Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

JohnSJ

(91,937 posts)
Tue Mar 16, 2021, 10:50 AM Mar 2021

A 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

9 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
A minority view from a Wall Streeter by Ralph Schlosstein on Bloomberg today (Original Post) JohnSJ Mar 2021 OP
What I Have Been Saying All Along DanieRains Mar 2021 #1
I wonder if the money given to "organizations" LEW Mar 2021 #2
People who exchange their life's time for a paycheck should be taxed the lowest of all. CrispyQ Mar 2021 #3
And they don't get taxed until they sell. Kid Berwyn Mar 2021 #4
K&R, " we have under-taxed the return of capital, compared to the returns of labor" uponit7771 Mar 2021 #5
Tax rates don't normally turn profitable financial decisions into losses unblock Mar 2021 #6
I am hugely in favor of taxing every transaction involving PoindexterOglethorpe Mar 2021 #7
Link? Grins Mar 2021 #8
No link, heard it on Bloomberg and transcribed it JohnSJ Mar 2021 #9

LEW

(1,072 posts)
2. I wonder if the money given to "organizations"
Tue Mar 16, 2021, 11:06 AM
Mar 2021

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)
3. People who exchange their life's time for a paycheck should be taxed the lowest of all.
Tue Mar 16, 2021, 11:14 AM
Mar 2021

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 company—be shareholders. Why should the profits of labor only go to the company officers & shareholders?

Kid Berwyn

(14,642 posts)
4. And they don't get taxed until they sell.
Tue Mar 16, 2021, 11:28 AM
Mar 2021

Does anything tax when their trust funds or inheritors get a hold of it?

unblock

(51,973 posts)
6. Tax rates don't normally turn profitable financial decisions into losses
Tue Mar 16, 2021, 11:39 AM
Mar 2021

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)
7. I am hugely in favor of taxing every transaction involving
Tue Mar 16, 2021, 11:46 AM
Mar 2021

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.

Latest Discussions»General Discussion»A minority view from a Wa...