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I have posted about this before and now I find myself needing to post about it again.
SIMPLE TERMS: INCOME tax and CAPITAL GAIN tax are COMPLETELY different!
I have posted about this before and now I find myself needing to post about it again.
SIMPLE TERMS: INCOME tax and CAPITAL GAIN tax are COMPLETELY different!
We pay more on income tax than capital gains.
Now let me explain why. You make money and pay taxes on it. You pay all your bills. You have extra money and decide to invest it. The investment that you made actually made you more money. You pay a tax on the amount you made. I personally don't think there should be any capital gains taxes considering YOU took the risk of losing that money in the first place, but there is. At least it is smaller than the income tax.
Now for those that are comparing what Warren Buffet is paying to what you are paying, that is the difference. You basically have been fooled. PEOPLE OPEN YOUR EYES!!!! ~Cupcakes
Now let me explain why. You make money and pay taxes on it. You pay all your bills. You have extra money and decide to invest it. The investment that you made actually made you more money. You pay a tax on the amount you made. I personally don't think there should be any capital gains taxes considering YOU took the risk of losing that money in the first place, but there is. At least it is smaller than the income tax.
Now for those that are comparing what Warren Buffet is paying to what you are paying, that is the difference. You basically have been fooled. PEOPLE OPEN YOUR EYES!!!! ~Cupcakes
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