In 1964, I bought a new Buick Electra for less than $2,000 cash, and I also invested in stocks. Today, a similar luxury car would cost well over $30,000, and the stocks would also sell in that range. This is commonly known as inflation.
I do not consider it a gain if an investment is merely keeping up with inflation. The tax code conveniently ignores inflation and calls it "long-term capital gains" instead.Now we learn that the tax increases planned by Democrats will only apply to those "rich" taxpayers who earn more than $250,000 per year. Not being in that group, will they not raise my capital-gains taxes? Or do Democrats assume only the "rich" invest in stocks and are taxed on long-term capital gains?
Werner A Ruemmele