He seems to not grasp the fact that many of the richest Americans are wealthy precisely BECAUSE of government. Especially on Wall Street.
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Wall Street won’t like Trump’s proposal. At all.
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His plan exposes what the RE and Hedge fund types have been getting away with, by claiming capital gains, rather than income.
He also wants to lower corporate tax rates to incent companies to bring back headquarters/offices to the US.
My biggest issue is that of carried interest being taxed at long-term capital gains rate. Why should a fund manager that is compensated on the performance of others’ money be taxed at the lower rate... He has no skin in the game... Playing with house money and getting winnings taxed as if there is some greater economic value added from his gambling. I think capital gains tax should be low or eliminated, but what is essentially commission should be taxed as ordinary income.