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Posted by MF DU on 2007-01-05 19:49:39 +0000

Punishing people for investing wisely is always a sage move - why not 32, shit, 35%?

Posted by ConorClockwise on 2007-01-06 06:33:09 +0000

Huh? Capital gains tax is lower than income tax. Always has been; except for a brief stint in '77 when the 28% number was created to equate with the _lowest_ tax bracket for federal income taxes. Getting the capital gains tax percentage on income has always been a reward.

Posted by tgl on 2007-01-05 20:10:27 +0000

"investing wisely", there's an oxymoron. Markets are like casinos, they just don't give you free drinks. Until the tax code rewards labor over accumulated wealth, you won't see me crying for the people trying to "get by" on their $1 million egg: "It's such a struggle to get the 8% annual return on that one mil. _and_ the government's going to take a 15% cut of that! Heavens! How will I manage on $68,000 a year?"

Posted by MF DU on 2007-01-05 20:48:39 +0000

ah hah. Robin Hood argument.

Posted by tgl on 2007-01-05 21:01:53 +0000

Ha. Old money, classist, European excuse.

Posted by tgl on 2007-01-05 21:11:21 +0000

Fine. If we must start with the assumption that taxes are stealing, then I'm for stealing less from the poor. Let's steal the same percentage from everybody. 25% tax on all incomes, whether salaries, interest and dividend incomes, or capital gains. One exemption: everyone gets to exempt their first $40,000. As our friend Steve Forbes has shown us, this ain't gonna happen. Until that time, we should restore the Capital Gains tax rates to pre-2001 levels (you know, that time when we had the stock market bubble?). Not sure how the Capital Gains tax rate acts as a brake on investing. It's still the best game in town, even if you had to hand back 50%.

Posted by G lib on 2007-01-05 23:28:33 +0000

One exeption: everyone gets to exempt their first $40,000. here here! In most places, this is a comfortable, liveable wage, even for families with children, with room for 401K donation and some investing or saving. And for those who make less, at least it's all cash-in-hand. Basic necessities (and a little more) shouldn't be taxed. Luxuries should be taxed.

Posted by tendiamonds on 2007-01-06 01:48:36 +0000

where where?

Posted by ConorClockwise on 2007-01-06 06:29:43 +0000

Post of the year 2007!

Posted by ConorClockwise on 2007-01-06 06:38:15 +0000

No, this is the post of theduane's career.

Posted by tgl on 2007-01-06 16:21:36 +0000

Lots of regulations passed to limit lobbyists, not so many to limit politicians. Still, something is better than nothing.

Posted by tgl on 2007-01-06 16:21:20 +0000

Ah, mirth.

Posted by MF DU on 2007-01-06 16:43:31 +0000

Heninger agreed w/ TGL in the WSJ, but at risk of getting yelled at and having it called ugly, Im not gonna repost it.

Posted by tgl on 2007-01-06 17:20:56 +0000

I was just echoing Christopher Shay's (R-CT) comments from an interview with David Brancaccio (LIBERAL-PBS) last night on PBS's NOW.

Posted by Epoisses on 2007-01-06 18:26:35 +0000

We have our first Queeb of the year!