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this post was submitted on 01 Apr 2024
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Asklemmy
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Unless you just make the tax progressive, like any sane system. It can start at 0 for the average retirement savings amount of capital gains and just go up once you start reaching crazy amounts of wealth
If only there was a single chance in hell of making it happen, yeah.
Capital gains IS progressive. Short term capital gains are taxed as ordinary income. Long term capital gains are taxed according to income bracket and range from 0% to 20%. This year to qualify for the 0% tax bracket a single person would have to make less than approximately $47k. Hardly rich.
We're talking about unrealized gains. Currently only realized gains are taxed.