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  1. #161
    Senior Member iadave is on a distinguished road
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    Freedom farmer, I think we will have to disagree and let it go at that. Here there are all kinds of jobs if you want to work. Many have jobs and still don't work. Here a large portion of my income goes to taxes and it is more every year. It goes to the many that refuse to even look for a job. I am told I have to by insurance for things I don't need or want like birth control. I am told I must buy these things so some one else can have them. It is not just the 1/3 to 1/2 they take in income and SS taxes. It is the users fee and sale taxes too.

  2. #162
    Senior Member Freedom farmer is on a distinguished road
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    iadave, of course the poor and middle class pay the highest percent of income in taxes. As you say, with user fees, sales tax, SS and Medicare taxes, and more, even if one pays no income tax, they still often pay a higher percent in taxes than the wealthy. It ain't right.

  3. #163
    Senior Member Bret Healy is on a distinguished road
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    Quote Originally Posted by Bill inWisconsin View Post
    Their secretary would pay the exact same capital gains tax rate (now marginal 15% & 20%) on investments. Likewise, large income earners all pay the same marginal rate on W-2 income until the next bracket is reached. You are mixing income taxes with capital gains for comparison, which are two different types of income.
    Bill, perhaps you might listen to this "one per center"

    Pimco's Gross urges 'privileged 1 percent' to pay more tax
    BY SAM FORGIONE AND JENNIFER ABLAN
    NEW YORK Thu Oct 31, 2013 1:59pm EDT
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    Pacific Investment Management (PIMCO) founder and co-chief investment officer Bill Gross plays golf on the first hole at Pebble Beach Golf Links before the start of the AT&T Pebble Beach Pro-Am in Pebble Beach, California, February 8, 2012. REUTERS/Robert Galbraith
    Pacific Investment Management (PIMCO) founder and co-chief investment officer Bill Gross plays golf on the first hole at Pebble Beach Golf Links before the start of the AT&T Pebble Beach Pro-Am in Pebble Beach, California, February 8, 2012.
    CREDIT: REUTERS/ROBERT GALBRAITH
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    Money »
    (Reuters) - Bill Gross, manager of the world's largest bond fund, urged fellow members of the "privileged 1 percent," earning the highest incomes, to support higher U.S. taxes on carried interest and capital gains to help the economy.

    Gross, co-founder and co-chief investment officer of Pacific Investment Management Co., said in his latest investment outlook letter on Thursday that the super wealthy "should be paddling right alongside and willing to support higher taxes on carried interest, and certainly capital gains readjusted to existing marginal income tax rates."

    Carried interest refers to a large portion of the investment gains realized by private equity managers and executives at some venture capital firms, real estate and hedge funds.

    The gains are taxed at a top rate of 20 percent instead of the nearly 40 percent top rate on ordinary income paid by the highest earners.

    Easy credit policies have also allowed the rich to make billions of dollars, Gross said.

    Gross, who oversees roughly $2 trillion in assets, noted that billionaires Warren Buffett and Stanley Druckenmiller, founder of Duquesne Capital Management and one of the best performing hedge fund managers of the past three decades, have advocated similar proposals.

    "The era of taxing 'capital' at lower rates than 'labor' should now end," Gross said.

    Gross, who acknowledged he was among the 1 percent, noted he is writing investment letters that "'dis' the success that provided me the soapbox in the first place." He said that increasing taxes could improve the U.S. competitive position compared with Germany and Canada.

    "Instead of approaching the tax reform argument from the standpoint of what an enormous percentage of the overall income taxes the top 1 percent pay, consider how much of the national income you've been privileged to make," Gross added.

    Gross, whose $250 billion Pimco Total Return Fund is the world's largest mutual fund, said that developed economies function best when income inequality is minimal.

    In an interview on cable television network CNBC on Wednesday, Gross said that he and his wife, Sue, have pledged to give away all of their money before they die, which he referred to as an "Andrew Carnegie" pledge.

    "Carnegie said that a wealthy person dies disgraced if they go to their maker with one penny, and so Sue and I are well on our way," Gross said.

    Gross also laid blame on the Federal Reserve for contributing to the imbalances in income growth.

  4. #164
    He said he was going to give it all away. Good for him! I am sure he will use much wiser discretion with more funds actually reaching the needy than the government ever could.

    Score one for capitalism!

  5. #165
    Senior Member Bret Healy is on a distinguished road
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    Quote Originally Posted by Bill inWisconsin View Post
    He said he was going to give it all away. Good for him! I am sure he will use much wiser discretion with more funds actually reaching the needy than the government ever could.

    Score one for capitalism!
    So Bill, I take it you agree with Gross, including taxing capital and labor at the same rate?

    "The era of taxing 'capital' at lower rates than 'labor' should now end," Gross said.

  6. #166
    No, because for many people, they use after tax income buy investments. Many investors are not multi-millionaires, just average Americans looking to grow their wealth. Why drive them away by high taxes thus diminishing the available pool of money for investments slowing economic growth?

    One man's opinion does not make a consensus.

  7. #167
    Senior Member Bret Healy is on a distinguished road
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    Quote Originally Posted by Bill inWisconsin View Post
    No, because for many people, they use after tax income buy investments. Many investors are not multi-millionaires, just average Americans looking to grow their wealth. Why drive them away by high taxes thus diminishing the available pool of money for investments slowing economic growth?

    One man's opinion does not make a consensus.
    Bill, if investments are bought with tax advantaged funds (ie, ira, etc), it does not matter what the rates are on the investment returns as they are held in a retirement account. Those average Americans are taxed at the marginal rates while the hedge fund class is getting paid, calling it carried interest, and being taxed as if they had actually invested money - they have not, they are getting away with having their labor taxed as if it was investment income. You are right, one man's opinion does not make a consensus - not even yours or mine.

  8. #168
    Senior Member Freedom farmer is on a distinguished road
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    "DYLAN SCOTT – FEBRUARY 11, 2014, 10:53 AM EST1976
    A South Dakota legislative committee blocked a measure Monday that would have allowed the state's voters to decide in November if they wanted to expand Medicaid under Obamacare.

    The Associated Press reported that the resolution was defeated along party lines, with seven Republicans voting against it and two Democrats supporting it in the State Affairs Committee. The Republicans said that allowing voters to make a decision that should be left to the legislature would set a bad precedent.

    A January poll found that 63 percent of South Dakotans supported expanding Medicaid under the health care reform law. The expansion would cover close to 50,000 low-income residents in the state.

    Democrats in the state Senate had proposed the resolution."

    Republicans hate to see the majority prevail, especially if it means giving better health and life to the poor (worthless 'takers' and scum).

  9. #169
    Senior Member BarryJHealy is on a distinguished road BarryJHealy's Avatar
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    Its those dirty scum bag native Americants I tell Ya!....we dont want to cover them....(sarcasm off)

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