Capital Gains Nonsense

A wage tax essentially taxes current and future consumption at the same rate. A capital gains tax taxes future consumption at a higher rate than current consumption. What “principle” suggests that patient people should be taxed at higher rates than impatient people—even if they have the same lifetime wealth?

There are reasonable arguments for capital gains taxes (related to catching people who evade wage taxation). But you almost never see those arguments presented in the media.

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