Facts, Not Fiction

 
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    #61
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    Aside from Gates and Buffett, superrich people are not particularly charitable.

    https://www.vox.com/future-perfect/2...tes-wealth-tax
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    #62
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    Quote Originally Posted by lonewolf View Post
    I pay some presumably smart CPAs that I trust to minimize my taxes on Capital Gains (if I ever again have any).. my frustration is sitting on substantial Capital Losses that are useless against ordinary income.
    That rule is there probably because of the lower tax rate for capital gains. Allowing capital which is taxed on the gains at 15% to offset regular income taxed at 24% (or whatever your bracket is) when there's a capital loss would be double-dipping on the tax advantage that capital gains has compared to regular income.

    For similar reasons, that's also why you can't use losses in a Roth IRA to offset gains from anything else.
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    #63
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    Quote Originally Posted by 18.99s View Post
    Tax them just as much as the current workers who are making the retirees' investments grow by putting in 60-hour weeks.

    It's long overdue to stop having different tax rates based on the type of income.
    The trade off if you want to tax Capital Gains at ordinary rates, would be to index them for inflation. Otherwise, you are taxing illusionary income.
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    #64
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    Quote Originally Posted by Halfmiler2 View Post
    The trade off if you want to tax Capital Gains at ordinary rates, would be to index them for inflation. Otherwise, you are taxing illusionary income.
    Bingo!!!
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    #65
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    Words of wisdom from someone who has paid more tax than anyone else...

    https://www.gatesnotes.com/About-Bil...in-Review-2019
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    #66
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    Quote Originally Posted by TN1965 View Post
    Words of wisdom from someone who has paid more tax than anyone else...

    https://www.gatesnotes.com/About-Bil...in-Review-2019
    Some people have "it" and some don't. And I am not talking about money.
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