“I do think its unfair and absurd”
No, it’s not. Why, oh why, does everyone forget capital gains are double taxed? Why is the Vat such a deep, dark secret? To aski, I guess, is to answer my own question. It benefits the government to keep it secret, and so it shall be.
Oh, I don’t forget it, but many things are double taxed. Your salary income is taxed at the state, federal and sometimes city level. Then you pay a sales tax on what you have left everytime you purchase something. If you save that money or invest it, you’re taxed on the capital gains, and when you die, your descendants pay a death tax on what remains. The same income is taxed multiple times. I understand the reason for keeping the taxes on investment capital low, but we’ll never be able to keep up with the government’s revenue demands...the only way is to kill the spending beast and reduce the rates for everyone - including salary earners.