The capital gains tax: One of the worst inventions of mankind
Biden's 'Build Back Better' tax increase is nothing but government theft of property
By Richard W. Rahn - - Monday, November 22, 2021
OPINION:
Would you vote for a tax that frequently taxes people at an effective rate of 100% or more, misallocates investment, reduces economic growth and job creation, often becomes almost impossible to calculate, and in many cases reduces, rather than increases, revenue for the government?
The tax to which I refer is the capital gains tax – one of the worst inventions of mankind. Capital gains are the alleged “profits” on the sale of non-inventory assets, such as stocks, bonds, commodities, real estate, and even personal property like jewelry and art.
So-called “capital gains” are price changes most often caused by inflation, which, of course, is caused by incompetent or corrupt governments. The value of the U.S. dollar is now about one-twenty-fifth of its value back in 1914 when the Federal Reserve (the U.S. central bank) was formed – mainly to provide for monetary stability. So much for that idea.
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