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There needs to be more focus on the capital gains tax. The super rich do not make most of their money from income. If we were to reclassify capital gains as inc
by dtwest 8y ago
There needs to be more focus on the capital gains tax. The super rich do not make most of their money from income. If we were to reclassify capital gains as income, the system would be more fair to people who make a living from wages while providing the government with additional revenue.
- MrMember 8y agoNot just the super rich pay capital gains tax. Reclassifying capital gains as earned income would hit me pretty solidly and I'm just a middle class guy hoping to one day achieve financial independence.
- RickJWagner 8y agoI'd hate that. I've never been rich, but I am a saver and I'm on the path to financial independence. To a large extent, my plan (the same plan advocated by Warren Buffet, Jack Bogle, etc.etc.) involves long term investing. (Yes, long-term investors pay capital gains taxes, especially mutual fund holders.) Reclassifying the taxing of capital gains could ruin this tried-and-proven scheme for the working class.