get with the fiscal curb. So I'm hoping they don't agree on anything. Then later they can go back and reduce taxes, but we'll still have the military spending cuts. No other way that I see.
What's "evil" (or at least grossly unfair) is taxing income from investments at lower rates than income from labor, thereby assuring that "them's that's got shall get while them that's not shall lose."
Why is this unfair?
I am seriously. Why is determining different tax rates for different gains "unfair"
It might be complicated and unnecessary but it is not unfair.
I've always been a proponent of treating all income the same on a tax basis but that is not what Obama wants to do. People also forget that there is a social component of investing.
For example, public works, education, etc. that are funded by municipal bonds. If Obama has his way the cost of floating bonds by local governments to pay for things like schools will significantly increase.
People also forget that investment dollars are what fund the expansion of public companies and start-ups. Without investors, companies like Google, Apple, etc. never get off the ground.
The whole tax the rich argument falls flat because (1) it will do little to nothing to reduce the deficit, (2) it will damage a weak economy to raise taxes. Even the liberal economists like Krugman and Reisch say this albeit they waffle all around the issue, and (3) it does nothing to help the "thems that not".
See the the most recent British tax hikes to see the effect that those had on revenues.
"I couldn't find my keys, so I put her in the trunk"
Wow. I'm stunned people still are trying the capital gains things is taxed twice and it's unfair.
LMH, I'll address this to you as we converse well with different ideas.
I am the most frugal person you'll ever know and have saved since I was a kid. My grandparents bought us stock, not presents. I've been saving a for a long time. The interest/money I make off the money I saved is capital gains. Right now the tax rate on that has been lowered to an historical low of 15%. It used to be around 20%.
I don't work for that money. It's saved money that sits there and makes money, which is not a bad thing.
I also work, and that money, by the time you figure in all taxes, is taxed for most people between 30% and 50%.
It is ridiculous that the money I literally work for is taxed so much higher than the money sitting there.
This was originally done this way so that the elderly/retired would have a lower tax rate and live on investments. Good idea.
The PROBLEM is, people who inherit wealth or have large amount of it benefit FAR more from capital gains than the people who need it. Romney doesn't have a job, inherited wealth, destroyed and took jobs from people, and pays a much lower tax rate than ANYONE working. That's not fair.
And, for the zillionth time, I and NO ONE ever said tax the rich was the solution to everything. It's ONE thing to fix this HUGE flaw in the system that has allowed the 1% to increase their earnings 300% over the last 20 years while the average worker only increase 7%.
We are already slaves to the Tariff Code. Generally, imposing tariffs is a reciprocal activity, and can become counter productive in a hurry. Increasing taxes on the rich tends to result in the rich moving out, and the loss of ALL their taxes. http://www.dailymail.co.uk/news/arti...ntroduced.html
LMH--I didn't explain it clearly enough? I didn't say anything about equal financial status, but, yes, I think things should be fair. Why is that an issue? Why should those who are rich enough to buy the laws and that benefit them continue to do so and the incremental advantage that makes the gap between those who can do that and those who can't bigger?
Back to the other thread where we discussed so well, what do you think Jesus would do? I'm sorry, I probably make a lot less than you do, but I really can't see the mindset where I have mine and have figured out how to use the laws to my advantage, so screw everyone else who can't. Not a Jesus thing. I think he was all about fairness.
And, not LMH, go ahead and keep IGNORING that Obama counted eight years of a fake war into the debt when BUsh did not. Maybe Obama should go ahead and do that and the magical math will make sense. Unicorns, sparkle dust, fairy wand--debt drops tremendously because the wars are not longer in it!
I really don't think you want to have a conversation with me on WWJD on this topic.
Fairness is actually not a Biblical principle at all...Grace is. Grace is offered to people that are undeserving. Grace is about doing what is not fair but beyond fair.
Truly leave that can unopened.
Besides it is pretty clear from the other thread that Jesus and God are not invited into the discussion or the solution so let's not toss that around as if you are really concerned or interested in Biblical principles to solve the troubles of our country.