Who supports Trump's capital gains tax cut?

[HeffDoesWant]

The 1980's called and said, "Hey, you know the middle class can now buy and sell stocks online without large brokerage fees."

I don't think the 80s said that.

And what you have against jobs?
This hurts the country and encourages overseas investment (in places with demand).

 

[Pride23]

A lot of the money, huh? You clearly don't know how compounding works.

Care to elaborate or just state I don't know how compounding works.

 

[MusterX]

I would personally benefit from this, but it's horrible policy for society as a whole.

With few exceptions, the rest of the world has lower capital gains tax than America.

The Wall Street Journal certainly makes a compelling case that high tax rates on capital gains are self-destructive.
https://danieljmitchell.wordpress.c...et-journals-primer-on-capital-gains-taxation/

 

[HeffDoesWant]

Trump is a scumbag shill campaigning as a populist still and the joke is on u fuckers. Fact is capital gains are already reduced basis after deductions and are only 0-20% taxed compared to a top marginal rate of ~37%. So basically you work for a living you're taxed higher than just investing and while others work for you. Buffet already told you that he pays less than his secretary.... Best of both worlds...chill with lower tax, and a completely unfair system. I've always advocated taxing both STCG and LTCG as regular income. But you know the golden rule...those with the gold make the rules.

My ideal is TLCG are taxed as normal income over the period in which the assets were accrued.

Say you make an assessable gain of $100k on an investment property you had 10 years, they add 10k to your taxable income over the previous ten years and you pay the tax owed.
Unfair to place a 10 year gain in one financial year.

 

[HeffDoesWant]

With few exceptions, the rest of the world has lower capital gains tax than America.

The Wall Street Journal certainly makes a compelling case that high tax rates on capital gains are self-destructive.
https://danieljmitchell.wordpress.c...et-journals-primer-on-capital-gains-taxation/

Got a link to the WSJ article, the link you provided is a review of it (with a broken link to the article in question).

Also something very wrong with the chart, its not over 50% cgt in America, nor 42% in Australia, not now and not in 2011 either.

 

[MusterX]

Got a link to the WSJ article, the link you provided is a review of it (with a broken link to the article in question).

Also something very wrong with the chart, its not over 50% cgt in America, nor 42% in Australia, not now and not in 2011 either.

My point wasn't those exact numbers, it was that the U.S. already has a high capital gains tax, lowering it doesn't hurt my feelings. Here is an article detailing it, 9 countries in the OECD have no capital gains tax at all.

An individual who has capital gains income is subject to both federal and state capital gains taxes. Taking into account the federal deductibility of state taxes and the phase-out of itemized deductions, the average top marginal capital gains tax rate faced by U.S. taxpayers is 28.6 percent.


This is the 6th highest rate in the OECD. Taxpayers in most OECD countries face much lower capital gains tax rates than their counterparts in the United States. Only taxpayers in Denmark (42 percent), France (34.4 percent), Finland (33 percent), Ireland (33 percent), and Sweden (30 percent) face higher rates. The U.S. rate is about 10 percentage points higher than the OECD average (18.4 percent) and 5 percentage points higher than the weighted average (23.2 percent). Nine OECD countries full-exempt most capital gains income.
https://taxfoundation.org/us-taxpayers-face-6th-highest-top-marginal-capital-gains-tax-rate-oecd

 

[HeffDoesWant]

My point wasn't those exact numbers, it was that the U.S. already has a high capital gains tax, lowering it doesn't hurt my feelings. Here is an article detailing it, 9 countries in the OECD have no capital gains tax at all.

An individual who has capital gains income is subject to both federal and state capital gains taxes. Taking into account the federal deductibility of state taxes and the phase-out of itemized deductions, the average top marginal capital gains tax rate faced by U.S. taxpayers is 28.6 percent.


This is the 6th highest rate in the OECD. Taxpayers in most OECD countries face much lower capital gains tax rates than their counterparts in the United States. Only taxpayers in Denmark (42 percent), France (34.4 percent), Finland (33 percent), Ireland (33 percent), and Sweden (30 percent) face higher rates. The U.S. rate is about 10 percentage points higher than the OECD average (18.4 percent) and 5 percentage points higher than the weighted average (23.2 percent). Nine OECD countries full-exempt most capital gains income.
https://taxfoundation.org/us-taxpayers-face-6th-highest-top-marginal-capital-gains-tax-rate-oecd

Max rate capital gains 23.8% (without state taxes)
oecd weighted average 23.2%

= Kinda line ball to me.

Most of those other countries do offer higher benefits for citizens which skew the picture somewhat.


I am interested in the wsj article if you still have the link.

 

[HeffDoesWant]

My point wasn't those exact numbers, it was that the U.S. already has a high capital gains tax, lowering it doesn't hurt my feelings. Here is an article detailing it, 9 countries in the OECD have no capital gains tax at all.

An individual who has capital gains income is subject to both federal and state capital gains taxes. Taking into account the federal deductibility of state taxes and the phase-out of itemized deductions, the average top marginal capital gains tax rate faced by U.S. taxpayers is 28.6 percent.


This is the 6th highest rate in the OECD. Taxpayers in most OECD countries face much lower capital gains tax rates than their counterparts in the United States. Only taxpayers in Denmark (42 percent), France (34.4 percent), Finland (33 percent), Ireland (33 percent), and Sweden (30 percent) face higher rates. The U.S. rate is about 10 percentage points higher than the OECD average (18.4 percent) and 5 percentage points higher than the weighted average (23.2 percent). Nine OECD countries full-exempt most capital gains income.
https://taxfoundation.org/us-taxpayers-face-6th-highest-top-marginal-capital-gains-tax-rate-oecd

I suppose my real question is if America can afford to reduce its tax take, shouldn't it do it in a way that is stimulatory for America (and happens to be more in line with the common concepts of fairness).