Quote:
Originally Posted by epitome
After all of this time I see folks here still think capital gains taxes are double dipping. You only pay money on the new money you accumulate. That is not double dipping. It is taxing income once.
It's always the people that claim to be doing so well that claim it's double taxation. Leads me to believe they are lying about how well they're doing or they'd have capital gains to know it's not taxed twice.
You are only taxed on the amount between the lower purchase price and the higher sale price. If you buy something for $1 million and sell it for $1.5 million you only pay taxes on $500k.
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Simple... they don't have a nickel invested... that is why they are always saying the money was alreay taxed ...
I have 140K in gic ( 4 to5% interest ) ..I pay taxes on the interest of 5 to 6K a year ... not on the 140K ...
Makes me laugh when I read those morons repeating that ...
