Opinion: Republicans’ latest proposed tax cut for the rich could permanently hobble future presidents
taxable are taxed at preferential rates if the investments are held for more than a year.
The great majority of this taxable investment income accrues to the very richest Americans. Last year, for instance, the top 1 percent of households received of all long-term capital gains. So that’s the population who’d primarily benefit when the White House suggests further capital gains tax cuts.In fact, the government has already created other ways to help wealthy people avoid paying these taxes.before selling those Apple shares, for example, your kids can inherit them without anyone ever paying income taxes on the gains accumulated during your lifetime.
Or, thanks to the GOP’s 2017 tax law, you can sell your shares, reinvest the profits into a designated “Even before the pandemic, the White House was proposing additional Now Hassett suggests this new iteration: For some temporary, to-be-determined length of time, rich people could sell their assets, realize whatever gains they’ve accumulated over the decades, and never pay taxes on the income.One possible explanation is self-interest: Some important Republican constituents live off their wealth rather than the sweat of their brows.
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