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Orwell
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16 Aug 2011, 12:29 am

Inuyasha wrote:
While this may affect some rich people (as well as anyone else in the stock market, retirees, etc.), this might not affect Warren Buffett, because if I recall his "capital gains" are through a rather unusual means so they aren't taxed. So this might not affect him either.

I have relatively little interest in the details of other people's financial affairs, but according to your article Buffet pays the 15% capital gains rate on his dividends, so presumably that means taxing capital gains as regular income would bring his rate up to that level. If there is some other accounting trick that Buffet and others are using to avoid paying even capital gains tax, well then we should deal with that as well.


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16 Aug 2011, 12:39 am

Orwell wrote:
Inuyasha wrote:
While this may affect some rich people (as well as anyone else in the stock market, retirees, etc.), this might not affect Warren Buffett, because if I recall his "capital gains" are through a rather unusual means so they aren't taxed. So this might not affect him either.

I have relatively little interest in the details of other people's financial affairs, but according to your article Buffet pays the 15% capital gains rate on his dividends, so presumably that means taxing capital gains as regular income would bring his rate up to that level. If there is some other accounting trick that Buffet and others are using to avoid paying even capital gains tax, well then we should deal with that as well.


All you are doing if you tax capital gains is discourage investing or encourage companies and their stockholders to head overseas. Additionally there are a lot of people that get capital gains that are not exactly rich.

Also you can bet people like Nancy Pelosi won't be seeing her taxes go up 1 dime even if taxes were raised.



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16 Aug 2011, 12:46 am

Inuyasha wrote:
Orwell wrote:
Inuyasha wrote:
While this may affect some rich people (as well as anyone else in the stock market, retirees, etc.), this might not affect Warren Buffett, because if I recall his "capital gains" are through a rather unusual means so they aren't taxed. So this might not affect him either.

I have relatively little interest in the details of other people's financial affairs, but according to your article Buffet pays the 15% capital gains rate on his dividends, so presumably that means taxing capital gains as regular income would bring his rate up to that level. If there is some other accounting trick that Buffet and others are using to avoid paying even capital gains tax, well then we should deal with that as well.


All you are doing if you tax capital gains is discourage investing or encourage companies and their stockholders to head overseas. Additionally there are a lot of people that get capital gains that are not exactly rich.

Also you can bet people like Nancy Pelosi won't be seeing her taxes go up 1 dime even if taxes were raised.


Why wouldn't Pelosi's taxes go up?

-Bill, otherwise known as Kraichgauer



Inuyasha
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16 Aug 2011, 12:49 am

Kraichgauer wrote:
Inuyasha wrote:
Orwell wrote:
Inuyasha wrote:
While this may affect some rich people (as well as anyone else in the stock market, retirees, etc.), this might not affect Warren Buffett, because if I recall his "capital gains" are through a rather unusual means so they aren't taxed. So this might not affect him either.

I have relatively little interest in the details of other people's financial affairs, but according to your article Buffet pays the 15% capital gains rate on his dividends, so presumably that means taxing capital gains as regular income would bring his rate up to that level. If there is some other accounting trick that Buffet and others are using to avoid paying even capital gains tax, well then we should deal with that as well.


All you are doing if you tax capital gains is discourage investing or encourage companies and their stockholders to head overseas. Additionally there are a lot of people that get capital gains that are not exactly rich.

Also you can bet people like Nancy Pelosi won't be seeing her taxes go up 1 dime even if taxes were raised.


Why wouldn't Pelosi's taxes go up?

-Bill, otherwise known as Kraichgauer


Because she is in congress and will probably make sure there are loopholes so she can get out of paying the increase in taxes.



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16 Aug 2011, 12:53 am

Inuyasha wrote:
Kraichgauer wrote:
Inuyasha wrote:
Orwell wrote:
Inuyasha wrote:
While this may affect some rich people (as well as anyone else in the stock market, retirees, etc.), this might not affect Warren Buffett, because if I recall his "capital gains" are through a rather unusual means so they aren't taxed. So this might not affect him either.

