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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Hawkmoon who wrote (8195)8/28/2007 9:46:54 PM
From: Augustus Gloop  Read Replies (2) of 33421
 
There's a side issue to this discussion. The main one is obvious....if home prices slide so should tax rates on real estate. The side issue is something I've had a beef with for a number of years - cap gains rates. First let me give my opinion/commentary - then I'll try and make my case

It is my belief that Government has a major impact on our economy (LOL - not a real depth thought LOL). From taxes to policy, interest rates etc. etc the impact is immense. For that reason I believe cap gains should either be dollar for dollar or done away with. Right now the government has the best of both worlds. If you make a million dollars on a stock trade they get a piece of the action on it all. If you lose a million dollars that isn't the case. You don't get to deduct all your losses in one year - they roll forward (contact your tax consultant for tax implications <g>). Thats not fair in the same way it isn't fair to pay a mill rate on an inflated home value.

The argument that only rich people pay cap gains is SO without merit. It's not a good tax (damn few are) and I think that I could make the case that cap losses (and there lack of deductibility in a shot) probably hurt middle class Americans worse than they hit the upper class. Losing 10k for a middle class Joe is way more devastating than losing 100k is for an upper class American. IMO - Cap gains should be eliminated as should inheritance tax. Money should be taxed once - no more no less. Investment money (unless its retirement) has already been taxed
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