[High Praise! to Irritable Pundit]
Hopefully this will be the first in a series. If you like it, visit Irritable Pundit and tell him so.
[High Praise! to Irritable Pundit]
Hopefully this will be the first in a series. If you like it, visit Irritable Pundit and tell him so.
Yes the time has come for Conservatives to take off the gloves.
On Romney’s tax return as well. Maybe someone can answer this question for me. Romney only paid 13ish percent of what he made in taxes (but that was more than he owed)? This was on investment money, right. Money he’d already paid taxes on. If we know that and if the money he invested was money he was taxed on originally (at a higher tax rate) that means he’s been taxed twice on the same money. That also means that, let’s say, he paid 13% this year and then 20% the year he actually made the money. So in reality they new take a 33% tax rate and I know that this rate is higher than the average voter. Especially the 47% that pay no federal taxes at all.
So how is this a problem? Now?
…So in reality the actual rate is 33% . (sorry cold medication).
Seanmahair – actually, he’s not taxed on it twice. Capital gains tax only applies to the difference between the price he bought the stock at and the price he sold it at.
So he invested his paycheck money pretax? Not being argumentative here, but when I get paid, I’m taxed right? Then I can take the net leftover and invest or spend as I see fit. If I invest those monies and then pay a tax again when I take the money out of the investment, how is that not considered being taxed twice? Again, not trying to be a smurt ass, as I don’t claim to know anything about how the system works. I appreciate any effort to educate me on the process.
@4 Say you buy a stock for $100. You sell it for $150. You only pay capital gains tax on the $50 difference. You are not taxed again on the $100.
Ok. Got it. Thanks. So one is only taxed on the portion gained. Not on the principle. Is one taxed on a loss or break even scenario for removing the money out of the investment environment?
@6 – no, in fact, if you sell an investment at a loss, you are entitled to use 100% of that loss to offset capital gains on other stocks.
Say, buy 2 stocks at $100. One goes to $150. One drops to $50. Sell both. $50 loss offsets the $50 gain, you pay no taxes on the sale.
does anyone else find it odd that the liberal proposes solving the problem by using a weapon? Arguably even a weapon of mass destruction?