Resolved:The United States should abolish the capital gains tax.
Pro_________________________________
· People should keep the money that they make from a sale
· It would allow certain people to make more money
· It would make it easier for older people to retire, because lots of the time people will sell many of their belongings to help them retire.
· The Laffer curve shows that the gov will receive more tax income because the less an activity is being taxed the more of it that is generated.
· By eliminating the capital gains tax it would increase economic growth because it would encourage people to buy and sell more and invest in more businesses without the fear of being taxed for it.
· Eliminating this tax would allow average citizens to generate more income because they would be able to buy and sell items to generate more money.
· Getting rid of the tax could stop some tax fraud because people wouldn't have to lie to keep the money they made in capital gain.
· There are lots of people that would rely on the money that they would make from capital gains so if the tax like a family that needs to sell their house to move to a new location. If the tax was taken away people would be able to keep more of the money that they need.
Con_________________________________
· The tax doesn't affect people in a big way
· By doing this taxes would be much more complex as stated by brookings.edu
· There are people that make a living on selling things more than they bought them for so abolishing this tax would make it so that they have a lower tax rate than a minimum wage worker.
· The tax allows richer people to gain more money because they are being taxed less because lots of them make money off of capital gain.
· By abolishing this tax thousands of people would not have to may lots of taxes because they make their living off of the capital gain that they get from selling houses or stock.
· If this tax is abolished the government will want to make up for the money that they are no longer making, so they could end up increasing taxes for people leaving people worse off than when they started.
· The thousands of people that have gotten rich off of investing or selling stock would be able to get even richer because they would be getting taxed less based on how they make their money which would make that unfair to regular people who work hard for their income and don't deserve to be paying m...
