[quote]groo wrote:
[quote]2busy wrote:
[quote]groo wrote:
Tenth bud not ten. Their income comes in the form of capital gains mostly not taxable wages .[/quote]
Yes.
That is done to provide incentive for people and corporations to invest their money.
So…
I make $10,000.
I pay my income taxes on it.
Then I invest the money left over. I buy stocks.
Stocks go up, and I sell them.
I pay taxes on my capital gain. The IRS taxes me at a lower rate because I risked MY money.
I could have lost money. You’re only allowed to deduct $3000 for losses.
You need to understand how this stuff works.
Apparently, you want no one to invest their money.
THAT will fix the economy.
[/quote]
Ok your post is wrong on all kinds of levels including simply assuming what I want.
One you assume the top tenth of a percent ever made wages.
Are you really using 3k and 10k to illustrate the top tenth of a percent of income earners?
Also your money isn’t capital in an economic sense, not like labor or natural resources or factories.
You risking 10k does nothing for the economy on a macro scale if you hoard it ala Smith which is largely what small investments in most financial instruments are; that is really not particularly relevant to the issue though.
More or less income tax is a fee you pay to participate in our society if you follow its rules. We have a graduated tax because that is ultimately less regressive than a flat tax. Consumption taxes unless carefully constructed are the most regressive. Particularly regressive yet currently endorsed is a system where the majority of the people that earn wages which is even a large chunk of the upper 1 percent just not the top 1 tenth pay at a rate higher in some cases significantly higher than the 15 percent of the capital gains rate. You could code in plenty of protections of you are worrying about some guy investing 10k a year in the stock market, in fact there are several ways already to go about this, but on the top end the rate should be higher. As well as the corporate rate should be lower and there should be no corporate deductions. In the current system the corporate deductions solely favor the large mega corps which in some cases are the only ones aware of them much less able to have a team of accountants able to work the system. Its not the smaller corporations who do end up paying too much in taxes. This is why even in years with no losses companies like GE pay so little relatively speaking in taxes, its not like GE Capital can lose their shirt every year.
I like rich people. I am a capitalist. But there needs to be a level playing field and currently this isn’t the case. There is too much collusion between the large corporations at a high level. And the strange derivatives and investments available and the potential for abuse of them don’t lend themselves to low regulation states.
This is still very far afield from wanting a police state. I think anyone should be able to assemble in public parks and that the Oakland action went to far. And with the current backpedaling and the mayor claiming they didn’t know about it happening either shows incompetence or a distancing of oneself in preparation for some sacrificial lambs. It also applies a lot more scrutiny to the police prescence in Oakland and in other cities. And does crank up the potential for violence everywhere at the protests…the police all seem to think so most of the statements released in response seem to be focused on being more prepared for violent protesters now.[/quote]
Every single member in Congress has numerous lobbyists greasing them for whatever their cause is, yet you protest at City Fucking Hall. This is the stupidity of the Occupy Movement, THEY ARE PROTESTING THE WRONG PEOPLE. The government has been in on this (both parties) for decades. They have been greasing and lining the pockets of people for years, so take it to the White House and shout there.