Fiscal cliff tax fight all about who, what gets hurt from higher rates or fewer tax breaks

  • Article by: ALAN FRAM , Associated Press
  • Updated: December 7, 2012 - 8:25 AM
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pspropertyDec. 7, 12 9:59 AM

It's not a tax issue, it's a SPENDING PROBLEM! CLOSE THE CHECKBOOK MY KIDS CAN'T AFFORD IT!

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jimmyjames76Dec. 7, 1212:00 PM

""Here's how Republicans think," said Kenneth Kies, a former top House GOP tax aide and now a tax lobbyist. "If I'm a risk-taker and I'm getting ready to invest $1, if I'm successful and the top rate is 35 percent, I get to keep 65 cents." If the top tax rate is much higher, Kies said, he would get to keep less "and my incentive to invest is significantly reduced.""..........This is such a load of horse s$%&. First, NO ONE receiving income from investments pays 35% in taxes on investment earnings. Romney paid 14% on his investment income, and probably MUCH less in the years he didn't report. Second, would you rather have 65% of 10 million dollars worth of investment income (less than what Romney made in 2011), or 100% of nothing. That's what you earn when you don't invest your money. So in this example you could have $6.5 million dollars or $0. What would you choose? Yeah, I'm sure all of the super savvy business men and women would start burying their money in coffee cans rather than paying taxes on the boat loads of money they make in the market.

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markerminnDec. 7, 12 1:22 PM

Jimmy, Yes, many of us do pay 35% on income. I just looked at my 2011 FED and MN forms and the average rate was 36%. The marginal rate was 50% because of the impact of AMT, which limits deductions. So, for every extra dollar I work for from July on I get to keep only 50 cents. I do have a choice of whether to work harder or not. What would be better for the economy, work or no work? How much is your "fair share?" Those of you that think every high income earner pays 15% ought to do some research and not just listen to OBAMA and MSNBC. Here's another fact: Dividend income (received from US corporations in the US) is taxed twice. Once when the company pays income tax and again when the individual pays income tax - so the tax rate on dividend income is often above the rate paid on wages. Another fact: most developed countries tax capital gains even less than 15% because they know that taxing capital makes people less likely to invest in risky new businesses - which create jobs. The alternative is to buy Treasury bonds and lend the money to the government - which does not create jobs. Hit thumbs down if you think the government is better at managing your money. Hit thumbs up if you think you are better at managing your own money.

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avejoeconDec. 7, 12 1:34 PM

That deduction allows many to buy homes they otherwise couldn't afford and is strenuously defended by the housing industry. But critics say it does little to help lower-income people while it encourages others to go into debt for costlier homes than they need — an activity they say taxpayers should not subsidize.--------------------If they couldn't otherwise afford it, why are they buying! You have to pay 4X in interest what you would get out in Tax deduction!! That is just plain ridiculous! No one buys a home because of the tax deduction! Unless you are an idiot!

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