There should be a tax on capital gains because it's income and the current law is that people pay taxes on their income. If we want to debate or reform that policy, perhaps we should, but then it should be targeted at all kinds of income taxes, not just capital gains taxes. Getting rid of capital gains taxes by themselves is simply a way to cut taxes on the rich, because the rich make more money through capital gains than poor people do.
Capital gains taxes are good for the welfare of all citizens. Tax revenue is the foundation of a successful society. That source of government revenue goes towards social programs and the advancement of society as a collective unit. Furthermore, it prevents people from becoming grossly rich, if you make billions you should have to give some back.
A capital gain is still income. Until Congress repeals income taxes, paying mandatory taxes to the U.S. Treasury is a way of life in America. Capital gains is regarded as an investment in another company. If there are alternate forms of taxes to be collected, then eliminating the capital gains tax is a good idea.
If you live in a society that allows you to invest and grow your wealth, you owe dues to that society in the form of taxes. Your investments are protected by the courts, and the businesses that grow do so because of the infrastructure, education, and other groundwork that was laid down by taxpayers before you. Even if you got rich due in part to your own hard work, you still owe society because no one truly makes it alone. That is a myth perpetrated by people who do not see the big picture.
The 401k was never meant to be a primary retirement product and will fail miserably as more and more persons enter retirement, relying heavily on their 401k's for income. Therefore it behooves the IRS encourage the best financial outcome possible for investors of other products to help shore up the inevitable 401k revenue gap.
It's a double tax, especially in the sale of a home. Why should one be penalized if there were savvy enough to make a profit off of the sale of their property. For some people, it's their livelihood, for others it's an investment. Either way you've already paid annual property taxes and should be taxes again.
As a teenager, I save every penny I get so that I can invest it, but because retarded liberals believe all investors are selfish billionaires people like me are taxed on our savings. It also discourages people to invest. If capital gains were not taxed people could have more money to invest in jobs.
Capital gains should not be taxed. And, if it is to be taxed, it should be taxed at a preferential rate.
High taxes on capital tend to have large amounts of deadweight loss, as capital income is very elastic with respect to tax rates. Given the importance of investment in economic growth, taxes on investment should remain low.
Taxing capital gains would be redundant and targeted at the government receiving income. The government can hardly control anything, just look at the Obamacare, which is currently a disaster, or the VA system, or the USPS, or a multitude of other government investments paid with by taxpayer dollars that fell to shortsightedness and incapacity to manage a business properly.