4 ms·
In reply to just the FTA quote (not the parent comment's content): The 20% long-term gains might also be subject to 3.8% net investment income tax, right? There
by mister_tee 4y ago
In reply to just the FTA quote (not the parent comment's content): The 20% long-term gains might also be subject to 3.8% net investment income tax, right? There is still a difference but it's closer to "about 2/3" than "about half."
And the article does omit state taxes but California would tax both LTCGs and income at 13.3% for this cohort.
That might be splitting hairs and I'm not justifying billionaires' tax rates. Politically I probably line up with the ProPublica stance more than not, but feel there is some hand-waving in this series of articles that distracts from the argument, especially around defining the term "true tax rate."