Politics and religion.

[Bonny]

Liz, do you know the difference between an income tax and a capital gains tax? Do you know why the difference is significant? Do you even care?

I care! Please explain in laymens language so a person can understand what you are saying.

[Lady's Human]

To put it in a nutshell, the reason CEOs take $1 salaries and other stunts is because their salaries affect their capital gains tax rate.

If your ordinary income tax (prior to capital gains and other income) is 10%, (as in you took a $1 salary for running Apple) your short term cap gains rate would be 10%, and your long term cap gains tax would be 0%.

It's rather disingenuous for Mr. Buffet to pay the taxes he does, in part based on his "meager" $100,000 salary, which is structured to take advantage of a loophole in the tax code, and then claim he isn't paying enough in taxes.

Again, if he doesn't think he pays enough in taxes, write a check to D.C..

It's all P.R. stunts, and people are taking the bait, hook, line and sinker.

[RICHARD]

I wonder if the U.S. can recoup some of the 1.1 M we paid for the new Obama bus by renting it out to Buffett, Gates or some of the other bigwig millionaires.

[Bonny]

I wonder if the U.S. can recoup some of the 1.1 M we paid for the new Obama bus by renting it out to Buffett, Gates or some of the other bigwig millionaires.

I have seen THOSE buses up close. There are two of them. They closed our road & came through yesterday & stopped up the road at the neighbors. They are fancy buses believe me. I also had to pull over at Pizza Hut while they came through today & really saw them up close. Really fancy! One is black & the other is Red shiny & new.

[Lady's Human]

Capital gains are taxed, but the capital gains tax rate is determined in large part by your non-capital gains income tax rate.

Depending on your "regular" income tax bracket, you could wind up paying 0% on those long term shares of Apple stock you got as compensation in lieu of salary last year, as you have to hold stock shares for one year to get the much lower "long term" capital gains rate.

[Grace]

I wonder if the U.S. can recoup some of the 1.1 M we paid for the new Obama bus by renting it out to Buffett, Gates or some of the other bigwig millionaires.

Richard, the new bus belongs to the Secret Service. When the Republicans get their nominee figured out s/he will also have the use of one exactly the same.

[Bonny]

Richard, the new bus belongs to the Secret Service. When the Republicans get their nominee figured out s/he will also have the use of one exactly the same.

We the tax payers still paid for them.

[Grace]

We the tax payers still paid for them.

That's true. I was disputing Richard's phrase - new Obama bus. It's a bus for use by anyone with more clout than you or I have. Current President, future President, candidates for President.

[Bonny]

Aren't the buses being used just like the rock stars etc., use them to get around in when they go from place to place for their concerts. Instead we have politicians using them to meet the people & tell them truths & lies.

President Obama flew into Minneapolis & hopped on the bus. Now where the buses came from a person doesn't know. I hope they didn't drive the darn things all the way from Washington D.C. to Minnesota.

There was a lot of security work done to make this trip possible both on land & in the air. Last night we got to hear jets flying over protecting the air space overheard & talk about noise pollution.

[RICHARD]

That's true. I was disputing Richard's phrase - new Obama bus. It's a bus for use by anyone with more clout than you or I have. Current President, future President, candidates for President.

LOL,

They didn't go to Trader Vic's Miracle Cars in Pacoima to buy it.


I don't have clout, if I did I'd go get some antibiotics.

That stuff will kill you.

---------------------

The sign at Trader Vic's lot (It's on San Fernando Road in Pacoima, Ca) says
Trader Vic's Miracle Cars - If it's a good car, it's a miracle!

[RICHARD]

Richard, the new bus belongs to the Secret Service. When the Republicans get their nominee figured out s/he will also have the use of one exactly the same.

I have disdain for all politicians.

Not just the ones 'driving the bus'.

And if the Secret Service own the bus, why are they letting ANYONE use it? At the least they should let regular people use it.

Didn't FEMA let people borrow trailers, once?

[Karen]

I wonder if the U.S. can recoup some of the 1.1 M we paid for the new Obama bus by renting it out to Buffett, Gates or some of the other bigwig millionaires.

I read an article that explained that before now, they would spend lots of money reoutfitting busses each month to be bullet-proof, etc. For once, this seems like a smart investment, a purpose-built vehicle, rather than slapping armor on something else. It would be cooler if it had solar panels on the top to help power it, though!

[Lady's Human]

I read an article that explained that before now, they would spend lots of money reoutfitting busses each month to be bullet-proof, etc. For once, this seems like a smart investment, a purpose-built vehicle, rather than slapping armor on something else. It would be cooler if it had solar panels on the top to help power it, though!

Even with the surface area of the bus, the solar panels might be useful to power the interior accassories, but would do bubkus to help power the monsters.

Would have been a nice tech demonstrator for the BAE commercial hybrid drive systems they're using on the buses around here, though.

[Puckstop31]

I care! Please explain in laymens language so a person can understand what you are saying.

Just to add a little to what LH said....


Income tax = What working stiffs understand. A tax paid on money you earn in the traditional way, generally a salary paid by an employer to an employee.

Capital Gains tax = You buy something (stocks, buildings, companies, etc....) and sell it for a profit. You invested capital and made a gain on that investment by selling it for a higher price than you paid.

[Bonny]

Just to add a little to what LH said....


Income tax = What working stiffs understand. A tax paid on money you earn in the traditional way, generally a salary paid by an employer to an employee.

Capital Gains tax = You buy something (stocks, buildings, companies, etc....) and sell it for a profit. You invested capital and made a gain on that investment by selling it for a higher price than you paid.

But then isn't your gain taxed? Isn't that also considered income?