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Originally Posted by Robbie
Okay...let me get this 100% straight...people who invest in the market for their primary income do NOTHING for the economy? So the companies that they invest in do not produce anything or hire people? There once was a time in history when only the elite could invest in the stock market. But now, in 2012...tens of millions of "average" people are invested and can do so via sites like E-Trade right over the internet. It's a great way for ordinary people to invest...of course if you start taxing the hell out of it, it won't be so attractive.
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Stock markets have been taken over by momentum traders and an insular community of after hours traders. It's little more than an online casino at this point. Even if you re under the assumption that the market is still what it was a hundred years ago, there is zero reason that if I earn 100K working to produce something and you earn 100K shuffling paper our incomes should be taxed at different rates. Profit from investment is income, no different from profit from work... The only difference is in the minds of the lobbyists.
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Also...millions of people invest every week in their 401K plans (with the amount matched dollar for dollar by their employers). Where do you think that money is invested? And how can you justify raising taxes on that when they retire and start getting their money?
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Tax on the profit is not tax on the principle.
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And as Minte already said...once you raise taxes, it will be passed on to the consumer. One way or another. If these "greedy" "rich" people who "produce nothing" (well, except for the fact that they MONETIZE the companies that DO produce and hire) suddenly start getting the hell taxed out of their investments...they will look for something else to do with their money.
Companies will have less revenue because fewer people overall will be investing in the stock market (financial planners will turn people's 401K plans elsewhere looking for tax breaks) and that will mean: less jobs and higher prices. Remember..that money that those "greedy" people are investing is making returns for them via companies turning a profit and the stock price going up. Which in turn means "good". Giving that money to the damn federal govt. is a HUGE mistake. They already take in too much and spend twice what they get.
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Goldman Sachs and its executives aren't paying the stated rates. They aren't paying the 20% dividends rate either. The country is being robbed.....