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I just re-read the actual numbers they are fighting over. It’s an increase of 2% (33→35) for people making more than $200K and 3.6% (36→39.6) for those making more than $388K. That’s not a “hike”, thats merely a fluctuation in the grand scheme of things, especially given tax-rates like 90% in the 50s…
Part of that tax increase is also on dividend payments to shareholders. Going from 15% to 39.6%. Although I’m sure it would make some in these forums happy to see Mitt pay more in taxes, the increase will also effect small share holders that are retired. It begs the question of “What’s fair” again.
Bring back the tax rates on the rich from the 1960’s. Restore the Glass Steagall act, with sharp teeth. Haul the thieves of wall street into federal court to be tried for their financial crimes.
“The 1%” represents O and ALL the people in Congress. O acts like he’s a poor homeless bum living under a bridge and eating out of garbage cans. The election is over. I’m waiting for O to become a leader. I fear it isn’t going to happen.
I was aware that IRA and 401k contributions were taxed as ordinary income, but I thought that appreciation of the value of those contributions through investment of those funds and dividends from those investments were taxed as capital gains. Also, I was speaking of stocks, etc. held separately form retirement funds. If dividends from stocks, etc. held separately, won’t they be taxed at the new rates if they are enacted?
Ima, your rants get weirder every day. Obama living under a bridge? Obama tells us every week that he’s one of the people who will pay higher taxes. He sells a lot of books, and he knows that it’s his patriotic duty to actually support the country he loves. Why are taxes that are LOWERTHAN REAGAN’S suddenly anti American? The reason you are losing the argument in the country is because your arguments literally do not make any sense, they do not stand up to even simple math. Paying taxes is doubtless the only patriotic thing you’ve actually done.
Dont forget the earning caps for these new rates, 200K -250K for married couples (wonder if this applies to same sex couples?). -
By Margaret Collins | Bloomberg News http://www.sltrib.com/sltrib/money/55452175-79/tax-percent-income-earners.html.csp -
With all those changes, a family in New York state earning $400,000 a year with $35,000 in dividend income and $20,000 in long-term capital gains would see a tax increase of about $11,500 next year if Congress doesn’t act on expiring tax cuts, said Jay Messing, a senior director of planning at the private bank unit of Wells Fargo & Co. The analysis assumes the family has two children, $27,000 in home-mortgage interest, $20,000 in property taxes paid and $15,000 in charitable contributions. -
It has taken years to get our tax system to this level of support for the wealthier class it will take longer to reset the tax laws that favor everyone else.
You are correct, this will punishe the large majoirty if Middle Class Retirees who put money in 401K’s and IRA’s, also their Pensions ate also considered investment Income, so this Large increase in the Capital Gains Taxes punishes the Middle Class Retires more, and this is what Obama said he would not do, yet this is what he wants to do.
There is a very Lagre population of Middle Class Retirees who make less that this tax will hit hard
Somebody spits out the ‘retirees tax’ and it gets explained. It gets ignored. . Its going to hurt the retirees come back. . Reread above a few, short term tigger. Lay off the smoke and you may remember the posts better.
Yes, Tax Dederred until they are required to start withdrawing funds when they reach 71, and they’re taxed at the Capital Gains Tax Rate as this is Investment Income, so an increase of the Capital Gains Tax punsihes the Middle Class Retirees more thanany other Class
IRA’s and 40K palns are not taxed at all the Tax is deferred until the individual must start withdrawn funds from the account at age 71, then the Tax is the Capital Gains Tax Rate, erog, an increse in the Capital Gains Tax does indeed punish the Middle Class Retirees.
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Comments (45) (Please sign in to comment)
MortyForTyrant said, 5 months ago
I just re-read the actual numbers they are fighting over. It’s an increase of 2% (33→35) for people making more than $200K and 3.6% (36→39.6) for those making more than $388K. That’s not a “hike”, thats merely a fluctuation in the grand scheme of things, especially given tax-rates like 90% in the 50s…
-
Tax rates over the years (Wikipedia)
mikefive said, 5 months ago
@MortyForTyrant
Part of that tax increase is also on dividend payments to shareholders. Going from 15% to 39.6%. Although I’m sure it would make some in these forums happy to see Mitt pay more in taxes, the increase will also effect small share holders that are retired. It begs the question of “What’s fair” again.