I have relatively little interest in the details of other people's financial affairs, but according to your article Buffet pays the 15% capital gains rate on his dividends, so presumably that means taxing capital gains as regular income would bring his rate up to that level. If there is some other accounting trick that Buffet and others are using to avoid paying even capital gains tax, well then we should deal with that as well.


All you are doing if you tax capital gains is discourage investing or encourage companies and their stockholders to head overseas. Additionally there are a lot of people that get capital gains that are not exactly rich.

Also you can bet people like Nancy Pelosi won't be seeing her taxes go up 1 dime even if taxes were raised.


Why wouldn't Pelosi's taxes go up?

-Bill, otherwise known as Kraichgauer


Because she is in congress and will probably make sure there are loopholes so she can get out of paying the increase in taxes.


And I suppose Republicans in office would be too moral to do such a thing.

-Bill, otherwise known as Kraichgauer



Inuyasha
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16 Aug 2011, 1:01 am

Kraichgauer wrote:
Inuyasha wrote:
Kraichgauer wrote:
Inuyasha wrote:
Orwell wrote:
Inuyasha wrote:
While this may affect some rich people (as well as anyone else in the stock market, retirees, etc.), this might not affect Warren Buffett, because if I recall his "capital gains" are through a rather unusual means so they aren't taxed. So this might not affect him either.

I have relatively little interest in the details of other people's financial affairs, but according to your article Buffet pays the 15% capital gains rate on his dividends, so presumably that means taxing capital gains as regular income would bring his rate up to that level. If there is some other accounting trick that Buffet and others are using to avoid paying even capital gains tax, well then we should deal with that as well.


All you are doing if you tax capital gains is discourage investing or encourage companies and their stockholders to head overseas. Additionally there are a lot of people that get capital gains that are not exactly rich.

Also you can bet people like Nancy Pelosi won't be seeing her taxes go up 1 dime even if taxes were raised.


Why wouldn't Pelosi's taxes go up?

-Bill, otherwise known as Kraichgauer


Because she is in congress and will probably make sure there are loopholes so she can get out of paying the increase in taxes.


And I suppose Republicans in office would be too moral to do such a thing.

-Bill, otherwise known as Kraichgauer


I'm not saying that, just the most high profile tax evasion situations I can think of involve Democrats like Charlie Rangel and Turbo-tax cheat Tim Geitner.



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16 Aug 2011, 1:09 am

Incidentally, Inuyasha, the NY Post article you quoted here was deliberately deceptive.

Inuyasha wrote:
[If Buffet want's to give the government more money, he can always donate money to the government, he doesn't have to force tax hikes on everyone else.

Speaking of which did you know Mr. Warren Buffett won't be affected by these tax hikes that he is proposing.

Wall Street has two beefs with Obama's latest tax-the-rich tirade. For one, many wonder why, if the President is so emphatic about repealing the Bush tax cuts, as he announced on Wednesday, did he agree to extend them less than six months ago when most investors had already factored in a tax increase?

Then there is the President's curious fascination with Warren Buffett, not exactly Mr. Popularity on Wall Street these days. Although Obama is an Ivy-educated citizen of the world, and president of the most powerful nation on earth, one has to wonder: Is Warren Buffett the only successful American the President knows?

"I don't need another tax cut, Warren Buffett doesn't need another tax cut," the President proudly professed to the American people.

But let's examine why that statement is so unnerving to investors hoping to see their lawmakers engage in an honest budget debate. For starters, Warren Buffett undoubtedly files one of the most unique tax returns in America, replete with tens of millions in capital gains and virtually no earned income. Judging from his tax returns in recent years, Buffett "earns" about $500,000 in salary and fees as a corporate director, but cashes out tens of millions more in capital gains and dividends stemming from his $45 billion dollar stake in Berkshire Hathaway.

As such, he pays about 17 percent of his "income" in taxes. To be sure, this rate is low, especially compared with the millions of Americans who are paying twice as much (35 percent) with virtually no deductions.

The bulk of these so-called "rich" Americans earn less than $500,000 a year before taxes, and hardly qualify as "rich" in Buffett terms, merely quite comfortable. These Americans proudly paid their taxes this week, a task that, in states like New York, means nearly 50 percent of their earned income goes to the government.

