VlaSoul wrote:Moggy wrote:VlaSoul wrote:Moggy wrote:VlaSoul wrote:That actually sounds, like, good, or rather a step in the right direction
I don't understand the second to last point tho, and it's interesting to note how comparatively low their top wealth bracket taxation is
State And Local Tax (SALT).
Sorry I meant the tax investment gains one, though actually I didn't know what SALT meant either so thanks
I assumed the SALT was like uh, literally salt
Ahh. I'm not 100% sure on that one. I assume it means any investment gains over $1m will be treated in the same way as wages?
Ah ok I think I get you. If that means the investment gain is taxed, then it sounds reasonable and I am surprised that it isn't a thing already
Generally investment gains are not taxed to the same level as income, for example the highest rates of capital gains tax in the UK are 28% for residential property and 20% for gains on any other assets. Seems the US are suggesting that for anything over $1m profit in a single year you would get taxed at the same rate as they do for wages, which I'm guessing from that tweet is also rising to 39.6% (which I think is still comparatively quite low).
Edit: for clarification I mean that the 39.6% is comparatively low as a higher income tax rate, not as a higher investment gains tax rate.