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> Eliminate capital gains tax. That's a terrible idea. Capital gains is basically the only way to tax the uber and intergenerationally wealthy. If anything, ca

> Eliminate capital gains tax. That's a terrible idea. Capital gains is basically the only way to tax the uber and intergenerationally wealthy. If anything, capital gains tax should be at the same level as income tax, so that there's less economic incentive to game the system.

ryanSrich 4y ago
> Capital gains is basically the only way to tax the uber and intergenerationally wealthy That's just simply not true. There are thousands of ways to tax the ultra wealthy. We just don't use any of them. Capital gains tax is a horrendous idea that mostly punishes the middle class for doing well in the stock market. The uber wealthy are feeling none of that pain. Find a different solution.
- NaturalPhallacy 4y ago
  >Capital gains tax is a horrendous idea that mostly punishes the middle class for doing well in the stock market. That's simply not true. The top 1% own 50% of all stocks: https://finance.yahoo.com/news/the-richest-1-own-50-of-stocks-held-by-american-households-150758595.html https://finance.yahoo.com/news/the-richest-1-own-50-of-stock... The whole other 99% of the population share 50% of all stocks. Most of "middle class" own little to no significant amount of stocks. Also, if you must work, you're working class. The "middle class" is a propaganda term to keep the working class divided between those who feel like they're successful from those who are struggling. And speaking to the success of that propaganda: 22% of people think they're "middle class" and aren't: https://finance.yahoo.com/news/22-americans-mistakenly-think-middle-100600281.html https://finance.yahoo.com/news/22-americans-mistakenly-think...
  - hackerlight 4y ago
    It is actually true. The wealthy will die without liquidating most their stocks, then the basis gets reset when their heirs inherit it. In practice, they don't pay tax. But the reform to fix that is to eliminate the basis resetting rule.
  - psd1 4y ago
    My capital is miserable, but the CGT on it comes out of my free cash. I had a tiny trust fund mature and had to borrow a third of my salary to pay the tax bill.

ryanSrich 4y ago

> Capital gains is basically the only way to tax the uber and intergenerationally wealthy That's just simply not true. There are thousands of ways to tax the ultra wealthy. We just don't use any of them. Capital gains tax is a horrendous idea that mostly punishes the middle class for doing well in the stock market. The uber wealthy are feeling none of that pain. Find a different solution.

NaturalPhallacy 4y ago
>Capital gains tax is a horrendous idea that mostly punishes the middle class for doing well in the stock market. That's simply not true. The top 1% own 50% of all stocks: https://finance.yahoo.com/news/the-richest-1-own-50-of-stocks-held-by-american-households-150758595.html https://finance.yahoo.com/news/the-richest-1-own-50-of-stock... The whole other 99% of the population share 50% of all stocks. Most of "middle class" own little to no significant amount of stocks. Also, if you must work, you're working class. The "middle class" is a propaganda term to keep the working class divided between those who feel like they're successful from those who are struggling. And speaking to the success of that propaganda: 22% of people think they're "middle class" and aren't: https://finance.yahoo.com/news/22-americans-mistakenly-think-middle-100600281.html https://finance.yahoo.com/news/22-americans-mistakenly-think...
- hackerlight 4y ago
  It is actually true. The wealthy will die without liquidating most their stocks, then the basis gets reset when their heirs inherit it. In practice, they don't pay tax. But the reform to fix that is to eliminate the basis resetting rule.
- psd1 4y ago
  My capital is miserable, but the CGT on it comes out of my free cash. I had a tiny trust fund mature and had to borrow a third of my salary to pay the tax bill.