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A fair tax would be to require capital gains be paid each year just like income tax and at the same rate.

craig said:
Work and capital should be taxed the same. Basis is reset each year.
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are you saying that everyone's tax rate should be the same or are you saying that a rich man's rte for capital gains should be the same as his earned income? And a poor man's rate the same for investments and labor?
 
I suspect that if the Biden "soak the rich" schemes are seriously debated, there will be people on both sides of the aisle demanding that state income taxes be deductible.
 
TurtleDude said:
I suspect that if the Biden "soak the rich" schemes are seriously debated, there will be people on both sides of the aisle demanding that state income taxes be deductible.
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Biden has no "soak the rich" schemes.
 
TurtleDude said:
are you saying that everyone's tax rate should be the same or are you saying that a rich man's rte for capital gains should be the same as his earned income? And a poor man's rate the same for investments and labor?
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Yes. All capital gains are taxed each year (not when sold) at the same rate as income.
 
Fledermaus said:
And? So what?

Once it is sold it will be taxed.

Who are you to say what I do with my investments?
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Who is to say what I do with my income? Keep your investments but pay your taxes on the gains as they accrue. The vast majority of capital gains are never taxed.
 
craig said:
Who is to say what I do with my income? Keep your investments but pay your taxes on the gains as they accrue. The vast majority of capital gains are never taxed.
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You don't know the final value until you sell.

And, aren't you creating a new tax burden on homeowners?
 
TurtleDude said:
are you saying that everyone's tax rate should be the same or are you saying that a rich man's rte for capital gains should be the same as his earned income? And a poor man's rate the same for investments and labor?
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Yes. I am saying if you work and earn income or if your wealth increases in value then you should be taxed at the same rate every year.
 
craig said:
Yes. I am saying if you work and earn income or if your wealth increases in value then you should be taxed at the same rate every year.
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do you support a flat rate for all tax payers?
 
Fledermaus said:
You don't know the final value until you sell.

And, aren't you creating a new tax burden on homeowners?
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We already exempt the primary residence. The tax value is the value if you sold.
 
Fledermaus said:
But under your system wouldn't the gains be taxed as the house appreciated?
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No. We would not tax the primary residence. The vacation house and the island in Florida yes.
 
Fledermaus said:
Why not tax the primary residence?

You want "fair".

And 401Ks... How do you wish to punish the working class there?
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Because we don't tax capital gains on a primarily residence now.
401k money is taxed as income when you take it out. No change.
If you have investments in securities then the tax is exactly the same as selling them within one year, just the basis is reset at the end of the year.
 
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