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Originally Posted by Ixtellor
I don't know the exact quote, by I assume he is talking about payroll taxes as well. In which case I am confident she probably has 32% of her paycheck deducted.
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Everything I can find refers to federal tax rates. Even adding payroll taxes, it does not reach 32%.
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Back to topic:
While capital gains taxes are considered a cost to business, the fact is:
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What about individuals? What about old people who rely on the equity in their home to finance their retirement? You think only businesses pay capital gains?
When my husband was in the Army, we were unable to sell our house due to cuts in the military. We were forced to rent it out for 8 years at an average monthly loss of $50. During this time, tax laws required us to depreciate the house each year though this saved us very little on our taxes. When we did sell the house, we had to pay capital gains on the difference between the depreciated value of the house and the sales price. IOW, we paid tax on about 30K when in fact, we had a net loss.
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We can have no government without taxes. You know that large army your soo proud of, how do you think it is paid for?
You know that war in Iraq that you folks believe was an act of genius..
It costs money. In order to pay for your way you only have 2 choices.
I love how conservatives, think the $3billion/week sinkhole known as Iraq is totally awsome, but at the same time feel we should NOT pay for it.
Is it really so awful to raise capital gains taxes 5% to pay for your precious war?
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Besides the fact that revenues will decrease?