2 ms·
> The wealthy often make their money as capital gains, which if they held for at least one year, are exempt from the income tax Not even close. As your link s
by anamax 5mo ago
> The wealthy often make their money as capital gains, which if they held for at least one year, are exempt from the income tax
Not even close. As your link shows, "the wealthy" pay taxes on long-term capital gains. The lowest rate (for "the wealthy") is 15% but they can owe 20% or even 28% in certain circumstances.
- kube-system 5mo agoI didn't say they didn't pay taxes. I said the money was exempt from the income tax, which it is. Capital gains are not taxed as income, it is taxed as a capital gain, which has significantly lower rates than income tax.
- rootusrootus 5mo agoEven though it would hurt me, I feel like eliminating the distinction between capital gains, income, and payroll taxes would be a fairer solution.
- kube-system 5mo agoI'd be happy with just a couple of brackets added to the income and capital gains taxes to target the 0.1% and 0.01%
- SoftTalker 5mo agoCapital gains are taxed lower as an incentive to make long term investments, vs. short term speculation.
- kube-system 5mo agoThat is a perfectly fine goal, however, I don't think the current structure actually accomplishes that goal very well.