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April 2, 2019
Sen. Ron Wyden of Oregon, the ranking Democrat on the Senate Finance Committee, announced today that he would soon release a proposal to eliminate massive tax breaks enjoyed by the wealthy on their capital gains income. If successful, the proposal would ensure that income from wealth is taxed just like income from work.
His plan, which he has promised to flesh out in a white paper in the coming weeks, would tax the appreciation of assets owned by the very wealthy as income each year, an approach known as mark-to-market taxation. It would also subject that income to ordinary tax rates rather than special, lower income tax rates that apply to capital gains.
https://itep.org/sweeping-reform-would-tax-capital-gains-like-ordinary-income/
https://www.wsj.com/articles/top-democrat-proposes-annual-tax-on-unrealized-capital-gains-11554217383
(Score: 3, Informative) by schad on Sunday April 07 2019, @04:26AM (1 child)
Short-term capital gains are taxed as ordinary income. Long-term capital gains are taxed at 0% up to about $40k (single) or $80k (married), 15% up to about $500k, and 20% past that. The lowest income tax bracket is 10%. Your statement is only correct for people who probably aren't investing in the stock market much or at all.
(Score: 2) by NotSanguine on Sunday April 07 2019, @04:48AM
I am aware of the tax structure.
My point wasn't that those in the lowest tax bracket aren't getting a fair shake because their capital gains rate is too high. My point was that those who have significant capital gains generally pay less on those gains than the income taxes much poorer people pay.
No, no, you're not thinking; you're just being logical. --Niels Bohr