Why no suggestion to consider Capital gains as income and tax it accordingly?
All that happens when you raise income taxes and leave Capital gains untouched is CEOs demand stock options as part of their compensation. They then run their Company with the singular goal of boosting stock prices, this with Stock Buybacks, layoffs and mergers.
Capital gains pegged at a lower rate does no good at all for the working class.
While I find the article suspect from a methodological standpoint (note that the median Fortune 500 company today is 12x the size of a similar company in 1978), I completely agree with @SuspiraDeProfundis notion that all income should be taxed at the same rate. I would, however, index capital gains for inflation - $1 today was worth only $0.25 in 1978, so there is no actual “gain” if you sold something you bought in 1978 for a dollar for $3.97 today.
Tax labor and non-labor income the same. Tax sales on Wall Street the same way they are taxed on Main Street.
Stock market gains should be tied to improvements in goods produced and sold and services rendered. When the gains are tied to financial instruments and manipulations like buybacks fueled by tax reductions, then bubbles are created which tend to collapse and place an undue burden on citizens who’s securities collapse and who’s taxes have to fund bailouts and subsidies. All large business income should be taxed, regardless of what kind, and no individual taxes should apply federal or state except on high personal income over 300,000 per year for example. This goes for sales taxes especially, none should ever apply, its a poor mans tax.
The greedy business folk and the investor class for the most part, follow the laws and rules. We need to bust the dam of lobbying, corporate, whores.
One new congress critter at a time, one new proposal at a time can be changed.
Duh? Still no stories about Epstein, the Mossad and the CIA.
Obscene isn’t it?
This obscenity begs for a 90% tax rate.
I would agree with the inflation clause. However that said there should not be two measurements for the same. If the Government is basing COLA increases and the like on artificially low inflation numbers , then the same should apply to the rate used to calculate gains.
So to your point. If 25 cents in 1978 now costs a dollar (some 40 years later) has the cost of living increase factored into things like Social security kept pace and for that matter, has the minimum wage also increased that order of magnitude?
It’s the Gilded Age come back thanks to useful pawn idiots.
Capitalism at its finest while both the Democrats and the Republicans love to rail about how evil socialism is while nearly always ignoring the fact that the richest capitalist country in the world [i.e. the United States of America] just happens to be the least egalitarian industrialized country on the planet, as seen in the above article. And as expected, there will be no genuine leftist candidate in the 2020 presidential “debates” who will be allowed to point out this inconvenient fact to the American people.
As noted more than once previously:
Return to Eisenhower-Era PRO$PERITY? Return to Eisenhower-Era TAX RATE$!!
Which, IIRC, topped out at 93% for the fattest of the Fat-Cats.
IMHO, ALL capital gains should be taxed at the top rate — NOTHING of real value is being done to generate them.
Except add a “speculation tax” of 1% on any stocks held less than a year, an additional 1% on any stocks held less than six months, another 1% on any stocks held less than one month, another 1% on any stocks held less than one week, another 1% on any stocks held less than one day. That could generate much-needed income for worthwhile programs, and seriously discourage rampant speculation and computerized short-term “investments”.
And don’t overlook Liz Warren’s suggestion of a ‘Wealth Tax’ on the fattest of the Fat Cats, just like there
are property taxes on those who own real estate.
No disagreement - one of the greatest scams the government runs is that there are so many different “cost of living” scales…
my proposal–make their taxes 320 times greater than the average too
One at a time sounds good in conversation, but we have about 5 minutes before the climate tipping point, which has likely already passed, without extreme immediate and radical action there’s no point in trying anything - we are headed for extinction.
The CEOs will figuratively shrug their shoulders and defensively state that their job is to protect shareholders’ bottom-line interests; meanwhile, the shareholders, also figuratively shrugging their shoulders, defensively state that they just collect the dividends—the CEOs are the ones to make the moral and ethical decisions.