Capital Gains Rate Could Jump 119% Under Gang Of Six

Investor's Business Daily ^ | 7/20/2011 | Jed Graham

[moshiach]

Mom MD you work for a living.. so why waste your time defending people who don’t.

In past posts I have called for ending property taxes, encourage ownership. Plus lowering taxes on income and payroll taxes, encourage work.

[Logic n' Reason]

The US housing market is very much in the doldrums. Stagnant, but not dead. It's like a sailing ship in becalmed seas. The ship is fit to sail, but there is no wind.

Some part of why homes are purchase certainly must be the tax deduction one receives from mortgage interest payments.

Are we to understand that this deduction is going to be taken away? If so, and using the sailing ship analogy from above, the housing market will surely suffer. The "ship", tho fit to sail above the waterline, has a hull encrusted with barnacles...and even if the wind rises, the ship won't sail nearly so well as it did with a clean hull.

The "value add" of the loss of the mortgage deduction will be the home rental market. If rental payments equate to mortgage payments, but without the hassle of RE taxes, fixup expenses, and credit risks associated with yet another downturn (the "upside down" syndrom); then, why not rent??

Nothing like another idiotic plan from our idiot savant representatives in the federal government to make life a bit more pleasant for all of us, what?

[Tijeras_Slim]

It think they mean it will increase 119%.

But then again, the normal laws of mathematics do not apply in DC.

[Red Badger]

Hey, let’s raise the Capital Gains Rate by 119% !
That should get this economy going .......................overseas................

[exit82]

Boehner should just stop this nonsense and say that spending bills have to originate in the House—Senate plans are DOA.

I can dream, can’t I?

These RINO Senators are the worst.

[moshiach]

Those “Capital Gains” taxes are made on money that has already been taxed.

Same story for income tax, payroll tax, and pretty much everything else. The McDonald's, customer pays a sales tax on that Happy Meal, yet the employer and employee still has to pay a tax (income/payroll) on money that was already (sales) taxed.

Or my pet peeve, why do I have to pay a transit fare or toll for a transit system (bus/rail/bridge/road) that my taxes paid on? I have always considered that a double tax.

There are example after example of double tax, capital gains tax is not even the worst one.

Income tax and payroll tax, is arguably the most egregious example of double taxation. Gore ran on "lock box" saying he was going to stop Congress from treating FICA like it was a part of the (income tax) general fund. He lost.