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This is ridiculous. Of course the top income earners pay the most taxes. When you are uber rich the trick is convert all your income to capital gains to avoid
by jcoffland 11y ago
This is ridiculous. Of course the top income earners pay the most taxes. When you are uber rich the trick is convert all your income to capital gains to avoid the taxes. There are a lot of tricks to further reduce your capital taxes to a fraction of what you would pay were it income.
- elsewhen 11y agoCalifornia taxes capital gains at the same rate that they tax income as you can see in the table on the following page: http://taxfoundation.org/article/high-burden-state-and-federal-capital-gains-tax-rates-united-states http://taxfoundation.org/article/high-burden-state-and-feder...
- deleted 11y ago[deleted]
- jcoffland 11y agoBut there are many more loop holes (or call them creative financing tricks) that allow you to avoid paying taxes on capital gains.
- fiatmoney 11y agoCalifornia taxes capital gains and dividends heavily.