I am going to debate Donald Trump - Biden. Update: Rules set ...

That's not how marginal tax rates work. In this situation you would pay 20% on $1,000,000 and 40% on $200,000 because the 40% marginal rate only kicks in on income above 1 million. You would pay 280k in taxes instead of 240k, so you'd pay an extra 40k in taxes. That is very simplified and who knows what other factors there would be, depending on how the new tax law was written. You might not pay anything in additional taxes since the income was generated over 3 years.

 

because they're rich

 

Capital is most useful outside of the hands of those who possess and control it. That's why cap gains should be 100%, or we should have a wealth cap period.

 

And under your absurd concept of it just being a popularity contest you think Taylor Swift should be the next president. Stop threatening our Republic!!!

 

I'm pretty darn well off. total cap gains taxes paid in my life = $0.0. &, where do you think the wealthy get most of their wealth - unrealized cap gains. You know the rate on that? 0.0%

If I had to pay 2%* on my portfolio of stocks, bonds & RE, I'd be paying a good bit. And my incentives would be the same as the governments - to maximize my wealth/their tax. THAT IS NOT THE CASE now.

* just did that math. It would be about triple what I pay in income tax every year.

Sounds like you are the 1 in favor of letting the rich off the hook

 

10/4. Thanks for the clarification. I will point out that was the smallest scale imaginable. When you're talking tens of million dollars profit I imagine a lot of wealthy individuals are going to hang onto that property rather than sell it. We're not talking about 10% you're talking about 100% increases on large transactions. Most don't sell already to avoid 20% penalty. I just can't imagine there's not gonna be large scale consequences if something like that ever passes. These aren't salaries. People don't have to sell. 20% of something is better than 40% of nothing. Also, I imagine that exchanges will increase tenfold. Tax will be deferred perpetually. Anyway, seems very shortsighted to me.

 

How dare you have the chutzpah to claim I don't care about the country! I served it and have honored it for 80 years while you've had your nose in the Bible and claiming to be a Christian when you're nothing but a prideful hypocrite. No true follower of Christ could ever support Trump!

 

BS!

 

using what metrics?

what do you think they care about, if not the country?

 

Hey trickster, I give plenty of my income to charity. One charity will never give it to voluntarily is the US government. You feel free to write extra tax on your check every year. I won't vote to force anybody else to.

 

Another Trump term is the greatest threat to the Republic not Taylor Swift or Joe Biden and sadly if Biden stays in and has another meltdown the gifted demagogue could indeed end up being elected to a second term. Speaking of a popularity contest Trump was elected in the first place thanks to NBC which successfully created the television character of Donald Trump the business genius despite the multiple failures and sleazy history of the real Donald Trump.

 

Why do you think that would generate more tax revenue than a 20% cap gains tax?

 

Biden couldn't even climb down the stairs to get off the stage last night without Dr. Jill Biden coaxing him.

 

Ooo, Ooo, raising hand, I do.

 

This may be the most ridiculous thing you have said here, and that’s saying something.

So if all capital gains are confiscated, what is the motivation for individuals to invest? What happens if nobody invests?

 

Is that some kind of threat? Where did I say I supported Trump or would vote for him? How dare you tell me anything. You are the one that started with the "don't care about America" crap if you support Trump. I don't give a rats ass what you did or do. Where did I claim to be a bible reading Christian? How dare you think you can judge me as a Christian. I think you have some of the same mental issues as Joe.

 

First of all, is the goal simply to raise revenue? But I do think taxing "capital gains" (a made up term) as income would result in more revenue, especially if you closed things off like carried interest loopholes.

 

Ok, I'm willing to negotiate down to 80% or just end capital gains as a concept and tax as regular income. Final offer.

 

Lol. One poster? You are kidding right? Its probably double digits over time...and i havent said who I am voting for. Ive just eliminated 2 out of 8 billion.