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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Have you ever made really good money yourself? Not attacking you. I'm just asking.
I have. And when I sat down to write those quarterly checks to the govt. it was fucking painful.
And if you would like to see investment dry up overnight then go ahead and raise those capital gains taxes. And watch retirees suffer as well as the rest of the already crippled economy collapse even more.
I don't know what life experiences you have had. But mine have led me to completely different conclusions than the ones that you are expressing.