Obama’s Class Warfare

[JohnR! 5,495]

That's precisely what I said and it's not a cheap shot - it's just reality.

Cheap shot. Bush is a recovering alcoholic. A successful one at that.

[LostInAK 43]

Also this paragraph tends to over simplify the structural labor issues that are driving the problem at hand.

I oversimplified for the liberal members of VJ. If it didn't put it in terms they could understand (fast food and cartoon sitcoms), they would never get my point. I suspect some didn't get it anyway.

You really have a cartoon view of the world. I don't know too many folks with five kids, let alone with two different parents. Oddly enough the people I do know who kids with more than dad, happen to be staunch Republicans. And the funny thing is few of them, seem that concerned with encouraging their children to do something with their lives, beyond finding a dead end job in their home town.

See my post above as to why I put things in "cartoon" terms. Otherwise folks like you would never get it.

[GandD 5,966]

Long term capital gains are now 20% for the highest earners thanks to the panderer in chief. Keep mind capital gains are returns on investments. They're not taxed nor should they be taxed in the same way as regular income. There's risk involved that is not involved with putting in your "40". Also the US has the highest corporate income tax in the developed world. Wait and see what happens to the US economy if these class warfare vote buying policies continue. It won't be pretty. You'll be wishing some of the evil 1 percenters were around to generate employment.

This is a deflection. The post I originally quoted pointed out that the richest people pay more towards the federal tax coffers than anyone. And this is true. But what needs to be remembered is that since the richest live off their investments their capital gains become their paycheck. At the end of the day, these guys pay a lower percentage tax than us middle class folks. Corporate tax rates are a different issue than the post I quoted was addressing.

I should also point out that the risk incurred by billionaire investors is not nearly as volitile or devastating as the risk incurred by small investors such as myself. A 2008 at the time of my retirement has a good chance of destroying my 401k and other investments. I will simply not be able to weather the storm like someone with billions of dollars at their disposal. Despite the fact that my wife and I make a very comfortable living and very responsible investments, we must hope that we are not unlucky when it comes time to live off our savings. And that, sucks.

[LostInAK 43]

This is a deflection. The post I originally quoted pointed out that the richest people pay more towards the federal tax coffers than anyone. And this is true. But what needs to be remembered is that since the richest live off their investments their capital gains become their paycheck. At the end of the day, these guys pay a lower percentage tax than us middle class folks. Corporate tax rates are a different issue than the post I quoted was addressing.

I should also point out that the risk incurred by billionaire investors is not nearly as volitile or devastating as the risk incurred by small investors such as myself. A 2008 at the time of my retirement has a good chance of destroying my 401k and other investments. I will simply not be able to weather the storm like someone with billions of dollars at their disposal. Despite the fact that my wife and I make a very comfortable living and very responsible investments, we must hope that we are not unlucky when it comes time to live off our savings. And that, sucks.

It's only a deflection in your mind. I'll put it in simple terms you and your ilk can understand.

Let's say someone makes $500,000 in 1 year on regular income. They pay 39% income taxes on roughly the last 95k of that. 39.6% of 95k = 33.25k. So they've already paid 39.6% taxes on that 95k. Now they take what's left of that 95k, 61.75k and invest that money. Let's say that 61.75k earns 10% a year in stocks or bonds or whatever. That's $6175 a year. The $6175 a year is where long term capital gains taxes come in to play. The point being the taxpayer ALREADY paid taxes on that money that's being invested. Now the govt. is standing there with their hand out for any money that is made on what's left over, that is held for over a year( Long term capital gains)

ETA: as to the second part of your post, you made my point for me. People are taking huge risks investing money. That's why they should be given a break on the returns. There is no risk being taken simply by working 40 hours a week. Don't invest anything in the market you're prepared to lose 100% of. There's 100s of disclaimers telling you that when you invest.

Edited January 24, 2015 by LostInAK

[Trumplestiltskin 5,791]

That's precisely what I said and it's not a cheap shot - it's just reality.

For a man who single handedly destroyed a country and caused a million plus deaths there are no cheap shots. Eff him and the horse he rode in on.

[LostInAK 43]

For a man who single handedly destroyed a country and caused a million plus deaths there are no cheap shots. Eff him and the horse he rode in on.

Don't forget these folks:

• 58% of Democratic senators (29 of 50) voted for the resolution. Those voting for the resolution are:

Sens. Lincoln (D-AR), Feinstein (D-CA), Dodd (D-CT), Lieberman (D-CT), Biden (D-DE), Carper (D-DE), Nelson (D-FL), Cleland (D-GA), Miller (D-GA), Bayh (D-IN), Harkin (D-IA), Breaux (D-LA), Mary Landrieu (D-LA), Kerry (D-MA), Carnahan (D-MO), Baucus (D-MT), Nelson (D-NE), Reid (D-NV), Torricelli (D-NJ), Clinton (D-NY), Schumer (D-NY), Edwards (D-NC), Dorgan (D-ND), Hollings (D-SC), Daschle (D-SD), Johnson (D-SD), Cantwell (D-WA), Rockefeller (D-WV), and Kohl (D-WI).

[spookyturtle 9,465]

Who's the sock puppet?

[LostInAK 43]

sounds terrifying.

Take a look at Venezuela as an example. Or Cuba.

[GandD 5,966]

It's only a deflection in your mind. I'll put it in simple terms you and your ilk can understand.

Let's say someone makes $500,000 in 1 year on regular income. They pay 39% income taxes on roughly the last 95k of that. 39.6% of 95k = 33.25k. So they've already paid 39.6% taxes on that 95k. Now they take what's left of that 95k, 61.75k and invest that money. Let's say that 61.75k earns 10% a year in stocks or bonds or whatever. That's $6175 a year. The $6175 a year is where long term capital gains taxes come in to play. The point being the taxpayer ALREADY paid taxes on that money that's being invested. Now the govt. is standing there with their hand out for any money that is made on what's left over, that is held for over a year( Long term capital gains)

ETA: as to the second part of your post, you made my point for me. People are taking huge risks investing money. That's why they should be given a break on the returns. There is no risk being taken simply by working 40 hours a week. Don't invest anything in the market you're prepared to lose 100% of. There's 100s of disclaimers telling you that when you invest.

I'm not talking about income tax for the upper middle class. Billionaires and some mulit millionaires have no need for traditional incomes. And when they do have one, it's quite low. The real money comes through capital gains via stock options. It's how they get around 40% tax rates. Lots of folks do it. It's normal. Paychecks are for us working class folks.

The market is more risky for us middle class people. Like they say, the first million is the hardest. After that, it gets easier and easier.

And I should point out there is no need to be insulting to me or my "ilk" whatever that means. You're clearly intelligent, so there's no reason we cannot have a mutually respectful discussion.

I also want to point out there's plenty of places that have 0 capital gains tax. This is something I wouldn't really be against as long as there was a better way to collect a fair share for everyone. I feel like overall, the middle class pays a higher percentage of taxes than any other group. I can't exactly forego my traditional paycheck for stock options.

[GandD 5,966]

Today, I learned about "ilk"

a type of people or things similar to those already referred to.

Thanks!

[LostInAK 43]

Today, I learned about "ilk"

a type of people or things similar to those already referred to.

Thanks!

You're welcome.

[I AM NOT THAT GUY 5,715]

You're welcome.

Don't test him!

[GandD 5,966]

There see, now we're all having fun.

[Póg mo 1,749]

Don't forget these folks:

True, but Bush was the one who gave the order.

[Póg mo 1,749]

I oversimplified for the liberal members of VJ.

Sure you did.