Bruce from Houston Texas driving through Chicago listen to the CPT
says your capitals do you want to debate me on the capital gains tax
yes the capital gains tax rate should be
an absolutely zero okay you're you're a capitalist tell me about your capitalism
no well texture of
of I'm venture capitalist private equity arm
make private equity investments I also operate known companies
handed is a result of my investing money
that has already been taxed at the ordinary income rates the first time
I owned it ought you now are asking me to take away ask
to invest in another in the other businesses
employed people create growth
create jobs a great economic prosperity
yes and and and let me ask you a question Bruce K wait let me finish
that money not are you sure you take action when I invested in the best Mash
that businesses chef Christian income tax
the Empress Bruce you have so much sympathy from me I am I'm
my heart is bleeding for you let me ask a simple question when I get a paycheck
my money has already been taxed so because my money has been taxed and also
I own my own business and the business has paid a tax on its income so
you know my businesses pay tax I pay a tax so my monies are even double taxed
so when I go out and buy something should I not have to pay sales tax
stressed tax is a completely separate
it's completely separate attacks from an income tax frankly I wish we will how is
it how is it different brews if I if I go to a restaurant I have a really nice
dinner and I get a lot of pleasure outta that I get something back for that money
but I have to pay a tax on that or if I take that same money and I put the stock
market I make back a little money and then I have to pay capital gains tax on
that
I don't see why the fact that money in fact
if you can identify for me Bruce any form of money that you are I have ever
had
in our lives the wasn't previously taxed you win the argument
well it's easy to tell you you're talking about tax mop-up on
times of duped westchester as
if you have money to spend tax and you inherit money if you're rich
surviving spouse you have attacked you get a tax break if you inherit money
that money had been tax when it was earned trapped
and and that money was earned from a company that probably paid taxes on the
money
and that muck in that company got that money from customers
who had paid income tax when they bought the products the others
it is this is stowed Lee speeches argument
that because a striking your community spirit unionist
it as an invidious comparisons speak Russian
share of tax has nothing to do you know
that is a tax on consumption that is not a tax
on capital investment levels what it was so what
sure to let me should not restrict French
know it it makes no difference at all here's listen Bruce
first let me let let me just play a clip for you the here is
here is the guy who's logic i'm following okay here is
we're going to close the 110 tax loopholes that allow something truly
willing to avoid paying their fair share
in the reason for those who were understand but in practice
they sometimes made it impossible for millionaires to pay nothing
on a bus driver was being 10 percent is sounding and that's crazy using the
wrong to pay more in taxes than the bus driver
or less I now I what reagan did in 1983
was our 1985 excuse me was he read lowered the
the top tax rate on 28 percent he raised the capital gains rate
up to twenty-eight percent because reagan said that people making money
with their minds or their hands should not pay a lower or higher tax rate than
people making money with money and you're arguing to me
the year making money with money which do you just happen to have his UPLB
after
after tax money sure but it still is your money you making money with money
is somehow so superior to my making money with
the labor of my mind here on this radio program
that I should pay an income tax on the money that I take
as you know in my salary but you should not pay an income tax
on the money that you take from investing money that seems to me
to quote ronald reagan crazy you know your
your act you actually had preferably with ronald reagan
your chair to have taken that Crockam of this completely outta I am absolutely
not Bruce go back and look at the record he made several speeches on this issue
and he as a sad
he equalised it's the only time in the 20th century are actually the only time
since World War one
that the sales but the that the capital gains tax and the earned income
and it tax were identical he raised the capital gains tax to 28 percent
it had been a twenty-percent any lowered the top income tax rate
at that point was a fifty percent lower the dow to 28 percent so they were the
same for about 12
months fight you you just think you can read more you just pointed out one
critic of telling us what you think is the analysis
and that is the tremendous mollering RV
income tax rate of there was a slight breeze in the capital gains tax rate
when an enormous cock in the income tax rate
right and that has led to the evacuation the middle class into enormous wealth at
the top
yeah right now the shit you well first off thats all other issue
practices that there is no such this enormous profits to top
is actually a misnomer if you look at the IRS Data
by it social security number by individuals
you will find that there is a tremendous migration
people and lots of money some years on very little money
overhears it goes back and forth has managed to
you know bruce there are ten guys on wall street last year who aren't
over two billion dollars each because the carried interest loophole which is
considered capital gains
they paid a maximum income tax a twenty-percent on that money
do you really think anybody can do anything
that is worth two billion dollars and that the FNF they do they should pay
only a 20 percent income tax rate
when a bus driver can pay up to 39 percent I don't
I couldn't care less I have no problem with that how many millions of people
or implied as a result are
the companies in the bed I would say those banksters probably through five or
six million people out of work
look at the creek crash that those banksters caused the 2008
think if you take you cuz i saving it but back to the original argument Bruce
you're making the argument i'd like you try and make this one more time in this
context
I work using my mind doing this radio show I'm paid to do this by my own
company but I'm paid to do this
and I pay income tax on that money
you work by taking money that you have earned a
or inherited doesn't matter used by taking money after tax money that you
have
and invest in it and you get a return on that investment that's how you make your
living
why is the way that you make your living so superior to the way that I make my
living
the you should pay no income taxes and I should pay thirty nine percent
that's an easy question to answer what if my investment
was any broadcast ripen aid that allowed you know
to have this job to make the money that you aren't
then why should then the only chat the attack so I would pay
would be an ordinary income tax I meet
are you with Bruce are you really so so unaware of how business works
but you think the capital gains autumn Bruce are you so unaware of how business
works that you genuinely believe that the only reason somebody would buy
or own a radio station is because they got their money tax-free
you miss your completely missing my point so abruptly but that's okay
apparently I am
know the the estuary is be act of investing
beat act there's nothing and there's nothing noble is special about investing
create that's what creates prosperity
then missed no I'm sorry what creates prosperity in our county purses people
buying things
you as an investor and people who own businesses like me
with his radio show we make money because people by
things people listen to our sponsors and they buy things
but they're the ones who are making the money without employment
work too much going on with this abomination up an economy
people do not have money without employees must and jobs
in people don't have employment without demanded sex
if there's no demand in an economy nobody's gonna start a business
nope you started right now though he's gonna start a business
with the risks to capitol of post by Obama and the Democrats I'll give me a
break through your closest this is stash
the that's what that's the most pathetic Republican talking point
there in person for small corporate taxes are at the lowest they've been in
sixty years
individual income tax rates a AR are
bill the absurdly lobby compare this with a great prosperity
from the forties to the mid eighties when the top tax rate was about 50
percent was about 70 percent
and and we had a solid economy we had four decades a growth over 3.2 percent
GDP
decade to decade that has never happened before or since
so you know that the EE die and we're looking at the tailor to reaganomics
here but
but you're still trying to assert the rich people investing is what creates
jobs and I'm telling your
rich people investing are what exploits labor
it is the people who are working in the company's the you are investing in who
are producing
the wealth that you are taking out of those companies
and so nobly saying you should not pay income tax on
techno stuff but you want those workers to pay tax right
the capital capital to impress
treatment that room okay your research I have a job
marksman program visit Thom Hartmann dot com for audio and video archive
mean totally circular logic your bruise lookup worker owned the cooperative's
you don't need capital to start a biz split-up of opinion that action