wrote in message
...
On Jun 15, 7:26 am, "Ed Huntress" wrote:

When did we start taxing capital or savings in the US, Dan? Some states
have
asset taxes on business property, but there are no federal taxes on either
capital or savings -- only on income. And if people object to the asset
taxes, they can move to another state. There's no need to move overseas to
avoid that.

--
Ed Huntress

We started a long time ago. If I bought some industrial property
thirty years ago for say $50,000 and now sell the same property for
say $400,000, I pay taxes on $350,000 dollars. But the gain is really
just because of smaller dollars because of inflation. ( I said same
property. ). So that is a tax on capital.


Dan

Aha. Yes, that's a good point. Inflation throws a monkey wrench into it over
a long term.

You'll find, though, that our capital gains taxes are lower than those of
most developed countries, and even for many developing countries. But many
of them have an inflation index multiplier (or divisor) that shelters most
of the gains from inflation.

--
Ed Huntress