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Seems like a very logical fix to the capital gains tax, IMO.
That being said, we need a way to pay for all of these tax cuts, and thus far, I am not convinced we are able to. At what annual growth rate does our economy need to grow to offset the loss of tax revenue?
This would benefit me greatly, but it's a terrible ****ing idea.
There's a reason they're looking for ways to do this without getting Congress involved.
In Real Estate the rich can already avoid Capital Gains by reinvesting into another property with a 1031 exchange. That was actually a well thought out policy, that still only benefited the rich.
Now we don't even need to reinvest. Sell off a building that you're family has owned for decades which has increased in value 5x - 50x, and we can significantly lower the capital gains?
This might benefit Trump directly more than any other individual in the country.
I don't think there's any chance they put this through. They probably leaked the news to get an idea of what the response would be.
All I can say is that Trump must know his days are numbered. Why else would he slap the middle class in the face with his unilateral proposal to gift the wealthy with this tax cut?
How about it Righties? Deficits don't matter as long as the 1% get theirs, Right?
I don't blame you for not admitting you were played for fools by Trump. His going behind your back to benefit his rich friends while you were bleating about a stupid wall must be very galling.
MAGA baby! MAGA!
"All I can say is that Trump must know his days are numbered"
The left has been saying since he first took the oath of office!
MSN, what a JOKE!
"that would cut capital gains taxation"
I have ALWAYS been against taxing capital gains.
People take RISKS by investing with money LEFT OVER from paying the rest of their taxes.
Alot of this will go to the hedge fund/ private equity parasites.
We dont even bother to differentiate the wealthy that create wealth from those that actively destroy it. If you tell me it will go exclusively to the wealth creators... lets talk. Rare breed these days. Rent seekers like Bain...
from what I've seen - 85 of the benefit will go to the 1%. so again, the middle class will get some crumbs, but more debt passed to our children to benefit the uberwealthy while his lemmings rejoice over the crumbs....
"from what I've seen - 85 of the benefit will go to the 1%"
Why do you ignore the MILLIONS or people with IRSA's, 401K's etc.?
Only if the stocks are outside of a 401k, Roth IRA or IRA.
It's for the filthy rich real estate investors and filthy rich billionaires.
He's gonna bankrupt the country by cuttings taxes on billionaires and corporations but he doesn't care about regular people. He only cares about the uber-wealthy that afford multiple mansions across the world, private yachts, private planes, butlers, etc.
"Only if the stocks are outside of a 401k, Roth IRA or IRA.'
The taxes is only DEFERRED. Once you start to draw from them, you PAY THE TAXES.
In case anyone missed it, and hasn't been posted yet:
Brian Hooks, a top official at the Koch donor network, over the weekend called the Trump-supported $1.3 trillion spending bill passed by Congress this year “the most fiscally irresponsible budget in the history of our country.”
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