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More wealth transfer on proposal to adjust capital gains by inflation

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This is a proposal that makes sense.  

We shouldn't punish people for working hard and taking risks.

It's about fairness.

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This is a proposal that makes sense.

We shouldn't punish people for working hard and taking risks.

It's about fairness.


I think you have to be kidding around, or you are ignorant about some basic tax issues. First, capital gains has nothing to do with working hard. It is the polar opposite of earned income where people and their labor earn a living. You fail to recognize income and wealth inequality in America, and you ignored Othershoes graph of how the middle class has been screwed over the last forty years.

Inherited capital if not taxed fairly will result in growing debt and a highly bifurcated America. Those who have and those who have nothing.

This proposal is just one more example of the wealthy stealing American and who do you think will have to cover the give away to the wealthy? The vast majority of the American middle class. So let me help you about the middle class capital gain property.......it is their home, but the law already protects middle class folks with capital gain exclusions on your principal residence......but the idea that the average middle class person has stocks, and investment real estate is the exception and not the rule.

So Billy inherits 2 million from his parents which is not taxed because of the all but elimination of the estate tax which would have taxed this at the time of Ronald Reagan in the amount of 800 thousand dollars which is now given to the wealthy with Trump's and the Republican agenda to give money to the wealthy.....EG farm subsidy. Now that 2 million becomes 4 million as they sell an apartment building in ten years. In the days of Reagan the gain to four million would have a 28% capital gains tax or 560 thousand due in capital gain taxes......but NO.....the wealthy had gotten the capital gain tax down to 15% so now the government has lost another 250 thousand of taxes.......but Nope....not enough money for the wealthy......now that 2 million dollar gain will be offset by the COLA, so over ten years at three percent inflation per year which will be a six hundred thousand offset before determining the tax or approximately another hundred thousand gift wrapped for the wealthy. About a million dollars of revenue for the programs which help the middle class, like roads, bridges, and schools is given to the wealthy.....and without tax Billy will hand to his children the silver spoon which congress has given to wealthy children while this gift has NOTHING to do with earned income, and everything to do with the wealthy getting richer while America is robbed. All the race hatred which fires up the Dixiecrats, is nothing more than useful idiots who help build conduit to transfer wealth to the rich.

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A response to a petition I signed:

Dear ________:

Thank you for contacting my office to share your thoughts on the Tax Cuts & Jobs Act. I am grateful for the opportunity to reply.

This year tax reform is particularly important, because it is the last year that most people will have to suffer under the burden of our old, outdated tax code — and which was greatly revised when Congress passed the landmark Tax Cuts & Jobs Act. This gigantic tax reform package — the first significant tax reform in over 35 years — is a huge victory for American families, and an engine of growth for the American economy. It lowers individual taxes, lowers corporate taxes, and lowers taxes on small businesses. 90% of businesses are small businesses; they are truly the backbone of America’s economy. Finally, as you sort through the endless sheafs of paper for this year’s tax return, have faith — the Tax Cuts and Jobs Act makes filing taxes simpler and easier. Make sure to keep your tax return from this year. Compare it to your tax return next year. I know it’s still a long time off, but I bet you’ll be very pleasantly surprised!

Before passing tax reform, America business growth was stifled by our 35% corporate tax rate, which was the highest corporate tax rate in the developed world. It was hard for American companies to do business abroad, and it was hard for them to do business in America, knowing that so much of their profits — money that would be better reinvested into their employees and into business growth — was going to be frittered away on this hugely burdensome tax rate. Under the new tax plan, the corporate rate has been slashed to 21%. That’s far from being the lowest tax rate in the world, but it’s still a huge improvement for American businesses.

One element of the tax reform package has not gotten enough media attention. Under the new tax code, America is moving from a “worldwide” tax system to a “territorial” tax system. This is an important change, with vast implications for the economy. In a ‘worldwide’ tax system, businesses must pay the U.S. corporate tax rate regardless of where their products are sold. Say a business sells goods in a country with a 20% tax rate. The business would first have to pay that country’s taxes (20%), then pay the difference (another 15%) when they brought the money back to America. This complex, counterintuitive system of taxation greatly hurt business growth. Not only did it keep businesses from competing on a level playing field with foreign competitors, it encouraged businesses to keep their profits outside of America. When money is “parked” internationally, that money is not going into workers’ pockets. It is not going to bridges or roads or airports in the United States. It is not helping companies grow and expand and develop new products.

