Congress on Taxes: RUN!
Yeah.... so Congress is punting on taxes, because they are a bunch of cowards who cant stand a struggle.
But first - I have to get a pet peeve off my mind.
Everyone is talking about "extending the tax cuts" - as if somehow letting them expire would be the normal thing, and leaving them would be a "tax cut." Leaving them would not be a "tax cut" - IT WOULD JUST BE LEAVING TAXES WHERE THEY ARE. Getting rid of them is a tax increase - a major tax increase. I don't care that these cuts were written into the law using sunset provisions and the sun is now setting - these cuts have become the new standard, and getting rid of them is a tax hike.
Now that I have corrected the politicians and the media for their mistake, back to the matter at hand.
America needs tax cuts, and needs them now. Tax cuts, more than spending, boost the economy. Directly. Especially on matters such as capital gains tax: lets see, you earn money, pay tax on it. Some of the money you are given after the govt. takes its 30-50% (is the govt. responsible for 30-50% of the good things in your life? Think about it.) you decide to invest in something useful, such as a new cancer-treatment company which just went public. Using the money from you and other investors that cancer-treatment company builds its new centers all across the US, and with their innovative technology, hundreds of thousands of lives are saved. In the meantime, you, along with the other owners of the company (likely including its founders and leadership team) make a fair bit of money. This is a good thing. You then decide "gee - I am 72 years old, I might take some cash and buy a trip into space aboard Virgin Galactic's VSS Enterprise." So, of your original investment of $10,000 (which had already been taxed) you sell shares worth $200,000 (the price of a ticket). But wait! The govt. says that though it has already taxed that money, it gets to tax it again! "WTF?" you say to your fellow-retired church congregation, and one of them, a registered Tax Accountant points out that if there is one thing the government likes to do, it is to fuck you coming and going.
Of course the truth is that the congresspersons are too busy raising campaign money to read the laws they pass. The laws are written by staff tax nerds who can put pretty much any wording they want in there. I bet that if you actually read the entire vastness of the U.S. Tax Code, you'd find at least one sex scene ("'Yes, yes, YES!' moaned Vanessa as Lance, his taut body moist with moisture, again and again depreciated her adjusted gross rate of annualized fiscal debenture").
But first - I have to get a pet peeve off my mind.
Everyone is talking about "extending the tax cuts" - as if somehow letting them expire would be the normal thing, and leaving them would be a "tax cut." Leaving them would not be a "tax cut" - IT WOULD JUST BE LEAVING TAXES WHERE THEY ARE. Getting rid of them is a tax increase - a major tax increase. I don't care that these cuts were written into the law using sunset provisions and the sun is now setting - these cuts have become the new standard, and getting rid of them is a tax hike.
Now that I have corrected the politicians and the media for their mistake, back to the matter at hand.
America needs tax cuts, and needs them now. Tax cuts, more than spending, boost the economy. Directly. Especially on matters such as capital gains tax: lets see, you earn money, pay tax on it. Some of the money you are given after the govt. takes its 30-50% (is the govt. responsible for 30-50% of the good things in your life? Think about it.) you decide to invest in something useful, such as a new cancer-treatment company which just went public. Using the money from you and other investors that cancer-treatment company builds its new centers all across the US, and with their innovative technology, hundreds of thousands of lives are saved. In the meantime, you, along with the other owners of the company (likely including its founders and leadership team) make a fair bit of money. This is a good thing. You then decide "gee - I am 72 years old, I might take some cash and buy a trip into space aboard Virgin Galactic's VSS Enterprise." So, of your original investment of $10,000 (which had already been taxed) you sell shares worth $200,000 (the price of a ticket). But wait! The govt. says that though it has already taxed that money, it gets to tax it again! "WTF?" you say to your fellow-retired church congregation, and one of them, a registered Tax Accountant points out that if there is one thing the government likes to do, it is to fuck you coming and going.
Of course the truth is that the congresspersons are too busy raising campaign money to read the laws they pass. The laws are written by staff tax nerds who can put pretty much any wording they want in there. I bet that if you actually read the entire vastness of the U.S. Tax Code, you'd find at least one sex scene ("'Yes, yes, YES!' moaned Vanessa as Lance, his taut body moist with moisture, again and again depreciated her adjusted gross rate of annualized fiscal debenture").
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