Dragonlady
Designing Woman
it has nothing to do with double taxation; income is income that can be taxed at ordinary rates. A capital gains preference should help with full employment or be eliminated.Why have that preference, if not to help the People, with full employment?What is that preference for, if not to invest in our economy and help with full employment? It could be taxed as ordinary income.
So you made it up. Surprise, surprise.
I've legally avoided paying capital gains on many properties I've owned by doing 1031 exchanges. When I have sold a property and paid capital gains on the profits, I never once imagined it was for me to hire anyone.
the capital gains tax is to encourage investment in the country. It is also to prevent double taxation since money in investments was already taxed when it was earned.
The Congressional Budget Office has stated categorically that cutting taxes DOES NOT increase employment, and that it does not increase revenues. Revenues went DOWN and unemployment went up when St. Ronnie cut taxes, which is why he subsequently raised them again, he just didn't raise them enough.