Raising it will unlikely generate more revenue. Unlike ordinary income
the realization of capital gains is 100% within the control of the person realizing the gains and there are numerous ways to tap net worth without triggering a gain. I currently recognize long term capital gains sparingly even at the 23.8% rate. I haven't had a material short term capital gain (currently taxed at 40.8%) without an offsetting loss in the last 10 years. If they double the LTCG tax rate (presumably to 43.8%), I will find a way to never realize a LTCG either.
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In response to this post by WahooMatt05)
Posted: 08/10/2020 at 11:14AM