Just closing a single tax loophole that allows hedge fund managers to claim their compensation as capital gains rather than salary would raise $44 Billion over ten years just off of 25 individuals. $44 Billion!!! Of course that is not real money, according to some.
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
towermonkey wrote: Do you have any kind of data behind your claim that taxing the wealthy won't raise any real money?
$3 billion over the next 10 years. That has been talked about over all of the networks. That is 1/10th of 1 percent of the $3 trillion that they want to bring back in, in the next 10 years. They are fightiing for peanuts instead of trying to get people back to work to raise more revenue that way.
Something the Dog Said wrote: Just closing a single tax loophole that allows hedge fund managers to claim their compensation as capital gains rather than salary would raise $44 Billion over ten years just off of 25 individuals. $44 Billion!!! Of course that is not real money, according to some.
Now closing loopholes makes a lot more sense rather than raising the taxes. Where did you get this number though?
What's with the either/or? Why can't we tax the rich AND find jobs for the poor? Every time taxing the ultra rich is mentioned the conservatives whine and cry that it won't be enough.....DUH!!!!!! no one solution is enough.....we need to do everything we can to both save money and increase revenue.....everything, not just this and that.......and part of that everything should be higher taxes on the very wealthy.......and on some upper middle class citizens.....say incomes over $250k......and we need to cut spending........and not just on social programs but across the board.....including defense, and gifts to big corporations.....and subsidies.....EVERYTHING! only then will we start to lower this deficit. Sorry conservatives, but you are going to have to help too....we know you don't want to.....we know you think the word sacrifice is for everyone but you.....we know you are all extremely wealthy (you must be as hard as you try to protect the very wealthy from losing another 1 or 2 % of their income) but it's time the wealthy admitted they are actually a part of America and gave a little instead of just taking a lot.
Something the Dog Said wrote: Just closing a single tax loophole that allows hedge fund managers to claim their compensation as capital gains rather than salary would raise $44 Billion over ten years just off of 25 individuals. $44 Billion!!! Of course that is not real money, according to some.
Now closing loopholes makes a lot more sense rather than raising the taxes. Where did you get this number though?
This has been talked about on all of the networks.
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
Something the Dog Said wrote: Just closing a single tax loophole that allows hedge fund managers to claim their compensation as capital gains rather than salary would raise $44 Billion over ten years just off of 25 individuals. $44 Billion!!! Of course that is not real money, according to some.
Sure you heard that right? Last time I checked capital gains were taxed at 15% and real income was taxed at a higher rate. Taxing capital gains at a higher rate than ordinary income would be a dis-incentive to invest.
Thomas Sowell: There are no solutions, just trade-offs.
Something the Dog Said wrote: Just closing a single tax loophole that allows hedge fund managers to claim their compensation as capital gains rather than salary would raise $44 Billion over ten years just off of 25 individuals. $44 Billion!!! Of course that is not real money, according to some.
Sure you heard that right? Last time I checked capital gains were taxed at 15% and real income was taxed at a higher rate. Taxing capital gains at a higher rate than ordinary income would be a dis-incentive to invest.
That is correct. Hedge fund managers have their own tax loophole. It is widely reported such as this link:
Something the Dog Said wrote: Just closing a single tax loophole that allows hedge fund managers to claim their compensation as capital gains rather than salary would raise $44 Billion over ten years just off of 25 individuals. $44 Billion!!! Of course that is not real money, according to some.
Now closing loopholes makes a lot more sense rather than raising the taxes. Where did you get this number though?
This has been talked about on all of the networks.
Jeez, they aren't talking about taxing capital gains at the higher rate... Let's try to stay with the subject, shall we? They're talking about taxing the INCOME of the HEDGE FUND MANAGERS at the standard rate of 35%, instead of the capital gains rate of 15%... "Disincentive to invest" is not part of the debate. The Fund Managers are still going to manage, and still make millions... They'll just pay the same rate as everyone else.
