Do you guys support a Millionaire's Tax?

[cabernetluver]

I believe it is referred to as "Passive Income", correct?

passive or unearned depending on the situation, and I am so red faced over typing the word no for the word know.

[avrpatsfan]

If you think taxing the rich is effective I'd read or skim this report by someone at Cato. It's pretty solid work. It changed my opinion. http://www.cato.org/speeches/reynolds_FMF092608.pdf

[dbroncos78087]

If you think taxing the rich is effective I'd read or skim this report by someone at Cato. It's pretty solid work. It changed my opinion. http://www.cato.org/speeches/reynolds_FMF092608.pdf

I dont speak for everyone, and i will give that a read later, but my only advocacy for that policy is that currently with our debt/deficit situation our taxes are artificially low.

A $14.3T debt is just not going to get paid off with tax cuts, it factually doesnt add up. Less receipts equals greater debt and deficit. Those are facts.

If there are legitimate cuts, and just for the record the Planned Parenthood and subsidies for poor people to get heating are not legitimate cuts because they are percentages of percentages of the debt/deficit. Subsidies to oil and farmers are more serious but still only pennies on the dollar. Costs like Iraq and Afghanistan start to mount into legitimate cuts.

[jrice9]

I don't no if you missed my point or ignored my point. The fact is that people of significant wealth do not make most of their income from earned income (technical term) and therefore are actually taxed at a lower rate than most middle class people who do get most of their income from earned income.

Here in the United States, unearned income is not subject to payroll tax, many times is not realized (technical term) and therefore is not subject to any tax. Beyond that, one must have substantial worth to take advantage of most of the better tax avoidance strategies.

It is not what people can or cannot do in terms of investing, it is just a simple fact that people at the top are actually taxed at a lower rate because their "income" is not subject to marginal tax rates.

Well on short term capital gains they are taxed at the same rate and on long term capital gains I agree its less but thats less direct income imo more like a long term investment like long term real estate, its not the same thing. And the lower brackets pay 0% on their capital gains long term. The rich are not making the majority of their income off long term capital gains or even close.



http://en.wikipedia.org/wiki/Capital..._United_States

Help me understand what Im confusing here

[cabernetluver]

Well on short term capital gains they are taxed at the same rate and on long term capital gains I agree its less but thats less direct income imo more like a long term investment like long term real estate, its not the same thing. And the lower brackets pay 0% on their capital gains long term. The rich are not making the majority of their income off long term capital gains or even close.



http://en.wikipedia.org/wiki/Capital..._United_States

Help me understand what Im confusing here

The lower brackets tend not to have any taxable gains, so, a low bracket is immaterial, but more importantly, my long experience in financial services says that you are wrong, but, my experience is anecdotal, while your statement about where the are making the majority of their wealth is even less supported. This is not about income as defined by the IRC, it is about overall gain in wealth not being taxed fairly.

[Labgrownmangoat]

If you think taxing the rich is effective I'd read or skim this report by someone at Cato. It's pretty solid work. It changed my opinion. http://www.cato.org/speeches/reynolds_FMF092608.pdf

If you think cutting taxes on the rich is effective, I suggest you review the Bush years and see how our deficits did. Trickle down, the theory supported by the Koch-funded Cato Institute, has been demonstrated to be a fraud by our trying it out for a decade. It did not work. It drove up our deficit and our debt while slashing our tax revenues.