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If I pay 20% tax on income versus 15% on capital gains, it would make more sense to minimize what I show as income. Instead, I would focus on reaping the benefits via capital gains. And it helps further than I don't have to "invest" to participate in raising capital either but to simply engage in casino capitalism where you go for quick bucks. After all, what advantage does long term investment have over short term trading? Invest in bubble, not in economy, if the ultimate goal is to make money.
Anybody using taxes as an excuse to not expand business and work towards more profit is either an idiot, too lazy or a liar. To quote Mark Cuban:
"The reality is that most industries are a dog fight. You have competition and you crush your brain and those of everyone around you looking for ways to get an edge. If you find a way to better compete, you are going to leverage whatever resources you have available to you in order to do so. You are not going to look at your tax rate first. You are not going to avoid making a decision because your taxes are too damn high. You are going to do what you can to compete. Taxes be damned. Rule #1 of business is to stay in business."
Another thing the video didn't touch on was that during those years after WWII that the U.S had tax rates of 70 to 90% on the rich,the rich were able to take advantage of tax shelters that ended under Reagan. So I think few rich people were actually paying that full 70 to 90% tax rate in the 50's,60's and 70's.
This is an issue I have when proponents of taxing the rich argue that we prospered in the 50's when the rich were paying up to a 90% tax rate. The truth is that they paid nowhere near that tax rate because of tax shelters and loopholes.
No it dosent, tax rates dont really have anything to do with economic growth, look at Clinton, look at Eisenhower, Look at LBJ, high taxes=much higher growth than today.
This idea that cutting taxes to solve all of our economic woes is exactly whats destroying this country today.
No it dosent, tax rates dont really have anything to do with economic growth, look at Clinton, look at Eisenhower, Look at LBJ, high taxes=much higher growth than today.
This idea that cutting taxes to solve all of our economic woes is exactly whats destroying this country today.
Clinton Cut taxes.. Capital gains went from 28% to 20%, and he slashed taxes on 90% of small businesses
Clinton Cut taxes.. Capital gains went from 28% to 20%, and he slashed taxes on 90% of small businesses
Taxes should be slashed where it makes sense, and raised/loopholes closed where it makes sense. Both Clinton and Reagan did that. As far as capital gains tax rate cut is concerned, it doesn't surprise me that both cuts (in 1997 and then in 2003) led to Wall Street going bonkers, first dot com and then credit.
Heck, I would support a 5-10% capital gains tax if people hang onto their investments for 5 years or more.
If I pay 20% tax on income versus 15% on capital gains, it would make more sense to minimize what I show as income. Instead, I would focus on reaping the benefits via capital gains. And it helps further than I don't have to "invest" to participate in raising capital either but to simply engage in casino capitalism where you go for quick bucks. After all, what advantage does long term investment have over short term trading? Invest in bubble, not in economy, if the ultimate goal is to make money.
Anybody using taxes as an excuse to not expand business and work towards more profit is either an idiot, too lazy or a liar. To quote Mark Cuban:
"The reality is that most industries are a dog fight. You have competition and you crush your brain and those of everyone around you looking for ways to get an edge. If you find a way to better compete, you are going to leverage whatever resources you have available to you in order to do so. You are not going to look at your tax rate first. You are not going to avoid making a decision because your taxes are too damn high. You are going to do what you can to compete. Taxes be damned. Rule #1 of business is to stay in business."
Cuban made his money during the dot com boom where interest rates were artificially lowered below market rate to make investing more attractive.
Cuban made his money during the dot com boom where interest rates were artificially lowered below market rate to make investing more attractive.
He clearly knows better than you or I.
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