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Ummmh.... Stocks are not "anything" of value. For
the most part they are a vehicle for the transfer of wealth. If anything the cap
gain loss situation although not perfect seems appropriate. It's bad enough that
your broker and sometimes a fund manager gets a cut before anything positive
happens but to place a tax on that transaction as well regardless of gain or
loss seems a bit foolish. As far as the tax code being simplified... yea....
right... the lawyers, accountants, politicians and those who can afford to
shelter income won't be letting that happen anytime soon. The best we can hope
for is a peroid of more equality amongst all payers but even that won't last if
it were to occur.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Clyde
Lee(clc)
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004 9:23
PM
Subject: Re: [RT] Fwd: Bond and S&P
Update
If you really wanted a FAIR tax then consider
this:
On every transaction in which value was
exchanged
(purchase of goods, purchase of stocks, purchase of
homes,
anything you might dream of) there would be a very
small
tax based on a percentage of the dollar value of the
transaction.
Simply take the GDP and find out what % of that would
be
required to generate the equivalent of our current taxes
and
suddenly we would see FAIRNESS in taxes as a function
of
those capable of paying taxes.
This would simplify the collection -- % of gross sales
-- and
reduce the IRS audit problems to almost nothing.
No exemptions,
no alternate minimum tax, no BS, just a simple method
of
supporting our incessant desire for Government
intervention
in all aspects of our life.
Clyde
- - - - - - - - - - - - - - - - - - - - - - - - - - - -Clyde
Lee
Chairman/CEO (Home of
SwingMachine)SYTECH
Corporation email: <A
href="">clydelee@xxxxxxxxxxxx 7910
Westglen, Suite 105
Office: (713) 783-9540Houston, TX
77063
Fax: (713) 783-1092Details
at:
www.theswingmachine.com- - -
- - - - - - - - - - - - - - - - - - - - - - - - -
<BLOCKQUOTE dir=ltr
>
----- Original Message -----
<DIV
>From:
Bob
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004 7:37
PM
Subject: Re: [RT] Fwd: Bond and S&P
Update
Who's tax increased by 18%?
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
<A title=mr.ira@xxxxxxxxxxxxx
href="">mr.ira
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004 6:30
PM
Subject: Re: [RT] Fwd: Bond and
S&P Update
If your tax increased by 18+% you didn't pay
less taxes.
<BLOCKQUOTE dir=ltr
>
----- Original Message -----
<DIV
>From:
Bob
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004 3:42
PM
Subject: Re: [RT] Fwd: Bond and
S&P Update
It's a cute argument but only deals
with percentages.....everyone's "burden" was in fact reduced.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Pete Holt
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004
4:07 PM
Subject: Re: [RT] Fwd: Bond and
S&P Update
Hope this is the last on this subject as here are
the correct figures from a Congressional Budget Office (non-partisan)
report issued yesterday - 8/12/04.
Impact of the 2001 Bush tax cuts:
Wealthiest 20% of tax payers (av. income=$182,700 in
2001) paid 64.4% of total federal tax payments in 2001 decreasing to
63.5% in 2004.
Top 1% (av. income =$1.1 million) paid 22.2 %
in 2001 decreasing to 20.1% in 2004
Middle income tax payers with incomes of $51,500
increased from 18.7% in 2001 to 19.5 in 2004.
Upper middle income tax payer with incomes of
$75,600 increased from 18.7% in 2001 to 19.5 in 2004.
The effective federal tax rate for the top 1% of
taxpayers fell from 33.4% to 26.7 %, a 20% drop. The tax rate
for those with incomes averaging $51,500 saw their tax rates drop by
9.3%. The poorest taxpayers saw their tax rate drop by
16%.
Conclusion - the 2001 tax reforms shifted the burden
of taxes from the poorest and the richest to middle income tax
payers.
These figures are for federal taxes only, and
include Medicare, social security and other federal taxes .
Were state sales and other local taxes included, the differences
would be even more stark.
The report is available from the CBO and, probably,
your congressional representatives, if you want additional
information. BTW, the CBO is headed by a former senior
economists from the Bush White House.
<FONT
size=2>
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