The new tax code is a “territorial” tax system, in which companies pay taxes based on where their product is sold. This is fairer, simpler, and helps keep U.S. businesses competitive abroad. Most of the world uses a territorial tax system; changing to a territorial system was long overdue! Under the new tax plan, businesses will pay a one-time “repatriation” tax when they bring in their money from overseas, and after that, a territorial incentivizes businesses to continue growing, expanding, and driving American economic growth.

But the tax code is more than just good for businesses — it’s great for families, too. The Tax Cuts & Jobs Act allows Americans to keep more of their hard-earned money, regardless of income level. It increases the child tax credit from $1,000 to $2,000. Raising kids is expensive — and doubling the child tax credit will help families defray some of those costs.

A gripe of many taxpayers has been the standard deduction. It’s always been a bit of an arithmetical guessing game: is it better to itemize deductions, or to take the standard deduction? A whole cottage industry has sprung up around the loopholes in the tax codes — special carveouts that allowed people “in the know” to reduce their tax burden, often all the way to zero. Meanwhile, people who don’t know these tips and tricks were stuck paying rates that were much too high. The new tax code closes a whole lot of loopholes, which makes it simpler and easier to file taxes. And instead of the endless debate over whether to itemize or not, it doubles the standard deduction, making the standard deduction, without itemization, a far more attractive choice for a vast majority of Americans. This will reduce paperwork, reduce time spent filing taxes, and reduce the need to bring in expensive “outside professionals” to help you with your taxes. It’s a better system all around. or d is

We can already see how the Tax Cuts & Jobs Act is paying off: over 400 companies have expanded employee benefits; over four million Americans (and counting!) have received bonuses; over 80 million Americans have lower utility bills. Most importantly, 90% of American workers are getting bigger paychecks.

Tax reform has been a Congressional priority for decades. It should be a bipartisan issue — I don’t know why anyone in Congress would want their constituents to pay more. I don’t know why anyone would prefer a more complicated tax code, instead of a simpler one. I don’t know why anyone would want businesses and families and individuals nationwide to suffer. But by voting against tax reform, Democrats showed that was exactly what they stand for: less money for families, and more money into Washington DC. I was proud to stand with my Republican colleagues, to make tax reform a reality, and proud to vote for taking money out of Washington, and putting it back where it belonged — your bank account!

Thank you again for contacting my office. Hearing from constituents is valuable to me, so please reach out again if you have any further comments or questions. If you’d like to stay informed of the issues I am voting on, and the issues that impact northwest Florida, I encourage you to sign up for my weekly e-newsletter at http://Gaetz.house.gov!

Sincerely,

Matt Gaetz
Member of Congress

GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR! How I despise this lowlife vermin.

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Trump just foolishly admitted, over a couple of tweets, that his tax plan is geared to help the super-rich.

https://twitter.com/realDonaldTrump/status/1024236805477097472

https://twitter.com/realDonaldTrump/status/1024239166429769729

(Note how he also calls them "globalists" -- that's Trump's white-supremacist buddies having an influence on Trump, because that's their new code-word for "Jewish." Next Trump will be calling them "(((the Koch brothers)))" )

Among sane people, those who benefit the most from the system should be willing to pay more back into it. My investments earn me more money, so I end up paying more in taxes. Not fun, but it's fair enough.

Trump's building a house of cards, and it's a very stupid one. He's undercutting business with tariffs, then trying to borrow money to pay it back... while cutting even more taxes on the rich. What he doesn't get is, tariffs are a tax, on business and on consumers. But, unlike other taxes, the United States doesn't even get that money back into the system... it's just gone. AND, then it's doubly-gone because Trump has to increase the debt keeping the business people whose tariffs he ruined afloat. The guy doesn't understand very basic things about business, which is why he's bankrupted multiple casinos (any idea how hard you gotta suck to fail at a money-printing-enterprise like a casino? That's special-stupid mismanagement). And now he's monkeying around with the economy.

He got very lucky and gifted with a strong economy that Obama built. Obama dealt him a winning hand and all he had to do was keep playing it... but, nope, Trump said "I'm gonna discard these three aces and see if I can't get something better." He's an idiot, and if all of our futures weren't on the line it'd be a delight to watch the disgrace that's coming for him when the wind hits that house of cards. Unfortunately, it won't just hurt him and the uber-rich.

Whoever follows this clown -- and it better be soon -- is going to have so much repair work to do it's nuts.



