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Frenchfry

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Re: Tax the rich!
« Reply #90 on: April 18, 2012, 12:07:34 AM »

...breaking down a clip of Republican Senator John Cornyn on Fox News talking about why the GOP opposes the Buffet Rule which would raise taxes on money earned after the first million dollars of income.

Not A Millionaire? You're A Jackass If You Vote Republican
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LetsGoWings

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Re: Tax the rich!
« Reply #91 on: April 18, 2012, 12:27:03 AM »

Gotta love Cenk not knowing the tax code. 35% is the legal rate for ordinary income, but 15% is currently the legal rate for long term capital gains. Ironically, he calls that 15% a tax loophole when it is actually written in the tax code. Looks like he is trying to distort the facts to get people on his side.
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Frenchfry

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Re: Tax the rich!
« Reply #92 on: April 18, 2012, 12:32:16 AM »

Gotta love Cenk not knowing the tax code. 35% is the legal rate for ordinary income, but 15% is currently the legal rate for long term capital gains. Ironically, he calls that 15% a tax loophole when it is actually written in the tax code. Looks like he is trying to distort the facts to get people on his side.
Code or not...it's wrong.
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LetsGoWings

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Re: Tax the rich!
« Reply #93 on: April 18, 2012, 12:34:12 AM »

Code or not...it's wrong.
Why can't he provide accurate facts to prove his point? calling stuff loopholes that aren't and saying the legal rate on income is 35% when it is actually ordinary income is distorting the truth. If he has such a good point, why does he need to distort the truth?
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Great advice from another poster on this forum, we should all live by this:

"I'd advise against anyone contemplating sullying the reputation of any of the candidates without solid proof. "

Frenchfry

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Re: Tax the rich!
« Reply #94 on: April 18, 2012, 12:44:34 AM »

Why can't he provide accurate facts to prove his point? calling stuff loopholes that aren't and saying the legal rate on income is 35% when it is actually ordinary income is distorting the truth. If he has such a good point, why does he need to distort the truth?
He's an attorney...he hasn't distorted anything. Loopholes are often written into code. Your interpretation of loophole makes it sound like skirting the law when in fact it's more that the law was crafted to enrich those paying the bribes...um...I mean lobbying.

Oh I know you'll probably reply with your usual righteous..."well it's legal" retort.

You can quibble over insignificant details all you want....but you'll just be playing with yourself.
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LetsGoWings

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Re: Tax the rich!
« Reply #95 on: April 18, 2012, 12:51:24 AM »

He's an attorney...he hasn't distorted anything. Loopholes are often written into code. Your interpretation of loophole makes it sound like skirting the law when in fact it's more that the law was crafted to enrich those paying the bribes...um...I mean lobbying.

Oh I know you'll probably reply with your usual righteous..."well it's legal" retort.

You can quibble over insignificant details all you want....but you'll just be playing with yourself.

A loophole is an ambiguity in a system, such as a law or security, which can be used to circumvent or otherwise avoid the intent, implied or explicitly stated, of the system. Loopholes are searched for and used strategically in a variety of circumstances, including taxes, elections, politics, the criminal justice system, or in breaches of security.
http://en.wikipedia.org/wiki/Loophole

It plainly states in the code that long term capital gains are taxes at 15%, there is no ambiguity about that.
He states that the legal rate is 35%, but neglects to state that is for ordinary income, which makes a big difference.

From the IRS website:
Quote
7. The tax rates that apply to net capital gain are generally lower than the tax rates that apply to other income. For 2011, the maximum capital gains rate for most people is 15 percent. For lower-income individuals, the rate may be 0 percent on some or all of the net capital gain. Rates of 25 or 28 percent may apply to special types of net capital gain.

http://www.irs.gov/newsroom/article/0,,id=106799,00.html

How exactly does that get considered as a loophole? There is no ambiguity there, but you don't care because you believe everything Cenk tells you to.

 I would like to see his proof that Romney had accounts overseas in Swiss bank accounts and was not paying tax on it. Just because he had accounts there does not mean he was avoiding paying taxes here.

