Thread: Newt Gingrich.
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Unread November 14th, 2012
hornyag101 hornyag101 is offline
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I agree, the tax rate should be the same for everyone. A 15% long term capital gains tax is pretty damn low and can be lowered with deductions.

The one thing that always bugs me is when Romney and others would bring up that the top earners pay 60% of the taxes that the gov brings in. What they never bother to bring up is what percentage of there gains for that year is actually taxed. Income tax rates are about 28% for the low 6 figure incomes. People who make there money from investment income only have to pay 15% if the "gains" they earn were over a 1 year period to qualify for long term capital gains. What that basically means is a CEO should never accept a salary but instead receive stock options and other investments and wait until they mature to pay a lower tax rate. I always cringe when I remember the banker who testified to the Congress how he did not even receive a salary during the financial crisis. That piece of shit should have reported what he made in investment income in that same year which I am sure was in the high millions.

I have made some money on long term investments and with real estate if I live in the property for 2 years or more I can exempt $250K from any taxes or $500K if I was married. I am not going to volunteer any extra money and I have done everything lawfully. I do know though that I have paid a much lower percentage on the income I have received through these "investments" than someone earning a salary for the same amount. It is smart to never earn a salary once you can make your money through investments, it is just a better tax strategy under the current laws.