General Discussion

KharmaTrain

(31,706 posts)

25. There's Your Rub...

Sat Dec 8, 2012, 04:34 PM

Dec 2012

Finding and closing them. I'm all but certain after all deductions and other bookkeeping tricks were applied Willard paid ZERO in taxes for most of the past 20 years. The fact he admitted to 14% (and even that's below just the plain CG rate) told me this had to be the case. That said, I'm all for a progressive taxation on gains...just like income...the more you earn the higher rate you pay. Thus, someone who earns $50k a year won't pay the same as someone who amasses $5 million. Flat rates always hurt those on the lower end of the scale and is vulnerable to "bracket creep" due to inflation.

Cheers...

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Raise Capital Gains Tax Rates if You Want Fairness in the System [View all] arely staircase Dec 2012 OP

Money shuffling JEFF9K Dec 2012 #1

Technically that is the difference between long term and short term gains still_one Dec 2012 #3

Fine for stocks, but what about a person who has lived in their house for 30 years, and sells it to still_one Dec 2012 #2

oh i'm sure i could be convinced of the fairness arely staircase Dec 2012 #4

Of course, but the question is what would Congress do, especially in this environment Actually, I still_one Dec 2012 #5

The exemption has to be crafted in a way to prevent abuse. bluestate10 Dec 2012 #22

Agreed, but unfortunately nothing is ever straight forward, and that was my suggestion still_one Dec 2012 #32

Why Stop At A House... KharmaTrain Dec 2012 #7

Retirement income is 100% tax sheltered already. I don't see that being changed. nt bluestate10 Dec 2012 #18

Not All Funds Are Sheltered... KharmaTrain Dec 2012 #21

Capital Gains shouldn't be higher than 20%. Loopholes that allow the wealthy to slide must bluestate10 Dec 2012 #23

There's Your Rub... KharmaTrain Dec 2012 #25

But the way the loopholes creep in is when we start making complications. Squinch Dec 2012 #27

There is already an exemption for your primary residence. ToxMarz Dec 2012 #10

And that's profit, not sale price. So if you sell for 500,000 but paid 300,000, no cap gains tax Squinch Dec 2012 #28

There should be lower rates depending on time held. You shouldn't be taxed on inflation gains. dkf Dec 2012 #6

i am primarily talking about short term capital gains arely staircase Dec 2012 #8

Short term gains are taxed at ordinary income. dkf Dec 2012 #9

That is correct. The problem are long term Cap Gains, which are taxed at 15%. nt bluestate10 Dec 2012 #13

What if you've been holding it for years and the gains have only kept up with inflation? dkf Dec 2012 #14

Lets get real, most of the concerns for almost everyone are easily carved out and TheKentuckian Dec 2012 #19

you are right arely staircase Dec 2012 #15

The duration that as asset is held for lower tax rates should be increased and the rate taxed bluestate10 Dec 2012 #16

I've got a better idea RomneyLies Dec 2012 #11

I am ok with raising the Capital Gains tax rates while also raising the rate on high earners. nt bluestate10 Dec 2012 #12

There should be exemptions though Spider Jerusalem Dec 2012 #17

This message was self-deleted by its author Mosby Dec 2012 #20

Eliminate it entirely Prophet 451 Dec 2012 #24

The rich have convinced everyone that capital grains is double taxation liberal N proud Dec 2012 #26

you wanna really burn them? make them mark-to-market at the end of each year! unblock Dec 2012 #29

Tax Every Market Trade, Too mckara Dec 2012 #30

Agreed abelenkpe Dec 2012 #31

That would hurt most Democrats in Congress. Good luck with that. nm rhett o rick Dec 2012 #33