Why is it so hard for him to give a fair opinion on the matter? I get it he wants a higher tax, but don't leave out information and call something a loophole that clearly is not a loophole at all.
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Great advice from another poster on this forum, we should all live by this:

"I'd advise against anyone contemplating sullying the reputation of any of the candidates without solid proof. "

LetsGoWings

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Re: Tax the rich!
« Reply #96 on: April 18, 2012, 12:56:30 AM »

        (C) 15 percent of the adjusted net capital gain (or, if less,
        taxable income) in excess of the amount on which a tax is
        determined under subparagraph
http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._1._Tax_imposed
Code section 1(h)(1)(C)

Still not seeing that ambiguity to make this rate considered a loophole. Anyone who got bored and wanted to read the tax code could at least make it to this part, so it is not even something that is buried down in some random code section.
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Great advice from another poster on this forum, we should all live by this:

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LetsGoWings

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Re: Tax the rich!
« Reply #97 on: April 18, 2012, 01:08:00 AM »

For people who dislike wikipedia:
loophole [ˈluːpˌhəʊl]
n
1. an ambiguity, omission, etc., as in a law, by which one can avoid a penalty or responsibility
http://www.thefreedictionary.com/loophole

There is nothing ambiguous about that code section.
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Great advice from another poster on this forum, we should all live by this:

"I'd advise against anyone contemplating sullying the reputation of any of the candidates without solid proof. "

Baby Hitler

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Re: Tax the rich!
« Reply #98 on: April 18, 2012, 01:41:33 AM »

I don't want to say Harry Reid lies, but he definitely doesn't tell the truth.  He gets away with it because the democrat followers believe everything they hear from their left wing demys. Reid will stand there and tell bold face lies and in the next breath say the other party is at fault.
Ummm can you see the error of your ways? No? Didn't think so. 8*
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Frenchfry

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Re: Tax the rich!
« Reply #99 on: April 18, 2012, 10:00:29 AM »

Gotta love Cenk not knowing the tax code. 35% is the legal rate for ordinary income, but 15% is currently the legal rate for long term capital gains. Ironically, he calls that 15% a tax loophole when it is actually written in the tax code. Looks like he is trying to distort the facts to get people on his side.
Not sure what you started babbling about in the first place...
Cenk said the Buffett Rule would mean that millionaires would have to pay 30% minimum....and then mentioned how the rich, like Mitt Romney, are able to pay very low rates, such as the 14% Mitt paid in the taxes he released. (Of course he filed an extension which means the public won't know the current numbers 'til he files)

He mentioned the Swiss bank accounts and offshore accounts in Bermuda that Mitt has....

Cenk said the top rate is supposed to be 35%....and bear 40% without the Bush tax cuts.

He said the Republicans filibustered the proposal to have millionaires pay 30%

Then he showed a Fox News clip where they had a Gallop poll that said 60% were in favor of the Buffett Rule, and 307% opposed.

Republicans claimed they blocked the Rule because 50 Billion $ is a drop in the bucket.

Near the end of the video, Cenk said literally that for those that make just a dollar less than a million, that the Buffett Rule wouldn't apply to you.

Maybe you ought to take another look at that video.
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LetsGoWings

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Re: Tax the rich!
« Reply #100 on: April 18, 2012, 11:13:42 AM »

Not sure what you started babbling about in the first place...
Cenk said the Buffett Rule would mean that millionaires would have to pay 30% minimum....and then mentioned how the rich, like Mitt Romney, are able to pay very low rates, such as the 14% Mitt paid in the taxes he released. (Of course he filed an extension which means the public won't know the current numbers 'til he files)

He mentioned the Swiss bank accounts and offshore accounts in Bermuda that Mitt has....

Cenk said the top rate is supposed to be 35%....and bear 40% without the Bush tax cuts.

He said the Republicans filibustered the proposal to have millionaires pay 30%

Then he showed a Fox News clip where they had a Gallop poll that said 60% were in favor of the Buffett Rule, and 307% opposed.

Republicans claimed they blocked the Rule because 50 Billion $ is a drop in the bucket.

Near the end of the video, Cenk said literally that for those that make just a dollar less than a million, that the Buffett Rule wouldn't apply to you.