So it only adds insult to injury that President Obama, rather than praising these hard-working tax-payers, demonizes them by lumping them in with the Buffett types -- billionaires who clip (bond) coupons and rake in the capital gains at a much lower 15 percent rate.



Read more: http://www.nypost.com/p/news/business/b ... z1VAJCh0iX

Sure he's more than willing that you hike taxes on other people.

If you care to read Warren Buffet's actual editorial, he in fact was objecting to the fact that the tax law treats "capital gains" so favorably. The criticism in the NY Post lies about what Buffet was advocating to make it seem like he wanted to raise taxes on other people- but no, he really is advocating an increase in his own tax bill.

He also refutes your absurd claim that higher capital gains taxes would "discourage investing." As Buffet says in his editorial, he has been working with investors for 60 years (and he certainly knows a lot more rich investors than you ever will) and has never seen anyone pass up an investment opportunity because of the tax rate on capital gains.


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16 Aug 2011, 1:14 am

Inuyasha wrote:
Kraichgauer wrote:
Inuyasha wrote:
Kraichgauer wrote:
Inuyasha wrote:
Orwell wrote:
Inuyasha wrote:
While this may affect some rich people (as well as anyone else in the stock market, retirees, etc.), this might not affect Warren Buffett, because if I recall his "capital gains" are through a rather unusual means so they aren't taxed. So this might not affect him either.

I have relatively little interest in the details of other people's financial affairs, but according to your article Buffet pays the 15% capital gains rate on his dividends, so presumably that means taxing capital gains as regular income would bring his rate up to that level. If there is some other accounting trick that Buffet and others are using to avoid paying even capital gains tax, well then we should deal with that as well.


All you are doing if you tax capital gains is discourage investing or encourage companies and their stockholders to head overseas. Additionally there are a lot of people that get capital gains that are not exactly rich.

Also you can bet people like Nancy Pelosi won't be seeing her taxes go up 1 dime even if taxes were raised.


Why wouldn't Pelosi's taxes go up?

-Bill, otherwise known as Kraichgauer


Because she is in congress and will probably make sure there are loopholes so she can get out of paying the increase in taxes.


And I suppose Republicans in office would be too moral to do such a thing.

-Bill, otherwise known as Kraichgauer


I'm not saying that, just the most high profile tax evasion situations I can think of involve Democrats like Charlie Rangel and Turbo-tax cheat Tim Geitner.


Not every Democrat is going to be a tax cheat, no more than every Republican is going to look for sex in an airport restroom.

-Bill, otherwise known as Kraichgauer



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16 Aug 2011, 1:41 am

Orwell wrote:
Incidentally, Inuyasha, the NY Post article you quoted here was deliberately deceptive.

Inuyasha wrote:
[If Buffet want's to give the government more money, he can always donate money to the government, he doesn't have to force tax hikes on everyone else.

Speaking of which did you know Mr. Warren Buffett won't be affected by these tax hikes that he is proposing.

Wall Street has two beefs with Obama's latest tax-the-rich tirade. For one, many wonder why, if the President is so emphatic about repealing the Bush tax cuts, as he announced on Wednesday, did he agree to extend them less than six months ago when most investors had already factored in a tax increase?

Then there is the President's curious fascination with Warren Buffett, not exactly Mr. Popularity on Wall Street these days. Although Obama is an Ivy-educated citizen of the world, and president of the most powerful nation on earth, one has to wonder: Is Warren Buffett the only successful American the President knows?

"I don't need another tax cut, Warren Buffett doesn't need another tax cut," the President proudly professed to the American people.

But let's examine why that statement is so unnerving to investors hoping to see their lawmakers engage in an honest budget debate. For starters, Warren Buffett undoubtedly files one of the most unique tax returns in America, replete with tens of millions in capital gains and virtually no earned income. Judging from his tax returns in recent years, Buffett "earns" about $500,000 in salary and fees as a corporate director, but cashes out tens of millions more in capital gains and dividends stemming from his $45 billion dollar stake in Berkshire Hathaway.

