Subject: Capital Gains
Comment: 1) Capital gains exemption for the home you live in for 2 of 5 years is worth keeping. But make it progressive in time of ownership. Keep the provisions for changing jobs and other hardships. Raise the exemption the longer you own the home up untill 10 years and that is where the $250K/500k cap begins and start at $25k/$50K per year. Maybe this will also slow housing prices?
Capital Gains on Stocks and bonds etc. should also be prgressive. Now that we all must become responsible for our reitirement( Whether you fix Social Security or Not) It seems that it is not only unfair to the small investor to tax him the same as the large investor but also gives them an unfair advantage.
Get rid of the married/single junk when it comes to capital gains and investment.
Income <75K per year No capital gains.
75K - 125K 10%, 125K - 250K 15%,
250K-500K 20%, 500K - 1M $25%,>1M $30%
When one person making millions of dollars per year or even month can affect the market by trading 1000's of shares of stocks and cause the average invester to lose money I believe the only impedance to their action is taxation. Also for the people who do not pay income ( No salary due to inherited wealth)tax but just capital gains should be treated separately so they are taxed at least as much as we all are. I am a life long republican 40 years old make 50K per year and do not believe in beating up the rich per se. But many including my own parents get away with more than I believe is good for the country. I do not see the rich suffering EVER. At the same time I do not believe poverty should make you exempt from responsibility. All should pay taxes, therefore I am for a Federal Sales tax or Consumption Tax , either add on to income or get rid of income all together. We should all have to pay nobody except the children and the sick deserve a free ride. I like consumption taxes because the rich the poor and the lawless ( tax evaders and criminal enterpizes ) all pay if they want to live.
I hope you get something done that is
actually used. I look forward to the open hearings.