Posted on 10/11/2008 5:39:08 AM PDT by ConservativeAtLast
Why isn't anyone positing a capital gains tax cut as something that can be done to help the economy? A major cut in the capital gains tax, say to 15% for stocks held less than a year, and 5% for stocks held a year or more would bring investors back into the market. I have written my representative ( Pete Sessions of Texas ) and recommended this. All Freepers should write their representatives as well.
No cut - eliminate it.
Ditto to that!
Yes. Why should the takers get a share of the profits at all? Are they backing up my personal portfolio at 20%? No. Then they shouldn’t take 20%, 5%, or anything.
Are there any capital gains left to tax??
So, would you have capital gains be taxed as ordinary income?
That is the alternative
Good point.. but they are not backing up 20% of my losses, are they?
Because most people that are voting for the O this year don’t even know what a capital gains tax is, much less care if it’s there or not.
I think that is what the worst part of this is. The fact that so many people are so ignorant about every day life and grown up life and have the ability to choose our leader based on level of “coolness”.
......Why should the takers get a share of the profits at all? ....
The realized gain is income. There is a tax on income
>> So, would you have capital gains be taxed as ordinary income? That is the alternative
Wrong. Why would that be the alternative?
Cap gains tax rate can be zero, and it should be zero.
EL-IM-IN-ATE
Not morph or transmogrify or revert or anything else.
>> The realized gain is income. There is a tax on income
Wrong again, bert. Much, if not most, of capital “gain” is simply inflation gain. Why should that be taxable?
Anyway, show me the law that says ALL, EVERY DROP, of income MUST, ABSOLUTELY MUST, be taxed.
You’re arguing nonsense.
By the time you get to a CapGain tax, the underlying cash asset has been taxed may times over. Tax on inflation - or government funded run-ups in asset value based on false credit markets - should be illegal on its face.
you are right - why should they get a share of that?
Because Obama will call it a “gift to the rich” and McCain will be too timid to respond.
I’m not arguing in favor of tax, merely pointing out that realized gains are income. The fact that the gain is the result of inflation or growth might be something for consideration in increasing the complexity of the tax code.
Including “much” or “most” is really not correct because the gain can be attributed to any number of factors. Property across from a new Shopping center becomes more valuable because of location. Stocks increase in value because of increased earnings.
The Congress has chosen to tax all income, regardless of the source. Once they begin to exempt specific classes of income they start down slippery slope. Their method is to tax different income at different rates or with diffrent criteria. The practice though is to tax all income
Been a while since I was in business but aren’t capital losses considered a deduction? Maybe a tax guy can chime in. I was just making the comment from the governments perspective. Gonna be pretty hard to raise capital from capital gains in this environment.
Because it’s economic COMMON SENSE....so they won’t even consider it.
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