odumbo and his liberals with no economic experience or even real world experience at it again: http://online.wsj.com/article/SB10001424052970204880404577225493025537660.html So after corporate tax and dividend tax the guberment STEALS 64%+ of earnings!! Then read about what this will do to retiree's who rely on dividends for income!! YIKES!!
These liberals are clueless. They are so bent on fairness and jealousy that they will take a net decrease in tax revenues if they are able to stick rich people with a more punitive rate. We will do exactly what is not needed right now, which is to disincentivize risk taking and entrepreneurship
It's an absolute disaster when you consider that retirees are ALREADY being forced to invest in risk assets to generate any sort of recurrent income stream. It wasn't that long ago that short term bills could do the trick, and yet now to add insult to injury (after this absurd 5 years of projected ZIRP), they have to be nickle and dimed to death on the meager returns relative to risk that they are trying to generate in this absurd market. Meanwhile, the public sector guaranteed pensions are starving the state's to death. Anyone want to run the numbers on the amount of principal required to generate those $60-70-100k per year pensions?
So.... 1. Corporation does all the work. 2. Investors take all the risk. 3. Government takes up to 64% of the profits? How fair is THAT?
It's called SOCIALISM and what odumbo and the democrats are doing and have been trying to do for decades. We are now at the point in which the boat (or titanic) might not be able to be turned around. The dems going back to Woodrow Wilson figured out that the more people you get on the guberment dole (hands outs, welfare, free housing, etc.), the circle jerk with the unions (this is almost criminal racketeering), and playing class warfare and racism...they can buy/scare votes. Now add in the illegal immigration and wanting those votes, America may be lost to liberal socialists forever. I am serious. But, the main stream media keeps pumping these fools up. I never thought in my lifetime I would see should a coordinated, corrupt liberal agenda basically winning here in the States.
"Government Takes 64% of Stock Profits"... is not even the entire story. 1. Should you be lucky enough that your stock appreciates in spite of government confiscating 64% of the profits... and you sell your stock for a gain... you face capital gains tax. 2. If you're even more successful and die with stocks (or any asset) in your estate, government can take up to 55% of your PRINCIPAL above an "exclusion threshold". Seems we all be "working for the government" whether we know it or not. (Funny, I don't get no damned check each month...)
John Bogle was on Bloomberg tv and he said he would make the first 10-20k of capital gains and dividends tax free. I first thought that taxing investment was stupid because the government sure isn't taking on any risk, so why the hell should they get some of my reward. But then again, the market has become more of a casino with all the volatility and products offered to boost returns in the short run. So I don't know where a proper tax rate would be to discourage gambling but also not to punish investment.
There is no way they can really believe outside of a liberal emotional standpoint that this will do anything but hurt. It's pure rhetoric. What political freakshows.
How does this affect someone in an IRA/Roth (assuming the benefits of those type of accounts remain in effect)?