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Started By
Message
Newt Gingrich wants President Trump to index capital gains
Posted on 7/3/19 at 1:08 pm
Posted on 7/3/19 at 1:08 pm
quote:
Newt Gingrich
@newtgingrich
If President Trump indexes capital gains to take inflation out of paying taxes on investments, he will trigger huge economic boom. As Speaker, we passed the largest capital gains tax cut in history. It led to a boom in the economy and helped balance the budget.
10
Posted on 7/3/19 at 1:09 pm to Sentrius
Newt is a brilliant guy shame he is morally bankrupt.
Posted on 7/3/19 at 1:09 pm to Sentrius
I have no idea why this has never been done.
Class warfare, I suppose. But SO many people have equities in their retirement portfolios, so it should have traction.
Class warfare, I suppose. But SO many people have equities in their retirement portfolios, so it should have traction.
Posted on 7/3/19 at 1:10 pm to Sentrius
Yes please.
Posted on 7/3/19 at 1:12 pm to Ace Midnight
quote:
Class warfare, I suppose.
That is exactly right and why the jealous won't allow this.
Posted on 7/3/19 at 1:16 pm to Sentrius
I can feel my retirement age getting closer. Glorious.
Posted on 7/3/19 at 1:19 pm to Sentrius
God Bless Newt. Let's hope this happens soon.
Posted on 7/3/19 at 1:21 pm to Sentrius
If it is good for Americans the left wing will do everything in their power to shut it down. Just as you would expect from enemies of the state.
Posted on 7/3/19 at 1:22 pm to FredBear
quote:
If it is good for working Americans the left wing will do everything in their power to shut it down. Just as you would expect from enemies of the state.
Posted on 7/3/19 at 1:22 pm to Sentrius
quote:
Newt Gingrich wants President Trump to index capital gains
It's frankly comical that this isn't already the case.
Imagine owning a property for 10 years and it "earning" exactly the rate of inflation over that time.
Then owing taxes on that "earnings".
Posted on 7/3/19 at 1:50 pm to Jack Prenderville
quote:
shame he is morally bankrupt.
Let me know when you run out of stones to cast. I'll give you some more.
Posted on 7/3/19 at 1:56 pm to Ace Midnight
quote:
But SO many people have equities in their retirement portfolios,
Retirement accounts are taxed at ordinary rates not capital gains rates.
Posted on 7/3/19 at 2:02 pm to Sentrius
Why just capital gains? Why not do the same for ordinary income?
Posted on 7/3/19 at 2:07 pm to Papplesbeast
I can’t think of many situations where it would be necessary for ordinary income to be indexed for inflation.
Posted on 7/3/19 at 2:11 pm to jclem11
IRA yes, but above the silly contribution limits, people use plain brokerage accounts. Those are taxed as capital gains at some point.
Posted on 7/3/19 at 2:12 pm to Papplesbeast
Eliminate Roth Contribution limits, period.
Problem solved.
Problem solved.
Posted on 7/3/19 at 2:12 pm to Sentrius
Would of course exacerbate economic stratification...
Posted on 7/3/19 at 2:14 pm to Douglas Quaid
What's wrong with economic stratification? Do you think everyone should be economically identical?
Posted on 7/3/19 at 2:16 pm to deeprig9
quote:
IRA yes, but above the silly contribution limits, people use plain brokerage accounts. Those are taxed as capital gains at some point.
I am aware. I do the same. I was speaking to specifically to 401(k)s and IRAs. Most Americans only have a 401(k) or IRA and thus this policy change would not impact taxable brokerage accounts.
Posted on 7/3/19 at 2:17 pm to deeprig9
Didn't say anything was wrong with it, only pointing the obvious result of the OP. Left unchecked over time, economic stratification in a democratic society will result in other issues...
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