News for hackers. Stuff that matters.

A comment on Sweeping Reform Would Tax Capital Gains Like Ordinary Income. Parent comment

Re:Sweeping Reform Would Tax Capital Gains Like Ordinary Income by microcolonel on Sunday April 07, 2019 @11:59AM (#19597602)
It would also make it pointless for a private individual or trust to invest. This is a terrible idea.
[ Parent | on HN ]
Re:Sweeping Reform Would Tax Capital Gains Like Ordinary Income by jdavis703 on Sunday April 07, 2019 @12:17PM (#19597753)
Why would it be pointless? I’m not an economist but it seems like it would make investments generally less profitable, but I don’t see it eliminating profits. Further where would billionaires put their money instead? Is the idea that they are just going to buy art and yachts instead?
[ Parent | on HN ]
Re:Sweeping Reform Would Tax Capital Gains Like Ordinary Income by microcolonel on Sunday April 07, 2019 @12:18PM (#19597766)
They'll put their money in New Zealand or Canada or Taiwan, maybe. I know I wouldn't stand for this personally.
[ Parent | on HN ]
Re:Sweeping Reform Would Tax Capital Gains Like Ordinary Income by jdavis703 on Sunday April 07, 2019 @05:57PM (#19600181)
In the U.S. you’re required to pay taxes on income made both domestically and internationally. Failure to declare those earnings outside the U.S. would probably be tax fraud.
[ Parent | on HN ]
Re:Sweeping Reform Would Tax Capital Gains Like Ordinary Income by microcolonel on Monday April 08, 2019 @07:57PM (#19610350)
> In the U.S. you’re required to pay taxes on income made both domestically and internationally.

As a dual filer, I know this is not true. As a U.S. citizen, you are required to file taxes on all income, foreign source or U.S. source, but you are not required to pay taxes on all of it. And why remain a U.S. citizen anyway if you can't afford it?

[ Parent | on HN ]