In our lifetime do you think they will Repeal shorterm and longterm capital gains?
- Thread starter mahram
- Start date
I dont know, they repealed taxes on dividends, and 15 years ago that would be an unthinkable idea. yeah there were arguments that it was double taxation, but it was always come down to benefiting the rich question. I think basically over the next 15 or so years, the rate of taxation will keep going down to basically to the point where people will ask if its worth taxing or not.
The Gummint WANTS money... The Gummint NEEDS money... however they can justify getting it is OK with them.
The Democratic populace (aka, "I don't care who you have to tax to pay for MY Gummint cheese, so long as it's NOT ME"), will always be in favor of it.
Therefore, it will be with us forever.
well I would rather have no taxes on capital gains s/l rather then dividends. Dividends are on par far less risky and you get it on regular basis. But with caps, you are taking risk and at points waiting years for appreciation. I think it was a stupid idea for dividends they should have focused on capital gains.
Well, let's see...
1. You earn money, have it taxed, and some is left for investment.
2. Some of the "left over" is invested. Your dividend income off of the investment is taxed [2nd tax].
3. The capital gain when you sell is taxed [3rd tax]
4. If you die with sufficient assets, there is an estate/inheritance tax [4th tax].
The Gummint taxes the crap out of citizens all along the way. They take zero risk, do zero work/effort, yet get a HUGE percentage of the net profits. What the hell is fair about that?
It's never going to change because...
... The Gummint WANTS money... The Gummint NEEDS money... however they can justify getting it is OK with them.
The Democratic populace (aka, "I don't care who you have to tax to pay for MY Gummint cheese, so long as it's NOT ME"), will always be in favor of it. Therefore, it will be with us forever...."
hes going to have a tough route. I dont know how he's going to make cra determine all of the trades people make as short term or long term capital gains. Canadian income tax law is so obscure. For us they dont determine capital gains as short term or longterm but more on if its an "adventure, or business" type deal. But then there are tons of finer detail that saids on this and this its a capital gain, even though you did 1000 trades that year. LOL I think harper would probably get ride of taxes on futures just to placate to the farming provinces.
Quote from steeldust:
mahram: do you think mr.harper will lower the capital gains tax? they better not raise it.lol.you never know with these guys. i'm going to lobby for them to change all futures trades as a tax rate of .05%.