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View Diary: 10 reasons why Uncle Sam needs more tax revenue (28 comments)

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  •  Ummnmmm (0+ / 0-)

    Most capital gains and dividends are earned by the middle class and 100% tax exempt, a rather massive loophole.

    What would Warren Buffett pay on his capital gains in "socialist" Canada.  (Hint:  0%)

    Even the IRS says that taxing dividends is double taxation of the same corporate profits.  Do yourself a favor and Google "S Corporations" and "LLC" coporations.

    They generate over half our corporate profits and are 100% exempt from the corporate income tax, to ... ummm ... avoid double taxation.

    Now do the math.  We double-tax large corporations who provide the best wages and benefits, to subsidize McDonald's franchises who pay lower wages and benefits .. then we wonder why we're becoming a nation of hamburger flippers, or why middle-class incomes are dropping.

    Duh.

    •  The IRS says a lot of shit. They say Scientology (0+ / 0-)

      is a religion.

      Why should we give a shit about this (oh NOEZ!!!) double taxation?  What matters is the final effective rate, not whether it's collected through one venue or two or nine.

      More and more, it seems that Reaganites infest this site.

      Michelle and I send our thoughts to the Thatcher family and all the British people as we carry on the work to which she dedicated her life" President Obama, on the passing of Margaret Thatcher.

      by JesseCW on Tue Apr 09, 2013 at 04:17:54 AM PDT

      [ Parent ]

    •  Double taxation of dividends is utter bullshit (2+ / 0-)
      Recommended by:
      YankInUK, Auburn Parks

      Nonsense made up by wealthy people to fool less educated into cutting their taxes.  

      Their argument as I understand it is, the corporation is taxed then they have whats left in profits which they pay out in the form of dividends to shareholders who are then taxed on those dividends.

      It's utter bullshit.

      It's no different than if a corporation gets taxed, pays you wages and you get taxed on your wages.  As it is dividends and cap gains get taxed at a lower rate than wages in most cases.  Even at 20% which both were increased to in 2013 (or 23.8% if your income from them is above a certain amount).

      Oh and most cap gains and dividends are NOT earned by middle class people.  So that's utter bullshit as well. The piddly amounts they make in cap gains and dividends are exempt from taxation because they're such a small amount.

      This is your world These are your people You can live for yourself today Or help build tomorrow for everyone -8.75, -8.00

      by DisNoir36 on Tue Apr 09, 2013 at 05:31:23 AM PDT

      [ Parent ]

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