In 1960, the top marginal tax rate was 91%, applying to income over $200,000 for single filers — equivalent to roughly $1.5 million in today’s dollars.
Income tax is already progressive, with “the poors” already exempt. Treating cap gains the same as income tax would exempt “the poors” in the same way.
Taxing cap gains at a lower rate than income is an insult to labor.
Buddy, you clearly aren’t paying attention. The proposal raised capital gains taxes. Capital gains is where the wealthy make most of their money.
The proposal also introduced a type of wealth tax. It would take 1-2% of the stocks, bonds, and other financial instruments (“registered securities” - the things regulated by the SEC) held by the ultra-wealthy. Securities are the specific investment vehicle the ultra-wealthy use to amass their tremendous fortunes. The poor, middle class, and moderately wealthy would be able to exempt up to $10 million of their investment portfolio.
You specifically asked that the poor be exempted; I pointed out that under this proposal, they would be exempt: the securities tax only applies to people with greater than $10 million in stocks and bonds. Capital gains would be taxed the same way as income; the poor are already exempt from income tax.
Income tax is already progressive, with “the poors” already exempt. Treating cap gains the same as income tax would exempt “the poors” in the same way.
Taxing cap gains at a lower rate than income is an insult to labor.
Lol. Clearly you aren’t in the US, where income tax doesn’t mean shit to the wealthy.
Buddy, you clearly aren’t paying attention. The proposal raised capital gains taxes. Capital gains is where the wealthy make most of their money.
The proposal also introduced a type of wealth tax. It would take 1-2% of the stocks, bonds, and other financial instruments (“registered securities” - the things regulated by the SEC) held by the ultra-wealthy. Securities are the specific investment vehicle the ultra-wealthy use to amass their tremendous fortunes. The poor, middle class, and moderately wealthy would be able to exempt up to $10 million of their investment portfolio.
You specifically asked that the poor be exempted; I pointed out that under this proposal, they would be exempt: the securities tax only applies to people with greater than $10 million in stocks and bonds. Capital gains would be taxed the same way as income; the poor are already exempt from income tax.