only a 5k ceiling?

way too low for individuals

Capital gains is another form of income tax.

It taxes the productive person, and leaves the entrenched asset holder untouched.

HB2100 taxes assets.

Gains are not assets.

Gains are income.

This is another bad income tax.

HB2100 is the real answer.

The real hurdle will be the electorate, who doesn't want it.

A stupid bill. If anything, it should also not tax profits used to buy a primary residence.

@SROTU - the electorate doesn't want HB2100, either.

#5

The electorate wants HB2100

Democrats do not.

Democrats leaders are entrenched wealthy asset holder.

Under the guise of "helping the poor" all their actions are designed to kick down the ladder to the up and coming middle class.

They want a capital gains tax now to prevent someone else from climbing into the billionaire's circle, and hence devaluing their exclusive hold on everything.

The apparatchiks of SLOG, who are clearly under the spell of hypocritical Democrat leadership exhibit this.

Republicans and everyone else should support an Asset tax because it is market driven...those that get the most benefits, pay the most.

Select HB2100.

this is a great start in righting our horribly regressive & just plain old wrong tax system. i expect it fail horribly in the legislature.

But does it tax short and long-term differently (<1 yr and 1-5 yr respectively) like federal code does?

If we want to encourage long term, more durable investments while penalizing those who profit from speculative, high-risk non-productive paper-trading then our capital gains tax rates need to reflect that.

I suggest the following tax table, based on the length of time the investment is held before gain is realized:

5 or more years: 1%
1 - 5 years: 2%
6 - 12 months: 4%
1 - 6 months: 8%
7 - 30 days: 16%
1 - 7 days: 32%
less than 24 hours: 64%