Maybe you ought to take another look at that video.
Cenk states he hides his money in Swiss bank accounts which implies he also does not pay taxes on it, where is his proof of this?

He says the top rate is supposed to be 35%, which is partially correct, but that rate only applies to ordinary income.

In other videos he states that the rich take advantage of a loophole to receive 15% treatment on their capital gains. I have proved to you it is clearly not a loophole, but you won't buy it because Cenk tells you differently. Have you ever had an original thought about politics?
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Great advice from another poster on this forum, we should all live by this:

"I'd advise against anyone contemplating sullying the reputation of any of the candidates without solid proof. "

Frenchfry

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Re: Tax the rich!
« Reply #101 on: April 18, 2012, 11:26:38 AM »

Cenk states he hides his money in Swiss bank accounts which implies he also does not pay taxes on it, where is his proof of this?
LOL...good luck refuting the facts.

He says the top rate is supposed to be 35%, which is partially correct, but that rate only applies to ordinary income.
The Buffett Rule was supposed to change that but the GOP blocked it...another gift to the Dems in November.

In other videos he states that the rich take advantage of a loophole to receive 15% treatment on their capital gains.
Which video states that?

I have proved to you it is clearly not a loophole, but you won't buy it because Cenk tells you differently. Have you ever had an original thought about politics?
Must you denigrate?
Look, you lost the argument so just back away slowly before you get hurt.     :P
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LetsGoWings

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Re: Tax the rich!
« Reply #102 on: April 18, 2012, 11:31:15 AM »

Look, you lost the argument so just back away slowly before you get hurt.     :P
Show me the facts where it proves that he did not pay taxes on the Swiss bank accounts. Just because he has them does not mean he does not pay taxes on them, remember innocent until proven guilty? Or does that not apply because he is a Republican?

I am aware the GOP blocked it, but that still does not change the fact that Cenk omitted calling it ordinary income to be taxed at 35%. The way he makes it sound is that Romney and all others are cheating the tax system so bad they are getting this magical 15% rate.

I will find the video, sadly that requires me to listen to this idiot some more.

Why is it so hard for you to have your own original thoughts on politics? I would be willing to bet over 75% of your posts in the politics section are simply a copy and paste or a video.
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Great advice from another poster on this forum, we should all live by this:

"I'd advise against anyone contemplating sullying the reputation of any of the candidates without solid proof. "

Frenchfry

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Re: Tax the rich!
« Reply #103 on: April 18, 2012, 11:58:47 AM »

Show me the facts where it proves that he did not pay taxes on the Swiss bank accounts. Just because he has them does not mean he does not pay taxes on them, remember innocent until proven guilty? Or does that not apply because he is a Republican?
Well prove he paid the taxes then.

I am aware the GOP blocked it, but that still does not change the fact that Cenk omitted calling it ordinary income to be taxed at 35%. The way he makes it sound is that Romney and all others are cheating the tax system so bad they are getting this magical 15% rate.
Your charges are figments of your imagination

I will find the video, sadly that requires me to listen to this idiot some more.
Pay close attention...you'll find he's telling the truth.

Why is it so hard for you to have your own original thoughts on politics?
Your assertion is false and just indicates your position lacks merit.

I would be willing to bet over 75% of your posts in the politics section are simply a copy and paste or a video.
Again you lost the argument...but that won't stop a loser like you from coming back with more trivial insignificant issues to stage your annoying nitpick campaign on.

Many times people just let your lips flap since your arguments are ridiculous the vast majority of the time.....and the slightest reply just begets more of your asinine replies...but sometimes your trolling reels me in.  :-[

It takes willpower to remember how valueless your contributions have been and trying to talk sense to a totally indoctrinated hardcore rightie is a waste of effort.
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Frenchfry

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Re: Tax the rich!
« Reply #104 on: April 18, 2012, 12:15:33 PM »

Cenk skewers CNN's Erin Burnett for using data from the Tax Foundation, a conservative think tank, to persuade viewers to reject the Buffett Rule and protect millionaires like herself.
Tune in Weeknights at 7:00/6:00c on Current TV
http://current.com/shows/the-young-turks/

Cenk slams millionaire CNN host Erin Burnett for 'protecting the rich'
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