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To: Terry Whitman who wrote (19288)	9/19/2001 9:56:09 AM
From: JRI	Respond to of 52237

Right on...tax consumption, (less) income and not investment...

To: Terry Whitman who wrote (19288)	9/19/2001 10:24:06 AM
From: byhiselo	Read Replies (1) \| Respond to of 52237

i agree completely, we are being taxed in perpetuity i also think a strong 3rd party (a real 2nd party even) would do much good to the political landscape in US cheers

To: Terry Whitman who wrote (19288)	9/19/2001 1:04:41 PM
From: DukeCrow	Read Replies (3) \| Respond to of 52237

It's fair to argue that we shouldn't have a capital gains tax. However, I find your argument illogical. A capital gains tax does not tax after-tax money a second time. It taxes the gains you make on that money. The original principle isn't taxed again.

To: Terry Whitman who wrote (19288)	9/19/2001 8:14:35 PM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 52237

>>why is it fair to tax investment income at all?<< It's fair to tax any form of income, if there is a public need to raise revenues. The question is whether it is fair to tax investment income DIFFERENTLY from other types of income. To which I would answer that investment income is realized only by taking risks over time. If the tax system does not encourage risk taking, then few will take risks, or they will take less risks than otherwise. I would also offer another suggestion, not altogether different from a libertarian view. Interest income should be viewed as a return of capital rather than as taxable income. Then there would be no taxes on interest UNTIL all the principal had been paid back, after which the additional income would be taxed as a capital gain--that is, at ordinary income rates adjusted for inflation. The main point is that a preferential rate on capital gains, by which I mean a rate substantially less than that for ordinary income and substantially less than income adjusted for inflation simply creates lots and lots of loopholes and destroys the equity needed for a viable tax system. If it's inequitable, a lot of people will figure out ways to avoid paying it. Art