Capital beneficial properties taxes, defined.

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The richest in America do not make cash like most Individuals. Most individuals pay earnings taxes from a daily job. However many within the high 1% make cash off their investments, like shares, and pay capital beneficial properties taxes. Whereas regular earnings has a most tax charge of 37%, long-term capital beneficial properties tops out at simply 20%. Altering that charge, and a few loopholes that profit the wealthiest, is seen as one strategy to tax the wealthy.

Learn extra about how the richest keep away from paying earnings taxes from Vox:
https://www.vox.com/22432338/joe-biden-tax-plan

And an investigation from ProPublica:
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

For extra details about Elon Musk’s loans:
https://www.wsj.com/articles/elon-musk-techs-cash-poor-billionaire-11588967043

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25 COMMENTS

  1. To simplify: what's the tax on long-term capital gains? If you don't know go online to a long-term capital gains calculator put in $40,000. Then put in 200,000. Also there is no tax on borrowed money. Elon musk borrows against his stock and then defaults. So let's say he takes a million dollars to a bank in stock borrows $900,000. Then he simply just defaults. The bank gets the 10% and Elon pays nothing in taxes.

  2. Please note that capital gains are a tax on nothing. If I buy a capital asset and keep it twenty years, the government has induced inflation so I have gained nothing in purchasing power but they tax the nominal dollar increase anyway. The crooks here are politicians.

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  4. The tax code rewards business owners
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