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Debating with the enemy Discuss politics, current events, and other hot button issues here. |
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10-21-2011, 09:59 AM | #16 | |
Playmaker
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Re: Whats Fair When it Comes to Taxes?
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Let's say, for instance, I'm able to invest $10k of my after tax income in a given year. In that year I make $1k on my investments and I sell off my stock. I don't think I should then be taxed again because I earned $1,000 after I already paid taxes on the money I invested, and if I am, I certainly don't believe it should be at the same rate as I already had been for earning the money I invested. Now, that example doesn't address folks like Warren Buffett who don't really do anything other than invest, but it illustrates the issue that lots of normal people could face. So, what would be a solution to this? Progressively tax higher capital gains earners? I'm not exactly sure, but I can tell you if the capital gains tax rises to the same level as my payroll tax, I'll probably be a little hesitant to invest any of my money. |
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10-21-2011, 10:38 AM | #17 | |
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Re: Whats Fair When it Comes to Taxes?
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10-21-2011, 10:59 AM | #18 |
Playmaker
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Re: Whats Fair When it Comes to Taxes?
I know that, I still have a problem with it when it's on a smaller scale, though. I'm not saying that I necessarily have a solution to the problem, but I don't know that raising the tax is fair to the people who aren't able to put much in and don't end up earning much, either.
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10-21-2011, 11:48 AM | #19 |
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Location: Virginia
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Re: Whats Fair When it Comes to Taxes?
At this point... I don't even know any more. I've always felt a "Flat Tax" would be good because everyone would have to pay the same % of what they earn. There would be no complaining about how the rich get richer, the poor get poorer, and the middle class is what runs this country.
Then I've felt everyone has to eat so make a "Food tax". Everyone gets hit equally. Same for the most part with a "Gas tax". Everyone who drives gets hit equally. I'm not a smoker and hardly a drinker but what pisses me off more is when they want to raise tobacco tax as if that will solve our problems. Lets make the smokers pay for everything. Another was VA's stupid idea a few yrs ago to attack the people who get DUI's. The Gov. had this brain storm that it costs like 60 mill to repair VA's roads and on average there was "X" number of drunk drivers a year and by taxing them extra VA would make the 60 mill easily. They reduced everyones taxes figuring the drunk drivers would carry the load, but most Judges didn't think the law was fair so they started throwing DUI cases out of court. VA quickly fell 60 mill in the hole. lol. Then after it was challenged in VA's courts it was considered unconstitutional. All the extra tax that drunk drivers paid had to be repaid back to them by the state. lol. |
10-21-2011, 11:50 AM | #20 | |
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Re: Whats Fair When it Comes to Taxes?
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Whatever problem you have with it is unfounded. You have 1k in new income, how you got it is irrelevant. If it helps think of the process investing in stock as having invested in a business and making a profit (exactly what you're doing actually). You will pay and you should pay taxes on those proceeds.
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10-21-2011, 11:52 AM | #21 | |
Living Legend
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Location: chesapeake, va
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Re: Whats Fair When it Comes to Taxes?
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10-21-2011, 11:52 AM | #22 |
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Re: Whats Fair When it Comes to Taxes?
To clarify... I know I mentioned I had a problem with Gov. picking on any one group, and by making a "Gas tax" it would only hit drivers, but... they could add a tax to people who ride the trains as well. Taxies and Buses would most likely pass their gas tax down to the common man by raising the rates so they would pay their fair share also.
The only ones not hit would be walkers and bike riders. I can live with that since they are doing their part to keep smog to decent level. |
10-21-2011, 11:58 AM | #23 | |
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Re: Whats Fair When it Comes to Taxes?
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Our system of Gov. is bad from the top all the way down to the county level. |
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10-21-2011, 12:01 PM | #24 | |
Playmaker
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Re: Whats Fair When it Comes to Taxes?
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Last edited by mlmpetert; 10-21-2011 at 12:03 PM. |
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10-21-2011, 12:11 PM | #25 | |
Playmaker
Join Date: Apr 2007
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Re: Whats Fair When it Comes to Taxes?
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a person is much much better off (and probably making the equivalent of 50-60k) if they claim unemployment, etc but work an under the table job. its a windfall really. pay close to nothing for housing, even if you stop paying rent the landlord has a tough time kicking you out b/c your sec 8, sell your food stamps at 50 cents to the dollar, free healthcare and dental for you and your whole family. unless you make more than 50k why work a job you have to claim income on?
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10-21-2011, 12:14 PM | #26 |
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Re: Whats Fair When it Comes to Taxes?
its my understanding that the tax of tobacco goes to help offset tobacco related expenses like lung cancer, cancer research, tobacco use awareness . . .which i think is a good thing. i could be wrong. i imagine it costs us alot of money for the older folks on medicaid who have been smoking for 60 years and get cancer . . .
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10-21-2011, 12:17 PM | #27 | |
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Re: Whats Fair When it Comes to Taxes?
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10-21-2011, 12:30 PM | #28 | |
Playmaker
Join Date: Feb 2004
Location: Arlington, VA
Age: 40
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Re: Whats Fair When it Comes to Taxes?
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I'm pretty ignorant to tax laws and such, so I'm asking for informational purposes, not to be combative. I suppose I just never really thought about every bit of money I earn as income before; admittedly, I probably should have. It's just a way of thinking that needs to switch, but this is an interesting discussion, to me. |
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10-21-2011, 01:03 PM | #29 | |
Playmaker
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Re: Whats Fair When it Comes to Taxes?
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We are all born into different circumstances but just like you said life isn’t fair. Just like its not fair that some people are harder workers then others, smarter, better looking, smooth talking, better athletically, more innovative or...... just good ole rich. That’s just the way it is, some people are dealt better cards then others. Im not rich and I don’t come from a rich family, but I don’t think rich people should be punished just like I don’t think a hard worker, athlete or model should be punished because of their lack of misfortune. I think people who earn more money should pay more taxes because like you said they are benefiting the most. That’s why I think a percentage is fair, as you earn more you pay more. I also think people at the bottom of the economic scale should be given more opportunity, kind of like they are now but through a more controlled process. So instead of giving someone a huge tax refund (relative to their income) at the end of the year to do what they like with, I think it would be more beneficial to provide them with tools through social programs that present individuals with opportunities to climb the economic latter if that what they choose to do. This would replace tax refunds and be in addition to the subsidies like housing vouchers and food stamps that many of us are already receiving. So more oppertunity for poorer people but its up to you to take advantage of it. Things will never be fair for everyone but i think treating everyone equally is start.
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10-21-2011, 01:33 PM | #30 | |
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Re: Whats Fair When it Comes to Taxes?
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You are technacally suppose to be taxed on it at the tax bracket you were in at your last income generating position before retirement (It doesn't mean you can go get a job at McDonald's though to lower your tax bracket). There are some strategies you can employ to lower your taxes. For example, if you don't anticipate your tax bracket to be lower as you get older and near retirement it might be wise to convert your 401k to Roth IRA before you retire since isn't subjected to minimum distribution rules which could cost you in the long run. Bottom line is the rules around 401k are quite generous and if you combine it with other financial instruments (i.e. whole life insurance) you can definitely lower your tax bill when you retire.
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"The Redskins have always suffered from chronic organizational deformities under Snyder." -Jenkins |
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