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The Basement
Gibson raided
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<blockquote data-quote="Dave Dermont" data-source="post: 38950" data-attributes="member: 978"><p>Re: Gibson raided</p><p></p><p> Actually, the capital invested is not taxed a second time, only the income derived from the investment of the capital. Since income derived from the sweat of your brow is subject to FICA, and "passive" income is not, I could be argued that the man cleaning the swimming pool is the one being doubly taxed, whereas the man sitting next to the pool enjoying a beverage and waiting for the dividend check is also enjoying the tax advantages. (the swimming pool example is hyperbole, good for ginning up the class warriors) The "corporate rate" is pretty low if you happen to own stock in General Electric, Exxon Mobile or any other company that makes billions in profits as well as receiving tax refunds. I don't view this as illegal or immoral, as it's all done withing the legal boundaries of the tax code as written, and any smart business should be expected to use the laws to their full advantage. If we really want fairness, we really need to stop the lobbyists from writing the tax code.</p></blockquote><p></p>
[QUOTE="Dave Dermont, post: 38950, member: 978"] Re: Gibson raided Actually, the capital invested is not taxed a second time, only the income derived from the investment of the capital. Since income derived from the sweat of your brow is subject to FICA, and "passive" income is not, I could be argued that the man cleaning the swimming pool is the one being doubly taxed, whereas the man sitting next to the pool enjoying a beverage and waiting for the dividend check is also enjoying the tax advantages. (the swimming pool example is hyperbole, good for ginning up the class warriors) The "corporate rate" is pretty low if you happen to own stock in General Electric, Exxon Mobile or any other company that makes billions in profits as well as receiving tax refunds. I don't view this as illegal or immoral, as it's all done withing the legal boundaries of the tax code as written, and any smart business should be expected to use the laws to their full advantage. If we really want fairness, we really need to stop the lobbyists from writing the tax code. [/QUOTE]
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