Clark Kent said, 5 months ago
Bring back the tax rates on the rich from the 1960’s.
Restore the Glass Steagall act, with sharp teeth.
Haul the thieves of wall street into federal court to be tried for their financial crimes.
narrowminded said, 5 months ago
Cut tax rates for everyone.
Cap spending to the last Clinton budget.
Haul Obama into court for political graft with the Unions.
Ms. Ima said, 5 months ago
“The 1%” represents O and ALL the people in Congress. O acts like he’s a poor homeless bum living under a bridge and eating out of garbage cans.
The election is over. I’m waiting for O to become a leader. I fear it isn’t going to happen.
mikefive said, 5 months ago
@Mr. King
I was aware that IRA and 401k contributions were taxed as ordinary income, but I thought that appreciation of the value of those contributions through investment of those funds and dividends from those investments were taxed as capital gains. Also, I was speaking of stocks, etc. held separately form retirement funds. If dividends from stocks, etc. held separately, won’t they be taxed at the new rates if they are enacted?
sclark55
said, 5 months ago
Maybe I missed it, but did the Prez quit smoking?
ARodney said, 5 months ago
Ima, your rants get weirder every day. Obama living under a bridge? Obama tells us every week that he’s one of the people who will pay higher taxes. He sells a lot of books, and he knows that it’s his patriotic duty to actually support the country he loves. Why are taxes that are LOWER THAN REAGAN’S suddenly anti American? The reason you are losing the argument in the country is because your arguments literally do not make any sense, they do not stand up to even simple math. Paying taxes is doubtless the only patriotic thing you’ve actually done.
Dycel
said, 5 months ago
@mikefive
Dont forget the earning caps for these new rates, 200K -250K for married couples (wonder if this applies to same sex couples?).
-
By Margaret Collins | Bloomberg News
http://www.sltrib.com/sltrib/money/55452175-79/tax-percent-income-earners.html.csp
-
With all those changes, a family in New York state earning $400,000 a year with $35,000 in dividend income and $20,000 in long-term capital gains would see a tax increase of about $11,500 next year if Congress doesn’t act on expiring tax cuts, said Jay Messing, a senior director of planning at the private bank unit of Wells Fargo & Co. The analysis assumes the family has two children, $27,000 in home-mortgage interest, $20,000 in property taxes paid and $15,000 in charitable contributions.
-
It has taken years to get our tax system to this level of support for the wealthier class it will take longer to reset the tax laws that favor everyone else.
Tigger
said, 5 months ago
@mikefive
You are correct, this will punishe the large majoirty if Middle Class Retirees who put money in 401K’s and IRA’s, also their Pensions ate also considered investment Income, so this Large increase in the Capital Gains Taxes punishes the Middle Class Retires more, and this is what Obama said he would not do, yet this is what he wants to do.
There is a very Lagre population of Middle Class Retirees who make less that this tax will hit hard
Tigger
said, 5 months ago
@Clark Kent
Obama would go wih them
Oh, if you bring back the Rates of the 1960’s you wil be paying 50% t0 65% of your income in IRS Taxes
Stipple said, 5 months ago
@Tigger
Somebody spits out the ‘retirees tax’ and it gets explained.
It gets ignored.
.
Its going to hurt the retirees come back.
.
Reread above a few, short term tigger. Lay off the smoke and you may remember the posts better.
Tigger
said, 5 months ago
@Mr. King
Yes, Tax Dederred until they are required to start withdrawing funds when they reach 71, and they’re taxed at the Capital Gains Tax Rate as this is Investment Income, so an increase of the Capital Gains Tax punsihes the Middle Class Retirees more thanany other Class
Tigger
said, 5 months ago
@mikefive
Have you ever been Employed?
IRA’s and 40K palns are not taxed at all the Tax is deferred until the individual must start withdrawn funds from the account at age 71, then the Tax is the Capital Gains Tax Rate, erog, an increse in the Capital Gains Tax does indeed punish the Middle Class Retirees.
Tigger
said, 5 months ago
@sclark55
Nipe, still smokes like a chimney