tag:blogger.com,1999:blog-4900303239154048192.post7737680498849665548..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Does John Cornyn Not Realize that Capital Gains is a Form of Income?Unknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-4900303239154048192.post-59110372432382084372011-09-22T22:01:07.298-04:002011-09-22T22:01:07.298-04:00Not to mention that Buffett showed his tax return ...Not to mention that Buffett showed his tax return on the Charlie Rose Show A MONTH AGO.<br /><br />And the made the very cogent point that on a combined basis including FICA most people in his office were paying in the 35-39% rate or some 20 points over what he was. And in passing that combined SS and HI fica adds up to just over 15% (12.4% plus 2.9%)<br /><br />Meaning that a burger flipper making minimum wage pays a higher percentage from his first dollar earned than a billionaire who can classify all his income as 'carried interest', for example Hedge Fund Billionaires and their Trust Fund Baby grandkids.<br /><br />Yet it is an article of faith in the GOP that the working class gets a free ride where they wealthy are cruelly slapped with 'Death Taxes'. Which since large estates are mostly the product of various forms of unrealized capital gains, and the heirs get the advantage of the step up is more a deferral of that tax than anything.Bruce Webbhttps://www.blogger.com/profile/13222670342780912788noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-85746289708048178202011-09-22T19:47:06.676-04:002011-09-22T19:47:06.676-04:00File under "Duh..."
And make a note that...File under "Duh..."<br />And make a note that a feature of Reagan's 1986 tax reform bill taxed capital gains and ordinary income at the same rate. One of those little factoids lost in the discussion.Johnhttps://www.blogger.com/profile/11858939352263715787noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-22989138089166069112011-09-22T15:40:38.540-04:002011-09-22T15:40:38.540-04:00"If someone does not understand this simple p..."If someone does not understand this simple point – then why are they qualified to serve in the Senate?"<br /><br />Because that is one job that has no basic requirement other than ass kissing and legal forms of bribery. A Senator's level of ignorance can be helpful to those who have provided financial support. He's stupid, but not so stupid as to not be aware of how and by whom his bread is buttered. In the best American political tradition, of course.Jackhttps://www.blogger.com/profile/12971442888151627894noreply@blogger.com