pknopp
Diamond Member
- Jul 22, 2019
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While I agree with raising Capital Gains taxes it shouldn't be higher than regular income taxes. It should all simply be the same. Income is income and all should be taxed the same.
But the money invested has already been taxed. This is a disincentive to invest in US.
The most ignorant reply to this issue ever.
Your capital gains have never been taxed.
Before you start hurling insults, you had better check yourself in the mirror. Tell me how the cash I invested last week in a security was not already taxed?
You don't pay taxes on the money you invest. You pay taxes on the money made off that money. Does this have to be explained every time this comes up?
If I am a pawn shop and I buy lets say a coin collection for $10.000 and sell it for $15.000 I have to pay taxes on that $15,000. Can I claim I shouldn't have to because I already paid taxes on the $10,000?
If you use money you earned to buy securities, it was already taxed. You are now risking (cost) that money for a personal return. Taxing on top of earned money that is being risked is punitive and will have negative outcomes that far outweigh any benefits. It’s that simple.
You can argue irrelevant arguments all day. The money you make has not been taxed. It's income and income should be taxed as income. Period.