Tom more min is a liberal radio host we
cover story about him not too long ago I really like this guy Paul his career
closely
he is he's really smart you know it's coming from a good place
I'll when he's talking about whatever is talking about any
well-researched well-read he's gonna absolutely
annihilate a conservative caller on
the issue of taxes so what happens here
is the caller is going to say that the capital gains tax rate
which is of course the tax on money that you make from stocks and investments
he says that rainy should be zero
because a if you charge
anything for the capital gains rate it's essentially a double tax
leisure Bruce from Houston Texas driving through Chicago listen to the CPT
says your capitals new on a debate me on the capital gains tax
yes the capital gains tax rate should be
an absolutely sure I'll okay you're here capitalist tell me about your capitalism
no well texture of
of I'm venture capitalist a 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 you're asking me to take away ask
to invest in another in the other businesses
employees 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
mashed
that business it's just patient income tax
the Empress Bruce you have so much sympathy for 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
are checkmate
checkmate I believe tom just said
hey lol taken to a man who missile seeker call
cool can you like that yeah yeah so I thought
by and by the way he's right everything is
double taxed but I'm not done you just getting started
sales tax have 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 much difference
know it it makes no difference at all here's listen Bruce
serious 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
the bus driver was being can present it is sound
match racing 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 sees 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 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 booming
mean mmm whom
loony all I believe that's a that's a KL
that's not even a TKR measure the kale like the caller's lay out on the ground
right now
bleeding from his ear a when you get a compound fracture in his femur
and I are what I call in his radio show I'll
Bowman a let me try to crystallize this the best way possible
so to have no capital gains rate tax
so Mitt Romney you know how he's worth like a gazillion dollars
you know he makes his money through investments and their stocks
so I when he was running for president for example they were
two years there were they focused on one year he made about fourteen million
dollars in
and out differ a year's worth of work which is just as investments you just
make money off as investors
now you're he made over 20 million from his investments now
he paid a 14 percent actually because capital gains
rate is actually fifty percent but here for whatever reason with a 14 percent
some sort and induction
arm and somebody who works as a construction worker or
a dentist or an accountant or
a plumber they could have paid twenty
percent or 25 percent her 30 percent or whatever the number is
for making about eighty thousand dollars ninety thousand dollars a year that make
sense
that Mitt Romney pays less as a percentage in taxes than actual
person is laboring in doing work when Mitt Romney admittedly is doing nothing
is money-making
his money is making money because he making money just from the stock market
and I we make all his money now in a case does that make sense
and this guy's not saying hey it's Courtney Mitchell or a Nishiki making a
lower rate
he's I know I want him to pay nothing so the plumber in the account in the
teacher in the construction worker they should continue to pay taxes
but the person retarded ass all day and is already reg
and make money on investments made by the way the people make money off their
investments are usually already pretty well-off
they should pay nothing in taxes that is insanity not only is this guy wrong
the exact opposite what he's saying is what we should do we should at least at
least
link to the capital gains tax rate to the income tax rate so that they get act
the same
but I would even be opened you know that
a hearing in debate we're having a conversation about making the capital
gains rate
even higher than the income tax rate because look if you're actually laboring
for
your money you should probably get tax less and somebody like me fuckin Romney