On Tue, 15 Jun 2010 06:52:10 -0700 (PDT), "
wrote:

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

In capitalist jurisdictions such as Hong Kong, there is no tax on bank
interest. After all, the zero-risk return from a bank account won't
exceed inflation.