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Friday, February 22, 2013

Oregon capital gains tax: sixth highest in the *world*

No wonder Mayor Char-Lie avoided it all that time:

The discussion is here. [Via TaxProf Blog.]

Comments (15)

Oregon's 31% capital gains doesn't include City of Portland's and Multnomah Co.'s 3.7% capital gains taxes.

Those added in makes us the 2nd highest in the WORLD. Sam would call that leadership.

That explains a lot about what is going on.

When we think about capital gains remember this: to the extent that there is inflation, and your investment simply keeps up with inflation (it does not grow in excess of the rate inflation), the government, who undoubtedly caused the inflation, takes some of your original investment back as a capital gains tax. You wind up poorer.

No problem Greg.   To cover inflation just buy Treasury Inflation Protected Securities (TIPS).  Oh wait, those are securities that have negative yields for the next 15 years, as in you pay the  government to hold your money.   Obama's currency printing and debt monetization regime sure is good for the ordinary working Joe or Jane saving for the future and building a nest egg, let me tell ya.  Ooh doggies!

Greg--well, of course. Inflation is just another way for the government (and its close, personal friends) to steal wealth from the public. The US didn't have a lot of inflation historically, until the creation of the Federal Reserve in 1913 to "manage" our currency.

Check out this graph: http://iaconoresearch.com/2012/03/21/inflation-before-and-after-the-federal-reserve/

They've done a bang-up job, haven't they? (And from the perspective of the government, they really have. When you can print money at will, you get to spend it while everyone else thinks it's still worth what it was yesterday. Prices only rise to compensate for the inflated money supply after the fact. It's a great gig if you can pull it off.)

I don't get it. For making my money by not doing any actual work, I can save a ton on taxes by moving to D.C. If I make my money by not working in Oregon, I would have to pay 2% more of my no-work income in taxes. If I don't work in New York, where there are sales taxes and local income taxes and high rents, the tax foundation thinks I would be better off there.
Or paying VAT taxes in Ireland.
Ah, the problems of the idle rich.

We're number SIX. We're number SIX. We're ... uh, what??? Oh, it's not really a good thing? My bad, er, never mind.

And Greece has no tax on capital gains! Now there's an economic miracle.

Americans have had it "too good for too long."
ONE man is single handedly crippling the U.S. economy.
Is he not the greatest con man in our life time?
Forget about retirement and leaving the kids a nest egg. Nest eggs are not fair unless your a politician who will also keep the "horrible health care" the con man did away with.
"Go to bed."

Capital gains taxes seem to discourage people from saving money.

I just saw a related story that Oregon's sales taxes are the lowest in the world. Can that be right?

Isn't making life better, covering for the unanticipated events of life, relying on oneself and helping your children, grandchildren, relatives, and special others a major force of life, and why we save? Excessive capital gain taxes do not help in that endeavor.

There needs to be consideration of those who make a living off of investing versus those who invest to save for the future.

Those who make a living off of it are getting a free ride compared to working schmucks. Carried interest and all that good stuff.

Someone who makes a living off of investments should be paying the same rates as a nine-to-fiver.

I wish the capital gains tax rates gave lower rates to people needing to save who have a "normal job," while making the tax rates fair between working people and the Wall St. types.

I never hear this discussed much. The argument is somewhere in the middle.

Let's not forget that capital gains taxes also come from selling a business. Running a business is NOT "not doing anything" and is not simply "making a living off investments". For the self employed, it is their retirement account when they sell their business. They are the seven to seveners (and usually longer days, too!) and they are not Wall Streeters, either.

The dentists, independent auto shops, accountants, computer repair shops, and Subway owners fall into this category when they sell their businesses. IF they can sell, and after many years of paying taxes. They are not the idle rich, but the poor suckers paying and paying and paying some more. Give 'em a break.

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