Quote:
Originally Posted by GGG
Not crabs in a bucket. A progressive taxation on people who had exceptional returns some of who made there investment when the capital gains rate was 75% and who add time to sell prior to the rate going from 50% to 66%.
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But I thought these people are a tiny group of people anyway?
As opendoor put it "Data I've seen suggests that about 1 million filers would be expected to realize that kind of gain in their lifetimes, so that's about 3% of the tax filing population."
That would be all people subject to this tax, not just the property investors; so that group would be incredibly small, I'm being told.
If they're so small and insignificant, what does applying this tax on them really do other than make people feel better?
It's a meaningless amount of tax generated but it will get votes from people who want to see their property investor neighbour hurt; who's not even a high income earner.
Crabs in a bucket.