Let's raise Capital Gains to 50% for all gains above $250,000 (illegal aliens, racist, biased)
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Nobody invests money if they know the outcome will be a loss.
Again, if you have a lot of money, what is the point of just sitting on it? Many investors have so much money they could never ever spend it, so their money becomes kind of pointless.
Again, if you have a lot of money, what is the point of just sitting on it? Many investors have so much money they could never ever spend it, so their money becomes kind of pointless.
They could peg the capital gains rate to the income tax rate and people would still invest. What's the alternative? Not invest? Why should billionaires pay only 15% on their fortunes? They could even lower the income tax rates with the extra revenue they'd bring in.
This would also act to simplify the tax code.
Relatively few middle class take advantage of long term capital gains... When they invest its with a 401k they have to pay normal income tax rates on. Its mostly a tax break for the rich.
I'd be willing to pay normal income tax rates on my stock gains.
They could peg the capital gains rate to the income tax rate and people would still invest. What's the alternative? Not invest? Why should billionaires pay only 15% on their fortunes? They could even lower the income tax rates with the extra revenue they'd bring in.
This would also act to simplify the tax code.
Because 15% of $100M (~ annual ROI on a billion) is $15M. That's WAY too much tax for an individual to pay. What do they get for that money?
Why should you get to pay $10-25,000 in tax and the billionaire has to pay 600 times as much?
There's a word for people who stick their hand in other people's pockets without their consent.
How about just taxing capital gains at the same rate as actual earned income?
Why should my labor be taxed higher than than the return on my investments?
I think all would agree that investing is good for the economy. So why would we want to punish investors?
Encouraging investment is what we want to do, not punish it!
The more you tax something, the less of it you will get.
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