this post was submitted on 15 Jan 2024
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Omg 50% capital gains tax sounds insane. I feel like that would dissuade people from investing. "Okay you invest in this asset. It might go down, which would be bad, but if it goes up you get to keep half of that and pay me the other half!"
The capital gains exemption is that you only pay tax on 50% as income.
So if I make $100k, I pay taxes on $50k, at my marginal tax rate (max of 53% in Ontario, so the effective tax rate on capital gains is at most 26.5%). If I work 9-5 and I make $100k, I'm taxed on the whole thing.
Plus if you lose money you can apply it 3 years back to get taxes back.
Ah this makes much more sense. Thank you for the explanation
sounds like a great deal for doing literally zero work?
But they took the risk of becoming checks notes ... a wage worker.
Whats your definition of work then? Id actually be interested...
things that wouldn't do if you don't get paid for it
They wouldnt invest in assets if they didnt get paid for it so by your own definition, they are doing work.
(And technically if someone loved their job so much that they would do it even if they didnt get the money, then they would not be doing work and still getting paid for it)...