Comment by colordrops
16 days ago
It is absolutely wild to me that money gained from letting it sit is taxed less than money gained from working your ass off. A crime against the working class.
16 days ago
It is absolutely wild to me that money gained from letting it sit is taxed less than money gained from working your ass off. A crime against the working class.
The system wasn't named “capitalism” because it systematically favors the working class, I mean, what do you expect?
Where in the US constitution is capitalism mentioned?
What's your point? The tax code isn't in the constitution either.
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The working class have property and stocks too and don't want them taxed stupidly.
That's the entire reason why income tax is progressive, and there's no reason that couldn't be applied to any other implemented tax including capital gains.
Yes, but far less. We can have tax free thresholds, you know. Like the capital gains exemption for sale if a house.
Any working class person against higher and broader capital gains taxes is not thinking very deeply, in my opinion.
Hard disagree. Compared to the OECD average, we collect almost double in personal tax revenue as a proportion of total tax revenue. What's more, historically personal tax revenue as a % of GDP stays roughly the same - regardless of active tax rates.
Where we fall dreadfully short compared to other countries is corporate tax revenue. In 2021, corporate income tax revenue in the U.S. was 1.6% of GDP, compared to the OECD average of 3.2%
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