End Capital Gains and Dividends Tax

Why have capital gains taxes? To pay tax on the inflation government creates. It is an assets tax. No more Schedule D.

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[pirucreek]

After a couple week of pondering on this. We should end capital gains, corporate and dividend taxes, and all stock income should should be reported as a Schedule C - Business Income. If you have no taxpayer identification number, all your capital gains should be considered a dividend and taxed at 30% or as tax treaties stipulate.

[harj2009]

No corporation pays 39 percent tax google pays 2

[pirucreek]

@harj2009 The tax rate for goog has never been less than 20% for the last 10 years (google goog ten year summary). GOOG is part of the NASDAQ, in 2000 the NASDAQ was near 5000, today it is about 2700. So if you held a NASDAQ index with google in it, not only would you have lost money, you would pay tax on those losses. The sad part is those earnings taxes were wasted on public sector unions and defense. We need to end corporation tax imho, thus Gates will have to pay cap tax on his income

[pirucreek]

Another option might be to end corporate tax, and allow capital gains and dividend to be taxed as income. Foreigners must pay 50% tax on dividends and capital gains.

[pirucreek]

Ending capital gains taxes is also the same as competing currencies Ron Paul always talks about.

[pirucreek]

There is another benefit of ending IRAs and 401(k)s. Is all that money won't be locked up. Most of it is psychological. If the money is regular bank or brokerage account you will be more likely to invest or spend that money. Which should put the economy on steroids. Also not having these accounts will help income tax receipts. As some of these dodges are huge like 50% of your business income.

[Lieu3C4]

Why would I not want to see overpaid corporate executives and their near associates pay to support by way of taxation and redistribution the very majority of people they would exploit to the point of enslavement were it possible and allow them to take on the role that King George and his near associates played in the 1700s? Because that redistribution would see the money go directly back to the corporate executives? Maybe.

[nilbud]

@pirucreek Say goodbye to all the capital in the US then.

[pirucreek]

The money you save forcing foreigners to pay higher corporate taxes, the elimination of paperwork and ira/retirement accounts, and the elimination of tax dodges will easily make it revenue neutral. And for the congressperson bookworm, I think you should also allow corps to get a 10% deduction for dividends paid from income to promote real earnings and allow the average investor to see the true colors of corporate income to make sure earnings are real.