hope yet?
Millennial Generation : maybe they just deserve what they get
Reader suggest young people watch “Generational Theft: How Entitlement Spending is Stealing Opportunity from America’s Youth”
I suggest young people watch this N.Y.U. presentation: https://www.youtube.com/watch?v=fbgIiAnpcPc
Maybe they can show this at RHS ?
Others wonder since the youth overwhelming supported President Obama and every other scheme to have others pay for what they want , maybe they just deserve it ?
Perhaps the self entitled attitude has got them in this fix? The fisr even called them generation “Knuckle head ” claiming young people had an inability to make decisions .
The self-entitled generation includes anyone under age 48.
Just keep in mind that not all of us who are being lumped in as being part of the self-entitled generation” are self-entitled people. Believe me, it is hard to be someone who does not believe he is self-entitled in a sea of people who believe they are.
Said every 50 year old since the beginning of time.
We should tax capital gains and dividends at 40%. Why should a young person earning a good salary and paying a 40% federal tax rate subsidize an old timer paying only 20% just because they own stocks and bonds ?
more taxes is not the answer to anything
I just love all these old timers – let’s raise property taxes to pay for all of the outrageous promises to current employees & retirees – 4% annual wage increases ? You got it. Free healthcare for life ? Of course. Multi-million dollar pensions ? Enjoy. All the while, they were paying lower property taxes, but now that the bill’s coming due, what’s their solution ? Raise taxes. Talk about the old foxes running the henhouse. I agree that taxing capital gains and dividends at 40% is fair though. Why should young people earning mostly salary (40% tax rate at the high end) subsidize rich people who get their income from stocks & bonds (20% tax rate) ?
raising taxes has been disproven to be ineffective , young people might try working , novel idea I know but it would be a good first step , my suggestion is to make NJ pensions state tax free if you live in the state and taxable if you leave the state reverse of what you have now , forcing retirees to spend some of those pension checks in the state , the was so generous to them to begin with .
That’s my point – young people who do work for salary are paying a higher % of their income than old people who earn their income from dividends and capital gains on which they only pay 20%. Many residents who work are probably paying up to 39.5% of their salary in federal income taxes. But their 65 year old neighbor who clips bond coupons only pays 20% ? It’s not fair. I like your state tax idea, maybe instead of no state taxes (we need the revenue !) NJ pensioners could get a nice discount on their state taxes if they live IN state, and full NJ state taxes at source before we send their checks out of state to Florida
If you increase the capital gains rate to 40% you will be certain to cause the stock market to crash.
It would cause any real estate market dominated by investors (vs owner occupied properties) to pause at best, crash at worst.
That’s the same stock market that holds your pension funds, whether its your IRA, SEP, 501K, or ‘state retirement’ as a municipal or state employee.
The lower capital gains rates on investments held more than a year does not only apply to stocks.
It applies to investment properties, businesses etc.
If you want to stop growth of the economy, enact your tax increase.
And most ‘rich old people’ get tired of risk and purchase corporate bonds for the yield, and when they get tired of taxes, they purchase tax free municipal bonds.
we need to reward risk , risk takers start businesses that employ people , raise taxes does nothing for anybody except politicians
So by this logic, young people who get most of their income from a salary should be paying higher taxes than a coupon clipper in order to prop up real estate and the stock markets ? Which benefits older people who own property, and own more stocks and get more dividends – huh ? That’s not very sustainable when the 18-64 year old workforce is only going to grow 17% between now and 2050 versus 102% grow in the over 65 year old crowd by then (source: Census Bureau)…. that means that instead of over 4 workers for every one retiree today, we’ll only have around 2 workers supporting each retiree by 2050. Young people should be rioting about this, they’re screwed by the time they reach retirement because of the logic above.
Young People , should have rioted but instead they voted for Obama in an overwhelming majority , thinking there were going to get everything for free and someone else was going to pay for it , that someone else is them , unfortunately you get what you deserve .
Again this all assumes young people work which if you look at labor for statistics they are not
The ‘coupon clippers’ will put their money where the government won’t pick their pockets, even if that means leaving it under their bed.
It seems you have an ‘issue’ with those who fought the wars so you could have the freedom to come online and bash them.
The current lazy younger ‘me me me’ generation is going to get a rude wake up, hopefully sooner than later, that ‘bashing the rich’ and ‘class warfare’ will come back to bite them in the ass.
Someone has to pay the bill for the ‘entitlements’, ‘obamaphones’, ‘ebt cards’, ‘section 8 free rent’ and all of the other giveaways and the old folks aren’t going to be the ‘scapegoat’ for this. Thank all of you dummies who voted for Democrats.
The young dummies are going to have to realize that ‘big government’ does not work and all they need to do is look 90 miles south to Cuba.
The stock market exists because individuals, corporations, (AND UNION PENSION FUNDS , PUBLIC EMPLOYEE PENSION FUNDS and COLLEGE ENDOWMENTS) like to make a ‘return on their investment’.
So trying to make ‘capital gains taxes’ an issue will effect all of the above. How? When individual investors, hedge funds, and others who buy/sell securities do it in a taxable account decide to find another way to make money, their absence from the market will create a huge ‘downward’ spiral which will hurt every investor.
wow, one too many rum punches down there in Key Largo ?