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Now why, why, oh why would you want to make transactions that are vital for the economy more expensive? Why? Because of some blind, irrational hatred and envy of wealth and success? Because of some warped belief that you are entitled to other people's money as the long as the government takes it from them and gives it to you?
How many liberals who blindly hate the rich know or care that capital gains income from stocks, a common source of income for many rich people, is actually taxed twice because corporate earnings are also subject to the corporate income tax? The Tax Foundation:
When applied to profits earned from stocks, capital gains taxes result in the same dollar being taxed twice, also known as double taxation. That’s because corporate earnings are already subject to the corporate income tax. (LINK)
I can just hear some liberals now: "Good! Stick it to those evil rich people! Tax! Tax! Tax! Karl Marx was a genius!"
Just remember that those evil, greedy, grasping rich people who get their money from capital gains pay a higher tax rate than most American workers pay. Most working Americans pay an income tax rate of no more than 15%, and many working Americans pay a tax rate of less than 12%.
According to the federal 2024 long-term capital gains tax rates, a single person who earns $500K from capital gains pays a tax rate of 15%. If that person makes over $519K from capital gains, their tax rate goes up to 20% (LINK). If a married couple filing jointly makes $500K from capital gains, they pay a tax rate of 15%. If they make over $584K, they pay a tax rate of 20% (LINK). Again, most Americans pay a tax rate of no more than 15%, and many pay a tax rate of no more than 12%.
Moreover, as I've noted before, rich people pay far more in state and local property taxes than do average working Americans, because the rich get only a small deduction, if any, for those taxes, whereas your average worker can deduct all or most of those taxes.
So when are liberals going to stop peddling the falsehood that rich people who "only" pay capital gains taxes are not paying their fair share?
Many countries have the good sense not to tax capital gains income at the same rate as salaried income. Some of the sensible capital gains tax rates around the world:
Argentina: 15%
Bolivia: 0%
Bulgaria: 10%
China: 20%
Ecuador: 10%
Greece: 15%
Greenland: 0%
Guatemala: 10%
Hungary: 15%
India: 10% to 20%
Netherlands: 0%
New Zealand: 0%
Peru: 5%
Singapore: 0%