As such, he pays about 17 percent of his "income" in taxes. To be sure, this rate is low, especially compared with the millions of Americans who are paying twice as much (35 percent) with virtually no deductions.

The bulk of these so-called "rich" Americans earn less than $500,000 a year before taxes, and hardly qualify as "rich" in Buffett terms, merely quite comfortable. These Americans proudly paid their taxes this week, a task that, in states like New York, means nearly 50 percent of their earned income goes to the government.

So it only adds insult to injury that President Obama, rather than praising these hard-working tax-payers, demonizes them by lumping them in with the Buffett types -- billionaires who clip (bond) coupons and rake in the capital gains at a much lower 15 percent rate.



Read more: http://www.nypost.com/p/news/business/b ... z1VAJCh0iX

Sure he's more than willing that you hike taxes on other people.

If you care to read Warren Buffet's actual editorial, he in fact was objecting to the fact that the tax law treats "capital gains" so favorably. The criticism in the NY Post lies about what Buffet was advocating to make it seem like he wanted to raise taxes on other people- but no, he really is advocating an increase in his own tax bill.

He also refutes your absurd claim that higher capital gains taxes would "discourage investing." As Buffet says in his editorial, he has been working with investors for 60 years (and he certainly knows a lot more rich investors than you ever will) and has never seen anyone pass up an investment opportunity because of the tax rate on capital gains.
Do you mean to imply that investments do not obey the law of demand?



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16 Aug 2011, 11:56 am

Orwell wrote:
Well how about that. I guess it's true that even a blind squirrel finds an acorn now and again.

You are right that merely increasing marginal tax rates on personal income is not the best way to do things, since wealthy investors will continue to rake in the cash through no actual work. This is why we should get rid of the tax advantages granted to "capital gains" income and treat all income as regular income.

This is only a good idea if Buffett is right and there are no impacts on investment through increases of taxes on investing. If there is a negative impact on investment caused by taxation(you know, the more you tax it, the less people do it) then the idea is idiotic. Investment is a major component of growth(you need it for capital accumulation). It's a terrible idea to act to reduce growth.



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16 Aug 2011, 11:58 am

Orwell wrote:
He also refutes your absurd claim that higher capital gains taxes would "discourage investing." As Buffet says in his editorial, he has been working with investors for 60 years (and he certainly knows a lot more rich investors than you ever will) and has never seen anyone pass up an investment opportunity because of the tax rate on capital gains.

Anecdotes aren't refutations, Orwell. The conclusion that disagrees with his is a direct consequence of economic logic, so all else equal, we should distrust his claim. Particularly given that self-reported behavior or anecdotally observed behavior is unreliable.



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16 Aug 2011, 11:59 am

Inuyasha wrote:
AspieRogue wrote:
Inuyasha wrote:
AspieRogue wrote:
Master_Pedant wrote:
Dox47 wrote:
I like the irony in the thread title and OP; presuming that aspies would default to liberalism because it's in their personal self interest to do so. So, a conservative aspie must be thinking of the greater good when they choose that ideology because it doesn't make sense any other way? Needless to say I'm certain that our board liberals would vigorously contest this interpretation, but it was a ridiculous question in the first place.


Another possibility being that conservative Aspies are unaware of their self-interests or falsely think an extra few pecentile points on the upper income bracket is going to drastically affect them.



That's what I said, buddy. Conservative aspies believe they have a chance to get a stake in the status quo and make it to the top and when they do they want to enjoy their privilege.


Explains why over half of millionaires in the US are 1st generation...

Seriously, it's more of I don't believe in punishing someone just because they are successful. They earned their money, it's their money not yours.


What exactly do you mean by "earned"? If you mean they worked hard and are enjoying the fruits of their labor then I call malarkey. You cant get rich by working for someone else! You have own PROPERTY(and/or capital).
Most wealthy people(as in a net worth of $1 Million or more)make their money from investments, rather than from earning a salary. Capitalism really doesn't reward those who play fair or even those who work hard, it rewards those who are opportunistic and cheat other people out of their hard earned money so that THEY can get it instead.


