If Capital gains exceed 50% why would anyone invest here?
Link: https://www.msn.com/en-us/money/topstocks/biden-s-proposal-would-make-u-s-capital-gains-tax-rates-the-highest-in-the-world/vi-AA12oCx2?ocid=msedgntp&cvid=175f1a011779450681bb274bda1421ef&category=foryou
I don't have a problem with people "earning" over $1M paying higher taxes. And I also don't think we need to worry that people will stop investing.
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Link: https://smartasset.com/taxes/biden-capital-gains-tax
The more you tax them the less they invest.
Or... they move their investments to more profitable juriisdictions.
This why investors are fleeing high tax states for thise with lower rates.
Link: http://WGE
collapse then?
btw, I'm waiting for the "Mental Illness" shoe to drop ;-)...
Happily, we don't need to worry about Scranton Joe monkeying with the capital gains tax. Any change is DOA. Even dead-er after the midterms.
Link: https://taxfoundation.org/taxes-on-the-rich-1950s-not-high/
land them in those brackets...note also that CEO to Avg. Worker ratios were on the order of 21:1 in 1965...now it's 351:1...
pretty hard to claim that CEO productivity is that much better than the average worker's...it's time for the "Investing Class" to SHARE the fruits of EVERYONE's labor...btw, they'll still be very, very comfortable...AND...the average workers will also be able to invest...what a deal!
Look, we're taxing these fat cats at a 90% rate! Vote for me!
themselves...you have a problem with that?
They created this tax to keep the ratio of CEO pay to laborer pay at a certain level? They said, “We realize that if we succeed in this, our true quest, this tax will not generate revenue. But we’re going to pass it anyway.” Remarkable! Almost unbelievable.
If the article doesn't impress you enough, check out Thomas Piketty's book "Capital in the Twenty-First Century"...go to page 508 for a review of what 90% tax rates resulted in...but best you start on page 1 to appreciate why we tossed away an economy that benefitted everyone and built a robust "Middle Class".
Link: https://www.zocalopublicsquare.org/2017/12/19/eisenhowers-tax-policies-invested-future-not/ideas/essay/
A great entry from when the UK had top rate of 98%.
Occupation: Tax collector on 2% commission
This shit never works, Tyrone. People don't like paying the man most of their income.
to this issue...while he (Gates) has his own views that fill in 'gaps' in Piketty's recommendation on taxation, he definitely agrees that government needs to step in to help correct the obvious imbalances in income and wealth...the challenge is finding the right actions...but 'the 'status quo' is definitely not one of them.
btw, have you read Piketty's book?...as Gates and I have?
Link: https://www.gatesnotes.com/books/why-inequality-matters-capital-in-21st-century-review
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But you are correct... too many Dem politicians are all in on stocks they know will succeed based upon legislative favors.
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The rich will find a way to get around this, and Congress will be exempt, but everyone else will be fucked.