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Summary: The capital gains tax is bad for two main reasons. This case maps it out.
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About "Let Freedom Ring"
The capital gains tax is bad for two main reasons. First, by creating barriers to investment it is an unnecessary drag on the economy, and we could gain many jobs and great economic growth by repealing it. Second, it violates basic principles of fairness and freedom. The money being taxed by the CGT is in effect being taxed twice, once when you earned it as income and again when you invested it. And much of the CGT is a tax on the rise in prices due to inflation, not actual gains to the investor. In fact, an investor could actually lose money (after inflation is accounted for) and still owe a hefty capital gains tax.
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