And here I thought nothing would make my dumb government's decision to boost cap gains tax to 66% of a disposal seem less bad...
A tax on gains that I haven't freaking made is insane. Does that mean that unrealized losses can be counted against my income too? Because shit, I'll buy some garbage coins that I know will die just to offset.
If this ever got rammed through, the age of Buy The Top for truly garbage shitcoins is going to be a direct result, because I don't see a way for them to realistically tax unrealized gains without also allowing you to claim against unrealized losses.
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.
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.