General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsA minority view from a Wall Streeter by Ralph Schlosstein on Bloomberg today
"I do think we have a pretty serious long-term problem in this country where we have under-taxed the return of capital, compared to the returns of labor
and that is the single policy issue that has widened the wealth gap in this country, and I am actually in favor of correcting that.
That is a minority view of people who work in the industry, I spent forty plus years in, and honestly I don't think
I don't know anyone who says I won't make this good investment because I am going to be taxed at 37% instead of 20%"
Ralph Schlosstein Evercore Co-chairman and CO-CEO
DanieRains
(4,619 posts)Tax wealth not work.
LEW
(1,072 posts)for Republicans and the January 6th attack; was all the extra money they now have due to tax breaks and can spend it any where they want. Why not support orgs for Rump...
CrispyQ
(36,221 posts)Fat cats who golf & vacation, while their money makes them more money, should be taxed much, much higher. We need a stock transaction tax, too, kind of like a sales tax on stocks.
Over my career I've worked for a handful of companies that actually valued their employees vs. seeing them as replaceable cogs. There's a HUGE difference in the moral of the employees of these companies. IMO, employees should own a piece of the companybe shareholders. Why should the profits of labor only go to the company officers & shareholders?
Kid Berwyn
(14,642 posts)Does anything tax when their trust funds or inheritors get a hold of it?
uponit7771
(90,225 posts)unblock
(51,973 posts)If opening a new store is profitable when the tax rates are 30%, it will still be profitable when the tax rates are 70%, just not as much, because for businesses, it's profit that is taxed. As long as the tax rate is between 0% and 99.9%, a profitable investment remains a profitable investment.
So it rarely changes that sort of decision, it only changes how much the investor grumbles about their tax rates. Actually, it doesn't even do that, because they never think their tax rates are low enough.
People with money to spare always have an incentive to invest it. There's really no logical reason for investment income to be taxed at a lower rate than labor income.
All it does is encourage people to recharacterize labor income as investment income, such as executives taking no salary but a ton of stock options. Something normal people can't readily do.
PoindexterOglethorpe
(25,746 posts)buying or selling of stocks. Even a tiny, trivial amount would add up to billions of dollars every year.
Oh, and I would be affected, as I have investments, and about a third of my income depends on those investments. I am not myself an active buyer or seller; all of my investments are in funds. But I can afford whatever that tax would be. Well, if it rises to 50% of the value of the trade, that would probably hurt. But again, I can't recall either the amounts or the percentage, but it would barely impact me.