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Reply to "biden pushing for new capital gains tax "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]He’s just considering proposing that for people making over a $1 million the capital gains tax rate is the same as a the ordinary income rate. It’s a way to avoid all the ridiculous games like the carried interest loophole that lets hedge fund managers making $50 million pay tax at a lower rate than w-2 employees making $200k. [/quote] I had thought having a lower-tax rate on capital gains was to provide an incentive for capital investment. The folks that can make meaningful capital investments are also the people that make over $1M a year. This proposal undermines the rationale for a lower tax rate on capital gains. May as well just tax capital gains at ordinary income rates. Alternatively, do a better job of characterizing carried interest as compensation income, rather than distributive share of capital gains. [/quote] Totally agree both of things are warranted but given our political system they don’t seem to be feasible right now (I doubt this proposal will make it either but at least he’s trying something new)[/quote]
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