Let's raise Capital Gains to 50% for all gains above $250,000 (school, elect, world)
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Folks..capital gains(loss) tax is paid once you SELL the investment.
Folks will just start borrowing against the stock rather than sell it.
There is always a loophole.
Eliminate the loopholes. Most of those loopholes seem to involve reinvesting the actual gain, which goes against the conservative argument that it will stop investment. They argue out of both sides of their mouth.
I'd have to look it up, but I'm 95% certain that JFK cut the top tax rate on personal income from 91% to 70%.
If you do raise the capital gains tax rate to 50%, millions of gazillionaires will simply not declare capital gains until that rate is reduced; the chances of an absurd increase such as that bringing increased revenue into the US Treasury are ZERO.
Eliminate the loopholes. Most of those loopholes seem to involve reinvesting the actual gain, which goes against the conservative argument that it will stop investment. They argue out of both sides of their mouth.
Has Congress once mentioned changing the tax code ?
It won't change..the lobbyists are too powerful and money talks and citizens don't have the money to sway decisions made by our government.
That's just reality hotair2. You need to find a way to survive by playing with their rules.
Eliminate the loopholes. Most of those loopholes seem to involve reinvesting the actual gain, which goes against the conservative argument that it will stop investment. They argue out of both sides of their mouth.
You cant reinvest actual gain until you cash out of your previous one, and that doesnt happen with a high tax rate.
Has Congress once mentioned changing the tax code ?
It won't change..the lobbyists are too powerful and money talks and citizens don't have the money to sway decisions made by our government.
That's just reality hotair2. You need to find a way to survive by playing with their rules.
Parts of the tax code are changed yearly mostly to the benefit of the super wealthy. In the 60's and 70's it was used as a policy tool to encourage one thing or discourage another. Now it is just used to make sure the wealthy are able to keep more of their money while still giving the illusion that they are paying their fair share.
I play by the rules. I just am working to change the rules to even the playing field. I have not played monopoly in a long time, but when I did play we all started off even. I never played a game where when I started there was a hotel on every property and it belonged to everyone else. Why would anyone want to play that game?
Too many in this thread don't understand capital gains yet they have all these ideas to "change it". Go figure.
Many do. The argument is that people will just not take any capital gains because they will just reinvest it....Well doesn't that go against conservatives that say that it will kill investment. Actually based on what conservatives are saying on this thread it would actually stimulate investment.
The other argument is that they are just going to find another way around it so whey even bother. We have crimes against theft, but people still steal daily, why have any of those laws. I mean people still steal. The point is that we want to discourage it.
For the middle class investors, capital gains will be lowered to 10%, the rich will have their capital gains raised to 50%. Thoughts?
If you want to stop virtually all economic activity, this is a splendid way to do it.
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