Actually, alreadyhaveauser... that's the reply from MOST anti-capitalists... No reply button available so I'll post this
Hey BJ - didn't say I don't want them here anyway. Everyone can choose their own path on their own free will. Just asking why you don't flee with the "countless billionaires" and join the "Magnitude" of capital flight. One less poster griping all the time is all....
I'll be glad when the election is over and you can just stew in your own hate.
... and I believe we should have a progressive tax system and an adequate social safety net.
I think we should tax the wealthy in this country a lot... but NOT so much that it sends them packing. We HAVE to remain competitive with other countries when it comes to attracting global investment capital and encouraging the owners of it to invest it into jobs-producing industry.
Currently, the top 1% of U.S. taxpayers provide about 38% of government revenues coming from individual income taxes... and the bottom 47% of U.S. earners pay NO federal income taxes.
The point is: That's too HIGH. Many far-east countries have either low or no capital gains tax, yet Obama want's ours to be equal to taxes on ordinary income... and he want's the maximum rate on that to climb to 39.6%. HOW CAN WE COMPETE WITH THOSE COUNTRIES FOR INVESTMENT CAPITAL WHEN WE HAVE A PRESIDENT THAT WANT'S TO PUNISH CAPITAL TO THAT DEGREE?
Obama want's Romney's dividend income taxed at 39.6% instead of it's current maximum of 15%...
... COMPLETELY IGNORING the fact that it is AT 15% because it's "double taxed" at both the corporation that ISSUES the dividends and at Romney's personal level. Remember... Warren Buffett "deducts" his secretary's salary.
If Obama changes Romney's dividend income to a 39.6% bracket... then THAT tax, combined with corporate taxes that run upwards of 35% means that that income is subject to a total tax of 74.6%...
... HOW IS THE U.S. GOING TO COMPETE FOR INVESTMENT CAPITAL WITH PUNATIVE TAX STRUCTURES LIKE THAT?
alreadyhaveauser... 95% of U.S. voters have NO UNDERSTANDING of these economic concepts... but having a president that is cognizant of them is CRITICAL to our country's future. I hope that YOU have the ability to understand it and share it with others because the next 4 years are going to define our country's future for generations to come.
Get your facts straight. NOT 39.6% for Cap. Gains. From a Bloomberg article May 30 2012 -
"The current 15 percent top capital gains rate compares with a 35 percent top tax rate for ordinary income. Unless Congress acts, the top capital gains rate will increase to 20 percent in 2013, raising $36 billion over 10 years, according to the administration. An additional 3.8 percentage point increase for the highest-earning taxpayers is set to take effect in 2013, to help pay for the 2010 health-care law.
Romney and Obama would narrow the current 20 percentage- point gap between the top ordinary income and capital gains rates. Obama’s most recent budget called for a 39.6 percent top tax rate and a 23.8 percent capital gains rate, for a 15.8 percentage point difference. Romney wants to cut the top ordinary tax rate to 28 percent, yielding a 13-point gap with the 15 percent capital gains rate."
No need to lie, the Romney/Ryan can do that for you.