Exactly. Dramatically increasing LTCG rates will introduce
Crazy market distortions and a whole new cottage industry within the cottage industry of tax planning. Which invariably, always, benefits the wealthiest. They can hire the brightest minds to figure out how to take advantage of poorly worded provisions, etc.
I continue to believe - the complexity of our tax code is the low hanging fruit of our wealth gap problems. It benefits the wealthy. Make the tax code a pamphlet that does nothing but raise revenue. It should not be “an expression of our national values “ (an Elizabeth Warren viewpoint). It should just raise revenue. There should not be strange arbitrary rules suggesting that holding an asset more than 1 year, or 3 years, or 6 months, based on Congress’s whims, is better for society than holding it for less time.
Economics can stand on their own.
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In response to this post by WahooMatt05)
Posted: 08/10/2020 at 11:49AM