Quote:
Originally Posted by Happy Monkey
Anyone who promulgates the "Double tax" myth lying to the public repeatedly. Money isn't taxed, transactions are.
You aren't "double taxed" when you pay income tax on your income and then sales tax on your purchases. They're different transactions.
And in the case described in the article, the first transaction isn't even him; its his corporation (I say "his", but he's not the only shareholder, just the most important one). That's a completely separate entity. That's like saying your maid is "double taxed" because her salary is paid out of your post-tax income.
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If I give money to the government without choice while I control it, it is a tax, regardless of what your fantasy may be about wealth redistribution. Income and purchases are a different animal. These are investments and dividend income. It also depends on whether they are qualified or non-qualified dividends. I earn it and get taxed on it. I put it in a stock and take out the profit, I get taxed a second time.
Even if I put into stock and it earns zero, when I pull it out it is taxed a second time.