Consider this. Most people keep their money in mutual funds, especially the non-rich retired folks who don't want to pay 1% of their assets per year to a financial planner for nothing. So I have a few stocks, but more than half of my money is in taxable brokerage accounts in mutual funds. Even though I never sell any shares in those mutual funds, it still generates taxable income for me at the end of the year. Those result in cap gains taxes, mostly long term. Then when I retire in a few years, my cap gains will skyrocket as I start to withdraw from my taxable accounts (I will be younger than 67 when I retire, so I can't pull out of my 401K and IRA). If they jack up cap gains, then I'll be crucified. In fact, I'll view it as a punishment for having worked hard, saved, and been responsible. So no, I don't like a high cap gains tax.
However, having said that, I will still vote for Obama even though he's for a higher cap gains tax, because I'm thinking more about what's best for our country than what's best for me. Keep in mind, though, that for almost all Republicans, higher taxes of any kind is a deal breaker. Most people are incredibly selfish in this country. The days of people being true patriots, enough to sacrifice for others in the country, are over. Today, what passes for patriotism is yelling from the rooftops "bring 'em on" and sending other people's kids to fight in far off wars, while we sit home and sip our lattes. |
