It seems like the rich or investor class can sure sell the idea that taxing them is a bad idea.
Don't like to pay corporate taxes? Don't buy stocks in corporation. Do like we farmers do. Buy a farm. Farm it and or rent it out and pay income taxes like other individuals do. Do they ever stop to think of all the public investment we make to service businesses.
Create jobs? How many **bleep** jobs does it create when one investor sells to another. That doesn't change the capitalization of a company. That doesn't encourage them to invest in the business or hire another guy. Such shameless bull crap.
I suppose we ought to cut taxes on labor. Perhaps they would invest money if they just had it to invest. Instead these avowed capitalists are anti labor union and labor and they resist any attempt to increase labors pay but expect individuals to carry the burden of taxation.The truth is the business world is for the most part anti labor.
Most capital gains are wealth earned by investing money. Wages is wealth earned investing ones time and the sweat of ones body. Who struggles more to earn a buck and why should he be penalized for the way he earns? Many paying 15% income tax and more plus 15% Fica taxes. That 30% taxation against their piddling 15% capital gains rate.
Frankly, I don't beleive the low capital gains rate encourages investment. Most people invest because of the potential earnings there is in the investment. However, Lower rate may encourage people to sell their investment because the taxation is less onerous. But I see little value in investor B buying the same shares that investor A wants to sell. That produces nothing only profits or losses for those involved.
NOw to those that favor the tax on consumption. That is because you don't consume all you earn. Many employees do spend the bulk of their earnings on consumable products. So you are saying those with less means should pay a higher percentage of their income of their income for taxes than you the investor class. BY what logic do you come to that conclusion.
So lets put on a national sales tax. But we don't just tax conxumers, lets tax every transaction. You buy a car, you buy a loaf of bread or you buy a stock or a bond or a farm or a CD you pay a sales tax on all of it. Every transaction gets taxed. I sdon't have aclue as to the rates it would require but tax the whole schmere. Lets see if the think a sales tax is a good idea. It costs you nothing to buy a stock or a bond but it costs you a sales tax when you sell it. Just like farmers paying a sales tax for selling beans.
The first thing that investors ought to consider is their income is no more precious to them than an earned dollar is to an employee. They shouldn't have a special place in society. An investor is no more special that a worker that invests his time. If an investor thinks not, he casn put his money in the bank and grab a shovel and go to work. I don't see many former bankers or stockbrokers digging tile ditches.
Now I have to replay the video to see what parts I didn't address. BTW.. I do think those that invest in a startup company may qualify for some special tax consideration. But that don't mean everyone that sells a stock ought to get taxed at low rate.
America needs investors but we need workers as well. Shouldn't we as american tax payers value the investment in time an energy as much as we value a guy cashing a in a capital investment. BTW America and business needs consumers as well.
