A Quote by Calvin Trillin
The ceiling on taxation of capital gains reflects the national belief that speculation is a more worthwhile way to make a living than work.
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After Independence, there were periods of very high taxation. So you didn't create wealth, how will you distribute it? When was the first time capital gains tax was introduced? It was 1992 March. Till then, everything was taxed one way.
Well, certainly the Democrats have been arguing to raise the capital gains tax on all Americans. Obama says he wants to do that. That would slow down economic growth. It's not necessarily helpful to the economy. Every time we've cut the capital gains tax, the economy has grown. Whenever we raise the capital gains tax, it's been damaged.
There is an old adage that the quickest way to drop your tax take is to increase taxes. If capital gains tax is going to be 50 percent, my contingent capital gains tax is going to be 250 million pounds.
Index funds are... tax friendly, allowing investors to defer the realization of capital gains or avoid them completely if the shares are later bequeathed. To the extent that the long-run uptrend in stock prices continues, switching from security to security involves realizing capital gains that are subject to tax. Taxes are a crucially important financial consideration because the earlier realization of capital gains will substantially reduce net returns.
You don't need to raise taxes on rich people, because they create capitalization and investment. But you need to tax speculation - meaning capital gains.
Ignore the glass ceiling and do your work. If you're focusing on the glass ceiling, focusing on what you don't have, focusing on the limitations, then you will be limited. My way was to work, make my short... make my documentary... make my small films... use my own money... raise money myself... and stay shooting and focused on each project.
I would vote against raising the national debt ceiling. Again, this is about mortgaging the future of unborn generations of Americans. It's a form of taxation without representation. I don't think we can do that.
The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital from static to more dynamic situations, the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth of the economy.
The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.
Every time we've cut the capital gains tax, the economy has grown. Whenever we raise the capital gains tax, it's been damaged. It's one of those taxes that most clearly damages economic growth and jobs.
The biggest revenue target is the preferential rate for long-term capital gains, which raises a perennial question: Why should capital income be taxed at a much lower rate than ordinary income? Capital assets are owned overwhelmingly by the rich.
Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.
Contrary to any claim of a systematically “neutral” effect of taxation on production, the consequence of any such shortening of roundabout methods of production is a lower output produced. The price that invariably must be paid for taxation, and for every increase in taxation, is a coercively lowered productivity that in turn reduces the standard of living in terms of valuable assets provided for future consumption. Every act of taxation necessarily exerts a push away from more highly capitalized, more productive production processes in the direction of a hand-to-mouth-existence.
When you tax capital gains income, you don't help the economy, you hurt the economy, which is why President Kennedy, President Reagan, President Clinton and President Bush all believed we should have a lower rate for capital gains.
If people want capital gains taxed more like the highest rate on income, that's a good discussion. Maybe that's the way to help close the deficit.
It is the simple things of life that make living worthwhile, the sweet fundamental things such as love and duty, work and rest, and living close to nature.
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