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Can someone explain to me why everyone who earns $200,000+ a year in income should be fair game, but some socialite whose trust fund accrues that much or more i
by cprogmer 16y ago
Can someone explain to me why everyone who earns $200,000+ a year in income should be fair game, but some socialite whose trust fund accrues that much or more in capital gains should be off-limits?
- 1053r 16y ago<sarcasm>Because people who earn that much by working are new money, and should be penalized for trying to break into high society. Gotta keep the riff-raff out of the country club, you know.</sarcasm> On a more serious note, if you make that kind of money for any significant amount of time, you're going to be a member of the investment class pretty soon (i.e. making your money from capital gains) unless you have poor money management skills (or unusual circumstances, like supporting 10 people, or an expensive gambling habit, etc.).
- fgf 16y agoOr live in new york...
- simonsarris 16y agoIn New Hampshire we have no income tax, just a capital gains tax.
- tptacek 16y agoSure. I'm not in favor of eliminating the capital gains tax (quite the opposite), but the logic here is very simple: the money accruing gains has usually already been taxed. Taxing it twice is a drag on investment. You want people to save and invest. They're not putting it under their pillows (else it wouldn't be accruing gains). Instead, that money is being put to use in the economy, enabling people to build factories or start companies.
- euroclydon 16y agoThomas, I'm going to finally bite here: Is there some thread where you've explained why you favor big-tax big-gov?
- deleted 16y ago[deleted]