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2seaoat wrote:
So Billy inherits 2 million from his parents

Which has already been taxed when it was earned. Sometimes two or three times.  Yet Demos would tax it yet again.  And again and again, and again if they think they can get away with it.   All in the name of punishing those who work hard and take risks.

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Which has already been taxed when it was earned. Sometimes two or three times. Yet Demos would tax it yet again. And again, and again, and again if they think they can get away with it. All in the name of punishing those who work hard and take risks.


You only die once, and it once in a fair country was only taxed upon a person's death. The government has every right to get revenue fairly from progressive tax rates.....all confirmed by the Supreme Court. It used to be bipartisan support for estate taxes after WWII, and the same was responsible in lowering this nation's war debt. I get double taxed on my corporate dividends on my C corp, and those taxes are most certainly fair, and now obscenely low considering the debt Donald Trump is running up with 65 billion increases in defense spending.

Now, the biggest fallacy of your argument is those folks who inherit got their money from hard work and risk taking......they got it through capital accumulation which was not taxed. If I have a good year, I pay more taxes and it has little to do with hard work and risk taking. You either support this nation with your taxes or you allow a wealthy class to be exempted......I have never met a silver spooner who did not think they should get daddy's estate with out paying taxes, while the guy working at Walmart pays a higher percentage of taxes than these silver spooners.

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2seaoat wrote:Which has already been taxed when it was earned. Sometimes two or three times.  Yet Demos would tax it yet again. And again, and again, and again if they think they can get away with it. All in the name of punishing those who work hard and take risks.


You only die once, and it once in a fair country was only taxed upon a person's death.  The government has every right to get revenue fairly from progressive tax rates.....all confirmed by the Supreme Court.  It used to be bipartisan support for estate taxes after WWII, and the same was responsible in lowering this nation's war debt.  I get double taxed on my corporate dividends on my C corp, and those taxes are most certainly fair, and now obscenely low considering the debt Donald Trump is running up with 65 billion increases in defense spending.

Now, the biggest fallacy of your argument is those folks who inherit got their money from hard work and risk taking......they got it through capital accumulation which was not taxed.  If I have a good year, I pay more taxes and it has little to do with hard work and risk taking.  You either support this nation with your taxes or you allow a wealthy class to be exempted......I have never met a silver spooner who did not think they should get daddy's estate with out paying taxes, while the guy working at Walmart pays a higher percentage of taxes than these silver spooners.

You only believe these things because you have no respect for individual rights, including property rights.  The very thing upon which this country was founded.  It's a very un-American viewpoint.

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You only believe these things because you have no respect for individual rights, including property rights. The very thing upon which this country was founded. It's a very un-American viewpoint.



So it I am not an American because I believe we should pay taxes and not run up debt. I have been a Republican fighting for property rights taking on unfair local laws which restrict the rightful enjoyment of the same by citizens, but your sophomoric paradigm that paying taxes to support government is not respecting property rights.......geez some things really are too complex for some folks to even begin to understand our constitutional system. Your individual rights end when they harm other citizens......so you can argue until hell freezes over that you have a right to use your property however you want, but we live in a constitutional democracy which sets forth limits and rules for a civilized society. Intelligence however is not a guaranteed right, some simply will never achieve the same.

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2seaoat wrote:

So it I am not an American because I believe we should pay taxes and not run up debt.

Oh?  So it's debt you want to talk about? Well, you didn't say that till now. You only spoke of soaking the successful class of society (and their children.)

The masses of people may vote for government spending beyond it's means for their own benefit and then you expect the central government to confiscate the income and assets of the few to pay for it far far above and beyond the benefit those few receive.   And that's what you call "fair"?

If you really wanted to be "fair",  you would advocate we tax people per capita and not according to their income or their assets they have manged to accumulate.  Then let's see how much government spending people are willing to vote for?

“When the people find that they can vote themselves money that will herald the end of the republic.”   ― Benjamin Franklin

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I am a fiscal conservative Republican. Always have been, but you dixiecrats are a stain on the Republican Party. Republicans have always argued for balanced budgets and that included increases in Revenue when necessary. Progressive tax rates are fair and bring the best revenue flow to government. Why would Donald Trump Jr. deserve not to pay taxes? By birth right into the new feudal system where we are creating our own royalty in America which if your wealth is in the 1%, you are granted no responsibility for our government running, yet is it not ironic when the budget gets busted by 65 billion being thrown down the rabbit hole, while proposing to drop more revenue. You are a sock. These stupid arguments have been here before....I even have my guess who you are, and you are not a woman.

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