You are conflating capital gains and ordinary income tax rates. Taxing capital gains higher doesn't harm real business. Unless, as right-wing Republicans like to tell us, flipping houses and selling stocks are real business. Your side whines about job losses.. What jobs are lost with a capital gains increase? A few Goldman Sachs Brokers?
Originally Posted by Chung Tran
Your statements above are either wrong, or irrelevant to what I wrote. Again, the Congressional Budget Office and the Joint Committee on Taxation, government organizations set up to advise Congress, believe a capital gains tax rate in excess of around 27% will REDUCE government revenues from capital gains. They haven't quantified the effect of Biden's proposed increase in the federal capital gains rate to 43.4%. However, the Tax Foundation estimates it will result in a loss of revenue of about $125 billion over 10 years versus the status quo.
So how does that help anybody? The government gets less revenues. The rich pay higher taxes. You're fucking the rich solely because it makes you feel good. With the result that the government gets perhaps $125 billion less tax revenue.
Contrary to your belief, the wealthy aren't going to pump as much money into venture capital and the like if government is going to take 50% of whatever they make.
