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Akkula

Klobuchar

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Just now, Mano said:

If they make money off of interest or capital gains, they are taxed at a much lower rate than income.

This is false.  Interest income is taxed as ordinary income.  Ordinary dividends are taxed as ordinary income.  Qualified dividends (stocks you’ve held for more than a year) are taxed as long term capital gains. 

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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4 minutes ago, mugtang said:

We only tax income in this country.  If their stocks go up in value but they don’t sell them that’s not income.   Now if you’re talking about instituting a wealth tax then that’s an entirely different issue.

I read an article that the wealth tax is very popular but may be difficult to do constitutionally so they recommended considering taxing some unrealized gains on people making over a certain amount.  Interesting proposal.

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2 minutes ago, mugtang said:

This is false.  Interest income is taxed as ordinary income.  Ordinary dividends are taxed as ordinary income.  Qualified dividends (stocks you’ve held for more than a year) are taxed as long term capital gains. 

Semantics...he's got the idea.

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Just now, Akkula said:

I read an article that the wealth tax is very popular but may be difficult to do constitutionally so they recommended considering taxing some unrealized gains on people making over a certain amount.  Interesting proposal.

That would lead to double taxation though.  You’re taxed on the unrealized gains.  Then you’re taxed on the realized gains for the same gains once you sell your stocks. 

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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2 minutes ago, mugtang said:

That would lead to double taxation though.  You’re taxed on the unrealized gains.  Then you’re taxed on the realized gains for the same gains once you sell your stocks. 

I am sure you would get some kind of carryforward.  This doesn't really raise taxes per se...just eliminates deferral.  Maybe as you age you get to defer less or something and that helps to offset the estate tax.

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5 minutes ago, Akkula said:

Semantics...he's got the idea.

Why is the truth semantics?   I suppose it’s better to be morally right than factually correct :shrug:

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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1 hour ago, Akkula said:

I guess we are going to have to agree to disagree then and, thankfully, most Democrats disagree.  We have to try something new than the trickle down we have done for 40 years.

Most Democrats like you don’t understand basic economics. It’s all emotion. Let’s take from the rich to solve our problems. 

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2 minutes ago, soupslam1 said:

Most Democrats like you don’t understand basic economics. It’s all emotion. Let’s take from the rich to solve our problems. 

Well, I do have a masters degree in econ...but it has been awhile!

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1 hour ago, Akkula said:

I guess we are going to have to agree to disagree then and, thankfully, most Democrats disagree.  We have to try something new than the trickle down we have done for 40 years.

Why blindly try something worse?

The World Needs More Cowboys!

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Back to the OP.  I’d consider voting for Klobuchar.  She’s one of the few who didn’t really “grandstand” during the Kavanaugh hearings.  I don’t agree with all of her policy positions but that’s ok.  I do like that she throws binders at triggered millennials who can’t handle criticism :D  (Jk about the binders part)

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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25 minutes ago, mugtang said:

Back to the OP.  I’d consider voting for Klobuchar.  She’s one of the few who didn’t really “grandstand” during the Kavanaugh hearings.  I don’t agree with all of her policy positions but that’s ok.  I do like that she throws binders at triggered millennials who can’t handle criticism :D  (Jk about the binders part)

It doesn’t sound like she will get the millennial vote, but they dont vote anyway. 

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3 hours ago, mugtang said:

That would lead to double taxation though.  You’re taxed on the unrealized gains.  Then you’re taxed on the realized gains for the same gains once you sell your stocks. 

I mean, isn't everything at least doubly taxed? (yeah I get the meaning and why it is a silly policy, I just wish there were a less ambiguous term for it). 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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18 minutes ago, happycamper said:

I mean, isn't everything at least doubly taxed? (yeah I get the meaning and why it is a silly policy, I just wish there were a less ambiguous term for it). 

It depends on how you look at it.  The company that pays you your wages gets a deduction for those wages so your wages aren’t doubly taxed.  But the revenues the company receives may have already been taxed so then using that logic your wages would then be the second round of taxation on that money.  

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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3 hours ago, mugtang said:

This is false.  Interest income is taxed as ordinary income.  Ordinary dividends are taxed as ordinary income.  Qualified dividends (stocks you’ve held for more than a year) are taxed as long term capital gains. 

Not all interest or dividends are taxed.  

If someone lives off of capital gains and has zero income, what is their tax rate? More to the point, the wealthy can build their wealth by manipulating their income so when they want to cash out their capital gains, they pay nothing.

The system is set up so the truly wealthy can avoid paying taxes.

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9 minutes ago, Mano said:

Not all interest or dividends are taxed.  

If someone lives off of capital gains and has zero income, what is their tax rate? More to the point, the wealthy can build their wealth by manipulating their income so when they want to cash out their capital gains, they pay nothing.

The system is set up so the truly wealthy can avoid paying taxes.

Sorry, I should’ve said most interest is taxable.  There are only a few ways to get tax exempt interest. The primary one is interest on municpal bonds. The other vehicle is tax free mutual funds which invests in municipal bonds.  The dividends and interest from those are tax free as well. Otherwise it’s all taxable.  And if you want to make muni bonds taxable to investors that’ll cause the interest rates on those bonds to go up which will then cause the expenses of the city or state to go up and force the city or state to cut back on services used by the citizens of that area.  I have zero issue with muni bonds being tax free.  But your comment about interest being taxed at a lower rate than ordinary income is still incorrect. 

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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