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Squinch

(60,064 posts)

27. But the way the loopholes creep in is when we start making complications.

Reply to KharmaTrain (Reply #25)

Sat Dec 8, 2012, 04:54 PM

Dec 2012

So maybe something simple like: if all income and gains = x, you pay y. If income + gains = x+5, you pay y +5.

Flat rates are ridiculously unfair to the poor. But from the regressive tax place we are standing in, even a flat rate would be better.
(NOT THAT I'M ADVOCATING THAT! Because like I said, they are ridiculously unfair. It's just that where we are now is even more ridiculous and unfair.)

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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