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re: Identity Politics are being used to divide this Country like no other time
Posted on 6/8/20 at 11:17 am to SquatchDawg
Posted on 6/8/20 at 11:17 am to SquatchDawg
The rich pay a share of collected taxes than they did in 1980. That's true.
What's also true is they pay a lower rate than they did in 1980. Why is that? Because we've structured rules and taxes to inflate their income and depress the income of the majority of Americans.
The top capital gains tax was near 30% in 1980. It's 15% now. The rules that discouraged abuse at the top and encouraged investment have been gutted or eliminated, and now even with the lower tax rates the richest Americans are extracting such an inflated compensation compared to contribution that they end up paying more.
There's no reason why a bailed out airline should be able to do stock buybacks that accomplish nothing but inflating stock prices and increasing executive compensation. Instead refs should encourage investing in research, saving so they don't need another bailout, and/or hiring and compensating employees. The system is sick not simply because of tax law, but because the rules that incentivised beneficial economic activity are no longer in place.
What's also true is they pay a lower rate than they did in 1980. Why is that? Because we've structured rules and taxes to inflate their income and depress the income of the majority of Americans.
The top capital gains tax was near 30% in 1980. It's 15% now. The rules that discouraged abuse at the top and encouraged investment have been gutted or eliminated, and now even with the lower tax rates the richest Americans are extracting such an inflated compensation compared to contribution that they end up paying more.
There's no reason why a bailed out airline should be able to do stock buybacks that accomplish nothing but inflating stock prices and increasing executive compensation. Instead refs should encourage investing in research, saving so they don't need another bailout, and/or hiring and compensating employees. The system is sick not simply because of tax law, but because the rules that incentivised beneficial economic activity are no longer in place.
3
Posted on 6/8/20 at 11:42 am to chillmonster
quote:
The top capital gains tax was near 30% in 1980. It's 15% now.
What is a fair aggregate tax rate for capital gains?
quote:
The system is sick not simply because of tax law, but because the rules that incentivised beneficial economic activity are no longer in place.
I haven't read the entire thread and may be jumping in on something that you have already covered. What do you mean by the above statement?
Posted on 6/8/20 at 2:59 pm to chillmonster
quote:False.
The top capital gains tax was near 30% in 1980. It's 15% now.
Not only was it 28% in 1980, but it was 24% in 81, and then 20% from 82-86.
AND TODAY...
it's also 20% based on income.
Posted on 6/8/20 at 10:43 pm to chillmonster
I don’t know about the tax rates but I really don’t disagree with most of what you said. I disagree with high taxes on capital gains though as that money was already initially taxed.
The culprit IMO for a lot of our problems is the Fed and fractional reserve lending. We’ve been sold that inflation is our friend yet people wonder why everything is so expensive and lower income families can’t afford to live. Creating money with credit is great for those that can make money off of money without having to pay interest to the savers for the use of it....but that’s typically not your middle to lower classes.
Housing, food, energy and other necessary goods have exploded in cost over the last 30 years. Great for the stock market but not for the working poor. You can be a conservative as I am and still see the effect of monetary policy. If you can’t buy assets that inflate in value you’re left behind.
Think of what the world would look like if money couldn’t be created out of thin air for borrowing. Sure those of us with means would have less stuff...but govts could not run endless deficits, asset and commodity prices would be much lower, M&A would be a fraction of what it is now (ie more local and regional businesses), and savers would be paid interest for the use of their capital. The distance between lower and higher income would be compressed.
This can’t happen now because the reset would an enormous crash. Also, all politicians are beholden to their donors and the financial elite.
This isn’t a left right issue IMO but a policy issue that nobody wants to address.
The culprit IMO for a lot of our problems is the Fed and fractional reserve lending. We’ve been sold that inflation is our friend yet people wonder why everything is so expensive and lower income families can’t afford to live. Creating money with credit is great for those that can make money off of money without having to pay interest to the savers for the use of it....but that’s typically not your middle to lower classes.
Housing, food, energy and other necessary goods have exploded in cost over the last 30 years. Great for the stock market but not for the working poor. You can be a conservative as I am and still see the effect of monetary policy. If you can’t buy assets that inflate in value you’re left behind.
Think of what the world would look like if money couldn’t be created out of thin air for borrowing. Sure those of us with means would have less stuff...but govts could not run endless deficits, asset and commodity prices would be much lower, M&A would be a fraction of what it is now (ie more local and regional businesses), and savers would be paid interest for the use of their capital. The distance between lower and higher income would be compressed.
This can’t happen now because the reset would an enormous crash. Also, all politicians are beholden to their donors and the financial elite.
This isn’t a left right issue IMO but a policy issue that nobody wants to address.
This post was edited on 6/8/20 at 10:45 pm
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