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This is patently false. I think you're confusing Big US tech companies with rich individuals. Long term capital gains taxes are 15% in the US right now. There
by pembrook 8y ago
This is patently false. I think you're confusing Big US tech companies with rich individuals.
Long term capital gains taxes are 15% in the US right now. There is no need to park money offshore.
- jandrewrogers 8y agoIf you are a rich individual, you will be paying the 20% capital gains rate. 15% is the middle-class rate. And unless the government starts allowing people to deduct inflation losses on their investments (complicated), which can be substantial, long-term capital gains will always be at a lower rate than income taxes.
- hippich 8y agoany more details on deducting inflation from longterm cap gains? or this is something "talk to your CPA" kind of stuff?
- pembrook 8y agoI guess it depends on your definition of rich, a married couple is allowed up to half a million dollars in 15% capital gains. Not exactly “middle class.” If you and your wife took $1 million in cap gains every year you’d still only be paying 17.5% tax. Again, not exactly middle class. Also, we have no inheritance tax up to $10 million dollars. The idea that even a sizable minority of rich people are “hiding” their money abroad is not true. Especially with FATCA.