Wait till all the /WallStreetBets people learn about capital gains tax and find out that Democrats want them to be higher. If elected in 2022, I‘ll propose changing capital gains tax for gains less than $100,000 to a flat 2.5% that’s handled during the sale of a stock for profit.
I figure during the sale is easier and you won’t have to do more planning during tax season unnecessarily. That would be a giant reduction from our capital gains tax. I’d also love to reimagine our tax system so that filing taxes became largely obsolete but baby steps.. Thoughts?
The point of this: We need to make it much easier for retail traders to be able to make money just like hedge funds do. It shouldn’t keep someone away from investing or leave them shocked when it’s time to pay their taxes.
Also ideally I’d eliminate the capital gains tax BUT unless we get enough MAGA people elected, reducing them, and eliminating paperwork is a good first step.
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