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Abolish capital gains tax. #59
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I'm all for simplification of the tax system and closing loopholes, but I don't feel knowledgeable enough in the area to vote on this yet. Anyone else? |
Ditto, would love to know more about the difference. Can you link us up to some facts and studies? (Both sides of the argument if possible) |
No problem at all, will look something out this week! |
Sorry I'm not onboard for this one. Apologies if I'm 'teaching granny to It is a brilliant tax that ensures people who haven't 'earned' their income Income tax though, is a tax that targets people who go out every day and That's why I'm not in favour of this PR. Sorry! with kind regards, about.me/pauljrobinson On 13 January 2014 08:07, Tim Cowlishaw notifications@github.com wrote:
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Is the upshot of this PR not that capital gains are taxed at the same rate as income though, not a lower rate as it is now? I agree with taxing capital gains, but I think the idea here is that it's taxed just the same as income. |
But they shoudn't be taxed at the same rate. Capital Gains should be taxed with kind regards, about.me/pauljrobinson On 13 January 2014 09:10, James Smith notifications@github.com wrote:
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aah, @PaulJRobinson makes an excellent point. Perhaps we could change the proposal to "harmonize the rate of capital gains and income tax, and pool their allowances, to ensure that work is incentivised at least as much as investment". This gives us scope to increase CGT > Income later on if we wanted too. (I'd probably be in favour of a higher rate of CGT than Income to be honest, but I don't yet know if the openpolitics consensus is as far to the left of centre as I am, and in spite of jokes I might have made on twitter, I'm trying not to be a one man entryist trot tendency here :-) |
If we are all grizzled old reds though, bring it on, obviously! :-) |
That wording seems to reflect the general consensus more, yes. Want to update your proposed change? |
I like the current wording on this one, the harmonisation route makes |
We may have reached consensus here - can we get some votes? I'm a 👍. |
Obviously a 👍 from me |
Sorry I'm 👎 as I prefer taxing unearned wealth over earned income so I don't wish to abolish CGT. |
@PaulJRobinson have a read of the current changes - it's more about harmonization of rates than abolition. The title is misleading. The current text is "The rate of capital gains tax for individuals will be harmonized with the rate of tax on earned income, and all allowances for each will be pooled, in order to ensure that work is rewarded and incentivised to the same extent as investment." |
@timcowlishaw might be worth updating the PR title here. |
Sorry you're right I was focussing on the title. 👍 with kind regards, about.me/pauljrobinson On 29 January 2014 09:30, James Smith notifications@github.com wrote:
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Maybe a contentious one (and I'm perhaps being a terrible entryist trot here :-)), but I'd quite like to have a serious debate around why cap gains are taxed separately to income.
In my view, the seperation between the two is purely an ideological one, based in the capitalist assumption that 'wealth creators' should be especially rewarded for creating economic activity and therefore employment. A claim which I've never actually seen any real evidence for. If anyone can provide some, please do!
There's also practical reasons for this. Treating earning income as capital gains is a common tax-avoidance technique, and this would close that particular loophole in one fell swoop, as well as simplifying the tax system overall).