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Resolved: The United States should abolish the capital gains tax. in United States
I will take Affirmative position that The United States should abolish the capital gains tax. As per his request, I challenge @WhyTrump to this formal 1-1 debate.
The primary benefits will be
Abolishment of Capital Gain Tax will drive Economic growth - since it encourages investment and higher risk taking, consumers should expect people to actually spend vs saving money
Abolishment of Capital Gain Tax will improve Society well being - capital gains tax is an inefficient form of taxation to be applied towards public well being (like improving transportation or building hospitals). The cost of collecting this tax is also high since there is complex administrative overhead involved.
Rules and Definitions: We will debate that capital gain tax should be eliminated, but not replaced with another form of tax.
Pro - The United States should abolish the capital gains tax.
Finally with the abolition of corporate taxes, the strongest rationale for a lower tax rate for capital gains vanishes. It is argued that because corporate income has been taxed, the gains generated are lower than they would have been absent the corporate tax, therefore the gain should be taxed at a lower rate.
I propose to abolish the tax on long-term capital gains from securities transactions altogether. Instead, I propose to levy a small tax on transactions in securities on stock exchanges… In the case of short-term capital gains from securities, I propose to reduce the rate of tax to a flat rate of 10 percent.
“There are many countries who have had very successful capital gains regimes with significant degree of compliance and at much higher rate. ... India in July 2004 abolished long-term capital gain tax on shares and replaced it with the securities transaction tax, a same-day tax credit system that's easy to ...
Resolved: The United States should abolish the capital gains tax.