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I'm of the same beliefs, but I think the situation is pretty clear: tax loopholes allow capital gains to go untaxed. You mentioned two specific issues that seem
by itishappy 3y ago
I'm of the same beliefs, but I think the situation is pretty clear: tax loopholes allow capital gains to go untaxed. You mentioned two specific issues that seem straightforward to my unknowledgeable self, and I do not understand the complications you originally mentioned with regards to "allowing the rewards to be commensurate with the risks, rewarding people who work harder and have more qualifications, and preserving ownership."
I'm not trying to fight you, I'm unclear on where you're unclear and trying to understand.
- ad404b8a372f2b9 3y agoI'm not trying to fight either, what I'm unclear on are the specifics of the fix. If they don't sell, no capital gains are realized, so what do you tax?
- itishappy 3y agoAh, I think I get it. Thanks! I'm not going to be able to comment on that with any confidence.
- eszed 3y agoNot confident in this space, either, but it seems like the loan is the loophole. So maybe using an asset as collateral counts as realizing capital gains? (And, yes, of course: establish a sensible annual exclusion, so no one accuses me of trying to demolish second mortgages for middle-class families, or whatever.) What (good-faith) second-order drawbacks might this have? I'm genuinely curious about whether this would be a feasible idea.