General Discussion

TBF

(36,197 posts)

49. It should be both - the capital gains thing is very important.

Thu May 24, 2012, 04:27 PM

May 2012

30 years ago, pre-Reagan, capital gains were taxed at the same rate as income. Slowly over the past 30 years that rate has been cut in half (by all the presidents if I'm not mistaken - not just repugs). They do it to reward saving, but what it really does is allow investors to clean house. People at the very highest range of the income scale make tons of money off this.

I would put capital gains back to the same rate as income, and then repeal the Bush tax cuts for those making over $250K to start (if that doesn't fly repeal all the cuts and then work individually on the brackets). Then we might have a shot at collecting some revenue and paying off some of the debt from the Bush years.

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Should the Bush tax cuts be allowed to expire? [View all] ProSense May 2012 OP

Yes, across the board. MrSlayer May 2012 #1

That would increase unemployment and put us back in negative GDP growth cthulu2016 May 2012 #4

No it wouldn't. woolldog May 2012 #18

The recession was over when Clinton took office. badtoworse May 2012 #33

So? woolldog May 2012 #42

The current recession is over? I suspect many on DU would strongly disagree. badtoworse May 2012 #43

And they would be wrong woolldog May 2012 #44

I know the technical definition badtoworse May 2012 #45

So whenever some posters on DU are unemployed woolldog May 2012 #54

Again, you're comparing an era of private sector expansion.. girl gone mad May 2012 #55

The private sector was net spending.. girl gone mad May 2012 #51

Even if I agree... Xyzse May 2012 #40

Yes, across the board. No on capital gains, but... JayhawkSD May 2012 #21

Short term gains are already taxed as ordinary income. badtoworse May 2012 #35

You have to specify what will be done with the revenue cthulu2016 May 2012 #2

Interesting ProSense May 2012 #3

Yes, if the alternative is as described. cthulu2016 May 2012 #8

Nonsense ProSense May 2012 #11

I mean precisely what I said. cthulu2016 May 2012 #14

Oh please, ProSense May 2012 #15

If you view vanilla Keynesian economics as cthulu2016 May 2012 #25

Seriously ProSense May 2012 #26

Reducing the deficit strengthens the dollar Motown_Johnny May 2012 #31

What do you mean by applying the revenue to reducing the deficit? JDPriestly May 2012 #28

I think I see what you are asking cthulu2016 May 2012 #59

Thanks. It's very clear. JDPriestly May 2012 #60

Ending it below $100k will hammer the middle class MannyGoldstein May 2012 #5

Interesting to ProSense May 2012 #6

Median income Americans pay at twice the rate they did 50 years ago MannyGoldstein May 2012 #7

Did you support ProSense May 2012 #9

I always support expanding middle class tax cuts MannyGoldstein May 2012 #13

Well, ProSense May 2012 #16

Yes. MannyGoldstein May 2012 #17

yep upi402 May 2012 #12

So you disagree with Clinton tax rates? dkf May 2012 #20

They're better than the current tax rates MannyGoldstein May 2012 #23

Actually, ProSense May 2012 #24

All I know is that what Clinton did worked. dkf May 2012 #27

What worked when our private sector was taking on debt.. girl gone mad May 2012 #56

The private sector won't go back to relying on the commercial paper market. dkf May 2012 #57

Progressive people oppose regressive tax increases. girl gone mad May 2012 #52

I paid an income tax of $1000 on an income of $6000 in 1969 eridani May 2012 #37

I voted for over 250K but I'm willing to let them all expire. pa28 May 2012 #10

I voted for "all", but prefer the "over-250k" JustABozoOnThisBus May 2012 #30

Calling for all taxes to go back up is in effect arguing for austerity bluestateguy May 2012 #19

I'm amazed that people want all of them to expire right now. boxman15 May 2012 #22

Letting them All Expire Would Throw us Into Recession AndyTiedye May 2012 #29

Above $250K Motown_Johnny May 2012 #32

Obama made a mistake... kentuck May 2012 #34

100% correct. - nt badtoworse May 2012 #36

A second to that 100%. Can't reverse the damage done, but one can only imagine how strong sad sally May 2012 #47

I am surprised that people do not see the effect or impact... kentuck May 2012 #38

I would prefer just to let them expire for those making more SteveG May 2012 #39

Agree. TBF May 2012 #48

I don't see much point in raising taxes as long as capital gains are exempt 4th law of robotics May 2012 #41

I don't understand why it has to be either/or ? kentuck May 2012 #46

It should be both - the capital gains thing is very important. TBF May 2012 #49

I think that would be a good start... kentuck May 2012 #50

I think it has to be all or none taught_me_patience May 2012 #53

Yes. Iggo May 2012 #58