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How about 0% income tax and 99% capital gains tax?

Discussion in 'Fred's House of Pancakes' started by burritos, Feb 4, 2011.

  1. burritos

    burritos Senior Member

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    So you make a million or 10 or 100 million dollars. You get to keep it all. You get to spend ever dollar you've earned. You want to save it? Go ahead. Put it in a bank which is FDIC insured 100% the full amount and you'll never lose it. What you don't get to do is bank it an live off the interest. Interest is immoral. The bible says so. Let's apply this to dividends, capital gains, and all forms of passive income. Have a business? Pay yourself as much as your business can afford to pay yourself. Why not? It's your business. Plus you don't have to pay taxes. Sell it? Fine, but you have to pay 99% capital gains, cause now you are no longer being productive. Someone else is.
     
  2. Blizzard10

    Blizzard10 New Member

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    Clearly you havent thought this through..
     
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  3. Flying White Dutchman

    Flying White Dutchman Senior Member

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    higher income pay more because lower income got no money l-)
     
  4. Stev0

    Stev0 Honorary Hong Kong Cavalier

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    Anyone want to take bets this is yet another Burritos hit-and-run and he doesn't post in this thread again?
     
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  5. spiderman

    spiderman wretched

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    Why in the world would you care what the Bible says?
     
  6. icarus

    icarus Senior Member

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    How about 0% income tax and a 49% capital gains tax?
     
  7. burritos

    burritos Senior Member

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    How about 75% capital gains?

    To use as an argument to convince Christians.
     
  8. spiderman

    spiderman wretched

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    lol
     
  9. bisco

    bisco cookie crumbler

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    ;)unless you have had a sincere change of heart, you, sir, are not my brother. i'll be requiring 20% on that loan you wanted.
     
  10. spiderman

    spiderman wretched

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    you mean 99%. :D
     
  11. SlowTurd

    SlowTurd I LIKE PRIUS'S

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    how about sending money off shore so they can't find it or tax it?
     
  12. bisco

    bisco cookie crumbler

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    who are you calling 'they'?
     
  13. icarus

    icarus Senior Member

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    Because contrary to the believe of our resident conservatives I think taxing more than 50% provides a disincentive to produce. Investment is needed so keeping more than the tax tax is equitable. That said, I think the current capital gain rate at 15% is terrible. The fact that you are taxed less on passive income than you might be for working on the same amount of money is yet another example of how we are redistributing the wealth, albeit not the way the conservatives like to portray it. We increasingly redistribute it up at the expense of the working class.

    Icarus
     
  14. bisco

    bisco cookie crumbler

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    true, but i think the inheritance tax needs to be looked at separately. with the value of real estatethese days, parents should be able to pass their house on to their children at a lower (if not zero) rate than income tax. they paid 10,000 50 years ago, now it's worth 750,000 or whatever. it's still the same house. unless you sell it. and then, with inflation, i don't really know the relative value.
     
  15. Hidyho

    Hidyho Senior Member

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    The inheritance tax wouldn't come into play for a $750,000 real estate.