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You know who's rich? The guy in the debate that claim the capital gain tax shouldn't have been increased.
I'm sorry as long as my hard labour income is taxed more, then capital gains aren't taxed enough.
@hub When I look at all the exemptions they seem very generous. No tax on principal residence. $250k/yr exemption (so if a couple sold a cottage for a *gain* of $500k, like bought at $750k, sold years later for $1.25m, they'd pay no tax). Additional $1.25m lifetime per person exemption.
And of course you pay tax on only 50% of anything *above* these exemptions instead of on 33%.
News articles and programs never go over the actual numbers.
Cry me a river.