Two quotes come to mind. These are pretty much main stream for Leftist these days as far as I can tell.
“I can’t be responsible for every undercapitalized small business in America.” While a testifying before Congress in 1994, after being told her health care plan would bankrupt small businesses and create unemployment.
“We just can’t trust the American people to make those types of choices … Government has to make those choices for people.” In conversation with Rep. Dennis Hastert of Illinois, during a 1993 meeting on healthcare reform.
The income from the apartment building I bought last year is taxed at a much lower rate, given that it is held by a pass through corporation and has available a whole slew of deductions that until last year I personally had, then what I make on my labor.
Actually, the tax on my labor went up from losing the myriad of deductions that I could once claim while the taxes on my income from being a passive owner of something went down.
I am taking advantage of it… but it still doesn’t make much sense to me.
Of course they do NOT take into account the erosion of the relative value of the money you get out vs the money you put in. Nope, they tax you as if inflation never happened.
In this way what may seem a gain may be in terms of actual purchasing power a loss … but they tax away. As many investments only tread water with respect to inflation it’s a heck of a con for the feds.
Going back to the OP; it seems to me that incentivizing higher salaries via the tax code would be a good, so long as an equitable way of doing it could be found.
Tie it to the pay gap between the CEO and executive board’s total compensation package… including golden parachute benefits and the lowest paid worker.
Not everyone is cut out to run multi million and multi billion dollar companies. That’s why they get the big bucks.
My personal preference is that any us based company pay’s taxes on every dollar earned over seas. Way they get around it is “licensing” the prodect to a foreign company they own/control. To me they should be taxed on the product their own foreign company makes (less taxes paid to the country it was earned in). But it’s not up to me.
Yes I know. But the money you used to buy it has already been taxed. You’re trying to argue that any income should be taxed at income tax rates. I don’t disagree with that completely, but there are limits. If I buy a house for 300k and can now sell it for 500k, if I’m going to be taxed 30%+, i’m not selling the house. It’s simply not going to happen under those circumstances. I’m not Santa Clause.
Same goes for a lot of investments. You have to have limits on that tax.
I’m still confused. You arent taxed on the principle. Only the interest or profits that you made. You arent doubled taxed so I’m not seeing what the problem is?
