EPISODE · Dec 3, 2019 · 4 MIN
Change the Term on Capital Gains to Reverse Wealth Inequality in America
from #AncientTexan · host #AncientTexan
Rich people get rich from letting capital gains compound for decades before taxes are paid. Consider a radical change. Keep the capital gains rate very low for say 7 years. After that, jack the rate up. So every seven years, every rich person will choose to cash out and pay taxes. Then after their taxes are paid on their capital gains, they can use the money left over after taxes to invest, just like the common man. This would be a step to having rich pay taxes like the rest of us ... and not allow them to avoid paying taxes by just not cashing in their chips. Study Warren Buffet if you want to understand how the rich get richer. So, do we want everyone to have healthcare and education, etc. or do we want to continue with a system that has a mathematical loophole that guarantees the rich will get richer each year. It should be our choice in a democracy. Namaste, The Ancient Texan
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Change the Term on Capital Gains to Reverse Wealth Inequality in America
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