MDB on Nostr: How did we get here? 🤔 1. The federal income tax was initially introduced to fund ...
How did we get here? 🤔
1. The federal income tax was initially introduced to fund war efforts and targeted a mere 1% of Americans at a 1% rate.
2. Today, over 50% of Americans pay income tax, with rates exceeding 50% for some, a drastic shift from its original intent.
3. The proposed taxation on unrealized capital gains threatens to expand from a small group to potentially millions of Americans.
4. The concern is not just the current targets but the potential for future expansion, leading to widespread, unpopular taxation.
5. Taxing unrealized gains introduces volatility and unpredictability.
6. The policy could force investors to sell assets prematurely, harming long-term economic growth and investment.
7. Historically, the U.S. tax system has incentivized long-term investment, but this change could push the country towards short-term thinking.
8. The risk is that the introduction of such a tax could set a precedent, making it easier to expand and modify in the future.
SLIPPERY SLOPE
9. This is absurd, how is this even being proposed?
10. This is shifting to a system that punishes success by taxing unrealized gains could undermine the future prosperity of the nation.
1. The federal income tax was initially introduced to fund war efforts and targeted a mere 1% of Americans at a 1% rate.
2. Today, over 50% of Americans pay income tax, with rates exceeding 50% for some, a drastic shift from its original intent.
3. The proposed taxation on unrealized capital gains threatens to expand from a small group to potentially millions of Americans.
4. The concern is not just the current targets but the potential for future expansion, leading to widespread, unpopular taxation.
5. Taxing unrealized gains introduces volatility and unpredictability.
6. The policy could force investors to sell assets prematurely, harming long-term economic growth and investment.
7. Historically, the U.S. tax system has incentivized long-term investment, but this change could push the country towards short-term thinking.
8. The risk is that the introduction of such a tax could set a precedent, making it easier to expand and modify in the future.
SLIPPERY SLOPE
9. This is absurd, how is this even being proposed?
10. This is shifting to a system that punishes success by taxing unrealized gains could undermine the future prosperity of the nation.