Resolved: The United States should abolish the capital gains tax.
I will take affirmative position on the debate that United States should abolish the capital gains tax.
Definitions
It is key for us to define that we are not looking to replace this tax with something else.
The 2 primary benefits will be
- Economic growth - since it encourages investment and higher risk taking, we should expect people to actually spend vs saving money
- Society well being - capital gains tax is 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.
This article, provides good insights on the topic
The Overwhelming Case Against Capital Gains Taxation
Live Long and Prosper
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