Meg Whitman proposes to cut her own taxes in half - how convenient!

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FUCK THE POLICE

911 EVERY DAY
http://nomeg2010.com/the-issues/meg-whitmans-tax-plan-would-cut-her-own-in-half/

Meg Whitman’s Tax Plan Would Cut Her Own in Half

Meg Whitman isn’t one of those Republicans who says the answer to everything is a sweeping tax cut. California’s budget problems are bigger than that. We can only afford to cut taxes on the rich.

On Tuesday, Multiple Meg issued MEG 2010: Building a New California, a 48-page “policy agenda” that looks like a brochure for a Third World police state trying to look like an issue of Time. And she laid it on the line about taxes:
We simply cannot afford a big, across-the-board tax cut that would irresponsibly grow the state’s already oversized debt level and drop our bond rating to junk status.”
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That would be irresponsible. So we have to face facts. We have to be adults.

And totally eliminate the state tax on capital gains.

Okay, I think I may have lost you there. That sounds kind of “big.” But that’s because MEG 2010: Building a New California isn’t really a policy document. It’s more like a text-based game of Three-card Monte.
Keep your eye on the red queen.
ELIMINATE THE STATE TAX ON CAPITAL GAINS
California is one of a few states in the country that doesn’t tax capital gains at a lower rate than traditional income. This is double taxation at its worst. California’s tax treatment of capital gains is a major impediment to capital formation and investment in new jobs. We should align California’s tax treatment of capital gains with other competing states.
​
Sounds reasonable enough, right? And isn’t that just like California, to punish its most productive citizens by taxing their dividends at the same rate as their pilot’s wages? Why bother living off a trust fund at all?
But what does Meg mean when she says California is “one of a few states”?

In this case, forty-one.

Forty-one states tax capital gains at the exact same rate as “traditional income.” Only nine tax capital gains at a lower rate. One of them is South Dakota. Which may be a “competing state” with California, but it’s unclear in what.
So by “a few” Meg means “almost all” and by “align” she means “undercut” and by “competing states” she means Arkansas.

Watch the queen.

This paragraph is accompanied by a box that reads:
DID YOU KNOW?
AK, FL, NV, NH, SD, TN, TX, WA and WY Have No State Capital Gains Taxes
​
The implication here being that we should get rid ours too, and fast, or risk losing the TV industry to Alaska. But here’s the funny thing about the states on the list. They just happen to be the same nine states that also don’t have an income tax.

Unlike California, where the tax on “traditional income” can be as high as 10.3%.

Which is the tax that it would be “irresponsible” to cut, remember?

Let me replay that for you in slow motion, because the hand is quicker than the eye:

Some states don’t tax wages or day trading.

California taxes wages and day trading at the same rate.

So we must end the tax on day trading.

And shift the entire tax burden to the middle class and the working poor.

Now this would be funny — as James T. Farrell once said, some people are just born to have it jammed up their can — except it would also bankrupt the state. Because the 144,000 richest people in California pay 50% of the taxes. And not on their paycheck from Chipotle.

According to the California Budget Project, the people in Meg Whitman’s tax bracket make 62.8% of their money from capital gains.

Which Meg Whitman would stop collecting…

And save herself and the other billionaires a fortune…

While she explodes the state’s already oversized debt level and drops our bond rating to junk status.
Wait. Show me that again.


Read more: http://nomeg2010.com/the-issues/meg-whitmans-tax-plan-would-cut-her-own-in-half/#ixzz0ieiYFQtm
 
It's utterly absurd that people pay lower taxes on unearned than earned income. The only reason the capital gains tax bracket was even devised was so that they could levy a GREATER tax on wasters than workers!
 
Yeah, no doubt.

No republican has every given me a satisfactory, or moral explanation why people who live on investment income....

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should pay a lower tax rate than payroll wage-earning working schmucks

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Bittermark said:
It's utterly absurd that people pay lower taxes on unearned than earned income. The only reason the capital gains tax bracket was even devised was so that they could levy a GREATER tax on wasters than workers!
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you're right.....lower the taxes on earned income too.....
 
Again, Watermark, you're an idiot. But you're right, it's pretty dumb to lower taxes on capital gains and not on income in general. Which is why congressmen should not be allowed to serve more then two (2) terms.
 
Bittermark said:
I agree! The taxes should be equal. Unearned receipts should be counted the same as earned ones.

So why do you support Meg Whtiman, who would even more greatly unbalance the situation, again?
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I support her because she is cutting taxes.....the only problem is they haven't cut them enough...
 
Bittermark said:
It's utterly absurd that people pay lower taxes on unearned than earned income. The only reason the capital gains tax bracket was even devised was so that they could levy a GREATER tax on wasters than workers!
Click to expand...

you're a simple whiny college kid, so i'll let this ignorance slide

when you're out there busting your ass trying to make money like whitman has, then you might have some cred, but you're just a low wage whiner trying to get a degree that thinks all rich people are eveeeel and never work in their lives

how is daddy's truck btw?
 
Hope they keep moving out. I'm a millionaire and I can't afford to live in Cali. Lets get some more teabag fear mongering going. Drive those highest in the nation house prices down 50 percent.
 
Topspin said:
Hope they keep moving out. I'm a millionaire and I can't afford to live in Cali. Lets get some more teabag fear mongering going. Drive those highest in the nation house prices down 50 percent.
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HA, that's what you keep telling us, but no one believes you.
 
Monroe slut I could care less. What I said is fact, Cali may be liberal wonderland but it's expensive as shit. My sis is marketing director at Cal berkly and she says my 1,800 sq ft 250,000 house in louisiana would be 4x higher in berkley without the big yard. I read today where most financial writers think a mill is not enough to retire on. I'm in the oil business and I would prob shit if they gave me the usual 2wks per year severance. Which will likely happen. We are outsoucing hundreds of cali finace and Texas finance to oversees where our douche mngt says the can get them for 60,000 less per worker. I've dodge layoffs for 25yrs but at 50 I'm the prime candidate for Corp cuts. So my good luck has prob run it's course.
 
Topspin said:
Monroe slut I could care less. What I said is fact, Cali may be liberal wonderland but it's expensive as shit. My sis is marketing director at Cal berkly and she says my 1,800 sq ft 250,000 house in louisiana would be 4x higher in berkley without the big yard. I read today where most financial writers think a mill is not enough to retire on. I'm in the oil business and I would prob shit if they gave me the usual 2wks per year severance. Which will likely happen. We are outsoucing hundreds of cali finace and Texas finance to oversees where our douche mngt says the can get them for 60,000 less per worker. I've dodge layoffs for 25yrs but at 50 I'm the prime candidate for Corp cuts. So my good luck has prob run it's course.
Click to expand...

You could care less? You really should go back to school.:) I have lived in California most of my life, dummy.
 
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