mrplunkey
New member
Come to Texas dude - we will fix you up on Tort reform.
I am not a believer in 0% capital gains. Warren Buffet is right about that one - it is causing problems. I the most money ever in my life last year and paid 16% taxes on it - TOTAL. That shit don't sit will with someone working wages and paying the same amount.
They really need to bring the top bracket down - say 25% and the capital gains up - say 20% to fix that one. Otherwise every hedge fund prick will continue to pay less of a tax rate than the average joe.
Problem with lowering the tax rates is it will be in the form of something that will be revenue positive - eleminating deductions.
For capital intensive industries like manufacturing, it is impossible to pay the same tax rate without deductions as say, a Microsoft that has very little capex and production cost.
Sounds good on TV - really hard to get on paper.
1) I love Texas. Being a Tennessean myself, we aspire to be Texas (no kidding).
2) I should have clarified my stance on capital gains. If someone truly creates something valuable (i.e. a company or property that is improved and sold), their rate should be 0%. It would be easy to differentiate them from speculators by making the rates 10% on gains older than two years and 0% on gains older than 5 years.
3) I'd like to handle speculators a different way. For those who don't take physical possession of their purchases, let's tax that as ordinary income (or even higher).
4) I'm good with closing loopholes, but the overall rate needs to be more like 20% or 25% (maximum).
Good times!