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Kay posts this from Thom Hartmann. Terry and I watched this and then sat around discussing it for a while. Hartmann is very good.
Posted at 02:34 PM | Permalink
I like Hartmann but had mixed feelings about all he said here. He's definitely farther left than I am. He's intelligent though and expresses himself well. I miss hearing him since Portland lost its progressive station. I have liked what I felt was his logical approach to issues but that doesn't mean I think he always uses facts as I would.
What I think about capital gains is it needs to be separated from that which represents real investments and that which lets someone like Romney take income as capital gains which definitely was income. 20% tax on real investment income over $450,000 for a couple seems reasonable. I also like the estate tax not starting until after $5 million.
The other thing is Obama said this is a start. He wants more adjustment on our tax system and spending. Time will tell what that means to him. One thing is that both Limbaugh and Hartmann are unhappy with what happened which means extreme right and left are irritated over it. Limbaugh was harping on the lower rate for investment income than earned which, of course, is what nails him-- the earned that is. He was saying that some lefties are saying the top rate should be 75% which to me is totally nuts if anybody on the left really said that. The government has no right to take most of what someone earns. What is the incentive to invest or work at that rate; but I don't think it's how Obama sees it.
Rain Trueax |
January 03, 2013 at 03:48 PM
Rain: I'm trying to get a lot of different handles on this. Looking at how British austerity measures are threatening to topple their economy into a triple dip recession is very scary. Money that is not put into the economy but simply squirreled away is causing collapse there. More on this tomorrow after I have digested what I'm learning.
I see how putting money in circulation in our town keeps our economy going, and it's mostly government money in the form of social security, medicare and medicaid, food stamps, etc. plus all those gov't jobs in education, services, fire dep't, police, etc.etc.
This is the true story throughout so much of the West. Government money! Take that away and our local economy would collapse.
January 03, 2013 at 08:05 PM
That's true and government money is really communal choices we as a people have made, pooling our money to do it. Also it is important that we reward the risks of real investments by lower taxation. My husband is involved with start up companies that need investment capital and it is a risk for those putting their money into these enterprises. That's what capital gains was intended to reward by separating out those profits from salaries. I don't see 20% as a bad rate for those who have made a big profit. Whatever we do though, as a people, always has those who corrupt it. Government has to look at this and work to make the taxes fair for the individual but also help the overall economy.
Rain Trueax |
January 03, 2013 at 09:49 PM
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