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I'm firmly against taxing unrealised gains - for the fact that they are unrealised. What we should do is re-think the capital gains tax, especially when using
by taylodl 2y ago
I'm firmly against taxing unrealised gains - for the fact that they are unrealised.
What we should do is re-think the capital gains tax, especially when using securities in lieu of personal income. That's how the C-suite has been avoiding a lot of income tax, and it's not just people having $100M in assets.
Also, the top tax rate should be increased, especially for incomes above $10M.
Likewise, the FICA cap should be increased.
Those few tweaks put us in really good shape, without resorting to taxing unrealised gains.
- andy_ppp 2y agoSure, I’m definitely not against better solutions but a small sliver of people owning everything and the middle class and poor increasingly owning less and less of the wealth over generations needs to be looked at if we want people to be able to own homes and have consumers to buy things.
- taylodl 2y agoNow you're talking about wealth transfer - and that is already taxed, though we've dropped the amount it's taxed. We could certainly raise the amount it's been taxed, and it should be a progressive tax.