Quote:
Originally Posted by Wolf Larsen
Ah, but a low or zero rate for true long term capital gains is the correct rate. Why?
True long term capital gains means that you invested money in a productive enterprise that did well. And you left the money in long enough for it to do some good. Since economic growth depends on forgoing consumption now for more consumption later, we want to encourage this deferred consumption that we call investment.
It sometimes seems to me like some progressives would rather have everyone equally poor rather than have economic inequality with a higher standard of living for all.
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Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded--here and there, now and then--are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as “bad luck.” Lazarus Long