You’re funny. I hate pulling rank but you’re tangling with a cpa who specializes in tax for high and ultra high net worth individuals. The audacity of telling an SME they are wrong about a technical subject in their own field, lmao!
Long term capital gains are taxed preferentially up to 23.8% under current tax law. Unrealized capital gains can be deferred indefinitely, but one way or another, they will be taxed, either when they’re sold or after death via estate tax.
If you’re upset about the preferential treatment of LTCG then be comforted knowing there’s an extra layer of corporate tax above those gains, so in the end it evens out to something closer to 40% when all is said and done. If that still isn’t enough for you then just crank up the tax rate.
Once again, income tax is just fine, no need for a wealth tax. Banish the thought.
You’re funny. I hate pulling rank but you’re tangling with a cpa who specializes in tax for high and ultra high net worth individuals. The audacity of telling an SME they are wrong about a technical subject in their own field, lmao!
Long term capital gains are taxed preferentially up to 23.8% under current tax law. Unrealized capital gains can be deferred indefinitely, but one way or another, they will be taxed, either when they’re sold or after death via estate tax.
If you’re upset about the preferential treatment of LTCG then be comforted knowing there’s an extra layer of corporate tax above those gains, so in the end it evens out to something closer to 40% when all is said and done. If that still isn’t enough for you then just crank up the tax rate.
Once again, income tax is just fine, no need for a wealth tax. Banish the thought.