:roll:

Investments go into providing capital that allow businesses to hire people. The retirees were invested in the stock market with their 401k's and some of them got out of the market before it went belly up. How is someone that worked at a business for 30+ years that retired and is now a millionaire because they did well with their investments, evil?

You guys need to learn to stop buying into the Democrat talking points of the only way someone can be rich is if they are heartless scumbags.


Yeah and who the hell said they only way someone can be rich is if they are a heartless scumbag, this society does allow for people to get rich this way and seems to limit peoples ability to become wealthy through honest means? but who said that is the 'only' way to become wealthy?

Also what makes you think someone has to subscribe to the crap the democrat party says to have an issue with the way society is set up? the democrats and republicans can both be bought by corporate america and they put the intrests of big buisness before the intrest of the citizens in general so screw them both.

you should stop putting words in peoples mouths.



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16 Aug 2011, 12:03 pm

Orwell wrote:
Incidentally, Inuyasha, the NY Post article you quoted here was deliberately deceptive.

Inuyasha wrote:
[If Buffet want's to give the government more money, he can always donate money to the government, he doesn't have to force tax hikes on everyone else.

Speaking of which did you know Mr. Warren Buffett won't be affected by these tax hikes that he is proposing.

Wall Street has two beefs with Obama's latest tax-the-rich tirade. For one, many wonder why, if the President is so emphatic about repealing the Bush tax cuts, as he announced on Wednesday, did he agree to extend them less than six months ago when most investors had already factored in a tax increase?

Then there is the President's curious fascination with Warren Buffett, not exactly Mr. Popularity on Wall Street these days. Although Obama is an Ivy-educated citizen of the world, and president of the most powerful nation on earth, one has to wonder: Is Warren Buffett the only successful American the President knows?

"I don't need another tax cut, Warren Buffett doesn't need another tax cut," the President proudly professed to the American people.

But let's examine why that statement is so unnerving to investors hoping to see their lawmakers engage in an honest budget debate. For starters, Warren Buffett undoubtedly files one of the most unique tax returns in America, replete with tens of millions in capital gains and virtually no earned income. Judging from his tax returns in recent years, Buffett "earns" about $500,000 in salary and fees as a corporate director, but cashes out tens of millions more in capital gains and dividends stemming from his $45 billion dollar stake in Berkshire Hathaway.

As such, he pays about 17 percent of his "income" in taxes. To be sure, this rate is low, especially compared with the millions of Americans who are paying twice as much (35 percent) with virtually no deductions.

The bulk of these so-called "rich" Americans earn less than $500,000 a year before taxes, and hardly qualify as "rich" in Buffett terms, merely quite comfortable. These Americans proudly paid their taxes this week, a task that, in states like New York, means nearly 50 percent of their earned income goes to the government.

So it only adds insult to injury that President Obama, rather than praising these hard-working tax-payers, demonizes them by lumping them in with the Buffett types -- billionaires who clip (bond) coupons and rake in the capital gains at a much lower 15 percent rate.



Read more: http://www.nypost.com/p/news/business/b ... z1VAJCh0iX

Sure he's more than willing that you hike taxes on other people.

If you care to read Warren Buffet's actual editorial, he in fact was objecting to the fact that the tax law treats "capital gains" so favorably. The criticism in the NY Post lies about what Buffet was advocating to make it seem like he wanted to raise taxes on other people- but no, he really is advocating an increase in his own tax bill.

He also refutes your absurd claim that higher capital gains taxes would "discourage investing." As Buffet says in his editorial, he has been working with investors for 60 years (and he certainly knows a lot more rich investors than you ever will) and has never seen anyone pass up an investment opportunity because of the tax rate on capital gains.


Are they being deliberately deceptive or are you and Mr. Buffett being deliberately deceptive. I'm inclined to believe the latter, especially since if Mr. Buffett was promoting a conservative cause instead of a liberal one, you would be jumping all over it and calling him a lieing scumbag.



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16 Aug 2011, 12:07 pm

zer0netgain wrote:
I'm not reading 14 pages to answer.

I'm conservative because I see how most of all the liberal policies are not only failures, but based on dangerous anti-American ideologies.

