I'll give you $100 if you can find one post where I've blamed the homeowner for losing his home. I actually agreed with Okie's rant. :rofl::rofl: What planet have you been living on?
Si if they are investing the same they are getting the same tax benefits or even sweeter deals like a Roth 401K. Good point. We should drag everyone down because some make more than others. I don't really care what Ronald Reagan said. I am not a Republican ideologue. I worry about the damage that will be done to all of us if the capital gains rate is raised to punish the rich.
So because Buffet lost 5 billion dollars he should have to pay more taxes than his secretary who lost substantially less?
I believe you, but it doesn't fit with the attitude you have. This economic crisis is going to hurt the middle class, (like the hated union worker) who haven't amassed the fortune to ride this out. None of the AIG bonus folks are going to have to worry about housing, food, paying their electric bills, putting clothes on their kids back, etc. They'll be fine. But for example, when that retired union worker loses his pension plan because the Automakers have to reduce legacy costs, what do you propose they do? I know you don't want them on the goverment dole, and lots of them came before the advant of 401K's, so what do you want them to do?
Who said he was "evil"? Don't put words in my mouth in a lame attempt to make my comments seem personal. Like he needs incentives? What else is he going to do, bury it in a coffee can? His capital gains are not a result of his work and add nothing to US productivity . . . only to cash flow, which as we have seen, can disappear overnight. Again you feel compelled to paint serious criticism as "envy". What have I said that seems envious to you? Why don't you just address the issue. And you miss the point completely. Of course I take advantage of low capital gains taxes, but they amount to less than 10% of my income. Yet a guy who makes 90% of his income on capital gains (which adds nothing to productivity) gets taxed at a lower rate than me because 90% of my income is earned. Income is income and should all be taxed at the same rate. It's not envy to point this out, it's common sense. What I don't understand is middle class people, who work for a living, puckering up and kissing the asses of the idle rich.
Not again!! Let's just save everyone some time and fast forward a couple of days to the end of the argument. http://www.tigerforums.com/showthread.php?t=81102&highlight=idle+rich&page=3 Start at post #42
Your tone implies envy. You choose to use words like "priviledged" and "idle rich." Without the tax benefit he could put his money into savings accounts which bear no risk, or horde cash in a coffee can. And of course the capital gains don't add directly to productivity, but the initial investment did. "Idle rich" "Special Privleges for the wealthy." Your words. I get the point. It is just a poor one. If you can't see the difference between w-2 income and income made investing then this is a worthless conversation. Do you honestly think these sentences do not scream of class envy? It's not a matter of brown nosing its a matter of understanding the issue and knowing that the capital gains rate benifits all investors not just the wealthy. If I had 1,000,000 dollars and could earn 10% in the stock market then have to pay 30 percent in taxes or earn 6 percent in an MMA and pay the same amount in taxes I have virtually no spread once I factor in my beta. With those scenarios I would probably take the sure 6. When I have a 15% tax rate the spread is much better and investing seems more worthwhile.
