4 ms·
>interest earned is less than inflation. - I pay tax on that interest earned. Interestingly, the current administration proposed to index capital gains taxes t
by dublinben 6y ago
>interest earned is less than inflation. - I pay tax on that interest earned.
Interestingly, the current administration proposed to index capital gains taxes to inflation to address that very paradox. Unsurprisingly, their proposal would have just been a giveaway to the wealthy.[0]
[0] https://itep.org/why-trump-administrations-plan-to-index-capital-gains-to-inflation-is-just-another-giveaway-to-the-wealthy/ https://itep.org/why-trump-administrations-plan-to-index-cap...
- tim333 6y agoWe used to have capital gains indexed in the UK. I've never seen an inflation allowance for interest though. I guess it would be too expensive?
- JAlexoid 6y agoIt's factually easier to say - if your earned interest is less than X(absolute value), then you don't even have to report it. US tax system is MUCH more complicated, than UK's... and UK's system is fairly complex.