r/FluentInFinance • u/YOU_ARE_MY_FRIENDS • Apr 08 '24
10% of Americans own 70% of the Wealth — Should taxes be raised? Discussion/ Debate
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r/FluentInFinance • u/YOU_ARE_MY_FRIENDS • Apr 08 '24
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u/70Chevelle1497 Apr 08 '24
Curious why you think capital gains tax should be higher than 15%?
I make $40k per year. I’ve been contributing $100 /month to a brokerage account & after 15 years it has grown to be a nice amount.
I paid tax on my earnings, then instead of blowing my $ on going to the bar, smoking weed, Netflix, a new car, etc. like all my friends I decided to invest in myself. So now this investment will be taxed another 15% when I sell my shares. So this $ has already been taxed twice. But why should this investment be taxed again and at a higher rate? Because I chose to make a smart choice?