Chapter 15

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The anti-tax crowd especially dislikes taxes on capital gains, which is things like your house gaining value or your retirement savings growing in whatever account it's in. They say that taxing capital gains is double taxation because the money that you put into your account was taxed already when you earned it, and now here comes Capital Gains Tax to tax it yet again.

I think that this is a bunch of baloney. If you put $100 in the bank and a hundred years later it grows to $110, the capital gains tax isn't on the whole amount, it's only on the $10 gain.

Which is new income, right?