Thanks for the info, that makes perfect sense. Seems like a good idea to tax people making tons and tons of money at a high rate then!
Thanks for the info, that makes perfect sense. Seems like a good idea to tax people making tons and tons of money at a high rate then!
USA neighbor here,
66% is insane, like if I saved up $500k to retire, I’d like to be selling some every year, like 5% (actually a little more but this is for easy numbers). That would get me $25,000 per year, then I’d pay capital gains tax on that and have about $20k left over. A modest retirement, could move to somewhere inexpensive and retire on that.
A 60% capital gains tax means I would have to save 1.5 million dollars to achieve that same retirement.
Boycotts don’t work against Walmart because many folks (their core demographic) have no choice but to shop there.
Meaningful legislation and regulation is the way forward.
If you save money for retirement you’re ideally selling gains off of that money. Like you have 500k invested in something safe like bonds, it’s making maybe 5% a year, so you live off of that 5% in early retirement and a bit more than that in late retirement. Then you have money leftover when you die, so your heirs can have it.