commented on New Hampshire Capital Gains and Estate Tax Amendments
2020-09-17 08:59:09 -0400
1. This does nothing to ‘build a strong middle class’ It does ‘prevent concentration’ by stealing money that belongs to people (the estate owners) and instead of distributing it as the owner desires, allowing the state to take it instead.
4. Nonsense. You can’t equate a non spending event with a spending event. If the person inheriting the estate goes to a fast food restaurant and spends some of the money, they pay the same as a “working” person… which is nothing in NH as there is no sales tax.
5. This is the definition of wealth re-distribution. Picking the winners is not an accurate representation of ‘fair’, nor is more people paying less.
Capital Gains Tax
1. It probably won’t be you paying this… so it’s ok. Again, check your definition of fair. They said this about the federal income tax initially (that it would only impact the top 2% of US citizens)… how’s that working out? It’s also not true. Anyone with a mutual fund account will be impacted by this tax.
2. Completely misleading. We have a marginal tax rate. If you are a married couple making $100,000 your tax bracket is 25% but your effective tax rate is only 13.75% (after standard deduction and marginal tax calculation). You are already paying less than the current federal capital gains rate. Additionally, if the tax passes, your taxes will go up on this income as well – primarily affecting retired people who live off this type of income.
4. Small savers don’t make $10,000 in interest or dividends. They make a few hundred to a few thousand dollars at today’s rates. This will impact less than .01% of savers (basically large capital holders with very conservative saving profiles). All these ‘savings’ will be offset however by the fact that the same people will be paying the new capital gains tax on all their other retirement investments.
5. See Estate Tax number 5 above. This is not the same thing as “fair”. This is like saying vote for it because we will take more from someone else and give it to you, and there are more of us so they can’t stop it.
The ‘wealthiest 1%’ in this country already pay 37% of all tax revenue. That’s more than the ‘bottom 90%’ combined (30%). We left fair a long time ago. This bill just continues to punish people for investing, saving, and succeeding.