You can't just take the part that makes you money.
That's actually the entire point of capital gains.
The government wants to take a cut of all your winnings but they refuse to take any of the risk.
They want to tax every gain and subsidize every loss.
They're just taking that to a nonsensical level with this one.
dumb government's decision to boost cap gains tax to 66%
You know everyone else in the world pays on 100% of their gains right? :D
Just checkin
WHAT?! Full tax on capital gains is wild, I had no idea. We've always been taxed at 50% of the gains, so the recent boost to 66 has been infuriating for me. Y'all should fucking riot, that's so insanely anti-investment to have 100% tax on all cap gains.
Yeah reading about it going from 50% to 66% was super confusing because that variable doesn't even exist. Many people in USA thought it meant the tax itself was 66%.
Something tells me that USA long-term capital gains tax is still a better deal at the end of the day. Take me for example... I can give myself a salary of $47k per year and pay 0%. 0% federal tax bracket for the win.
Dang, that does feel pretty generous - I'm certainly no tax expert, but I don't think we have anything even remotely similar up here.
At this point the way to avoid all taxes seems to be getting loans.
You can loan yourself money when a protocol like Thorchain at 0% APR.
All that money is debt that you owe back so it's not taxable income.
Then when you need to pay back the debt you can just refinance;
Take out another loan to pay back the old loan.
With 0% APR in play this can be done indefinitely.