this post was submitted on 07 Dec 2024
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I'm pretty sure I've heard people on the left call for taxing capital gains. As long as it's progressive, like income tax, it shouldn't hurt the average person much.
Unless the tax rate is similar to income tax rates, it still won't change the growth > dividends incentive. And it would still be very unpopular because it would lower retirement incomes or make existing retirement accounts last for shorter lengths. Any proposal to change how capital gains works would have to also address retirees' legitimate concerns in order to be politically viable.
Yeah, that's why I said it should be progressive, like income tax. It would not effect most people at all, but the people making tons of money from capital gains would face a heavy tax burden.