Posted 6/30/2020 09:42 (#8345019 - in reply to #8344711) Subject: RE: I guess stepped up basis is considered a loophole
Sioux County, NWIA
w1891 - 6/30/2020 07:34
Would not be a fun one if repealed but from a logic standpoint why should income due to ownership of something not be taxed the same way a laborer is. We have become so enamored with the superiority of “capital” that we let labor languish. How about we just make all income the same and lower the rates.
The key here is ‘income’. Owning an asset does not automatically equal income.
I think that “capital” is given some breaks because the powers that be who make our tax code have seen the importance of capital. Creation of a business hinges on capital and entrepreneurial ability. Without capital there can be no business, no business no labor either.
I don’t t think it is inappropriate for the tax code to reward the risks that are inherent with controlling capital.
My thought is the real problem is out of control government spending.
I guess stepped up basis is considered a loophole
