[If an asset's price has increased and you haven't yet sold it, you have an "unrealized capital gain".] See below---
When the first permanent Income Tax legislative bill was passed into Law (there was a temporary one during our Civil War), wages were not taxed, only capital gains were. The tax applied to only about 2% of the adult population.
During the Golden Age of American Capitalism (right after WW II to the "Nixon Shock" in 1971), the Upper Crust was taxed at a rate of up to 90%...and they remained wealthy. Now they whine if they have to pay at a rate of 30%.
Be Well
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