America was founded and made great by people who didn't want someone doing stuff for them....people who wanted to build, create, innovate, etc.

More and more we see a push to let government do everything for you. While some level of "safety net" in society is desirable, it can quickly become a trap for everyone


How is the idea that the government should provide public services for the citizens anti-american, and I think there was a lot more to the founding of this nation then 'we don't want people doing stuff for us.'

I know many people with serious disabilities who go out and work for a living. They don't draw SSI. They do not want to live on the government dole...or dependent upon it for survival. I know too many people who see nothing wrong with letting someone else support them so they can sit around and play video games or watch TV all day. Many of these will go out and work...under the table...for extra money.

Good for them, its cool some people with disabilites are still able to go out and work for a living and have the freedom to do so......but that does not mean everyone with every disability can do the same. Also if someone is mentally ret*d and has the brain of a 10 year old for instance and they play video games or watch a lot of t.v with someone else supporting them then its fine. But yes of course it is not right for a capable adult to do nothing but sit around collecting welfare.......and I do not think the majority of people one welfare do that.

and though I have no job I am in college, so yes for me to have the college loans and grants I have to do schoolwork. it's not a free ride I do have to put the work into it.

Life mandates that you wipe your own ass. It sucks if you are the one who gets the raw deal in life, but a whole lot of people in as bad (or worse) a situation as your own suck it up and do something because they refuse to be treated as an object of pity or live dependent on the charity of others. I have a hard time finding compassion for those who CAN work but CHOOSE not to. I have no trouble wanting to help someone who is making an honest effort to support themselves.

I don't think anyone is ENTITLED to have someone else carry them through life


I sort of agree, however the wording seems a bit harsher than needed.......but yes if someone is capable of going out and supporting themselves without help from their family or the government they should by all means go for it. If they cannot then they should not be demonized for it and should have the proper accomidations or assistance.



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16 Aug 2011, 12:13 pm

Inuyasha wrote:
AspieRogue wrote:
Raptor wrote:
:?
It seems as though it’s the consensus of the liberals on this forum is that all of the conservatives with Asperger’s have been given special breaks in life or were born into wealthy and/or influential families and never had to struggle.
That we have no concept of struggling, setbacks, depression, disappointment, frustration, etc….
No, the difference is that we’ve either chosen to or been forced by circumstance to charge through and do what must be done to get by ANYWAY!



Nice strawman you got there.


It's not a strawman argument.

One reason I have a profound dislike of the left, is because of their arrogant tendency to talk down to me, and acting like I'm somehow incapable or defective. Conservatives that I have run into over the years, have pushed me to try to overcome my difficulties, they understand that I have problems, but they think I should still strive to do better instead of simply giving up.


So it is ok for you conservatives to make blanket generalizations about 'the left'? but if we mention some of the negative aspects of 'the right' we're all the sudden all a bunch of evil commies who want YOUR money for ourselves or something. And if any of us should have issues that make it very hard to go on in life but are continuing on regardless we have 'given up' unlike you right? Not everyone is going to be on the right deal with it.



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16 Aug 2011, 12:15 pm

Raptor wrote:
Inuyasha wrote:
AspieRogue wrote:
Raptor wrote:
:?
It seems as though it’s the consensus of the liberals on this forum is that all of the conservatives with Asperger’s have been given special breaks in life or were born into wealthy and/or influential families and never had to struggle.
That we have no concept of struggling, setbacks, depression, disappointment, frustration, etc….
No, the difference is that we’ve either chosen to or been forced by circumstance to charge through and do what must be done to get by ANYWAY!



Nice strawman you got there.


It's not a strawman argument.

One reason I have a profound dislike of the left, is because of their arrogant tendency to talk down to me, and acting like I'm somehow incapable or defective. Conservatives that I have run into over the years, have pushed me to try to overcome my difficulties, they understand that I have problems, but they think I should still strive to do better instead of simply giving up.


Liberals tend to thrive on failure while conservatives lean more toward success.
This has been my observation and one of the many reasons I am a conservative.


Define success...also I doubt that is true in every situation.