Replies to post #68021 on Politics and Money

[shermann7]

1)Tax Capitol gains as earned income...

And Dividends -

I would allow people to keep the first 100,000 tax free for Capital Gains / Dividends. It is only fair since people can only deduct 5,000 dollars per year of losses. I would keep the exemption on the sale of a First Home. People should not be able to deduct interest on a second home. Only on the first.

2)A transaction tax on equity, forwards and especially derivatives of 1%....

I have mixed feelings on this...It is a national sales tax on Financial Transactions...It would be far better to break up the big banks, and reinstate the Glass-Steagul act.

The Real question here is how to encourage savings in this country...And there are a number of ways to do this....

I would favor closing quite a number of tax loopholes in regards to taxation on investments.

Shermann