Bill: Rejected Capital Gains Tax Act

[HugeBob]

A
BILL
To

Create a Capital Gains Tax​

The people of the Commonwealth of Redmont, through their elected Representatives and Senators in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:

1 - Short Title and Enactment
(1) This Act may be cited as the “Capital Gains Tax Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by hugebob23456.
(4) Co-Sponsored by awwwimnicki and Bubba_Tea_.

2 - Reasons
(1) Wealthy individuals park their wealth in the stock market as a means of concealing their wealth, evading taxes, and increasing their wealth without producing anything.

3 - Terms
(1) Whenever any entity, player or otherwise, sells and/or buys stock, crypto, equity, or other non-material asset/security as defined by the DEC to another entity, they must open a DEC ticket (or other mechanism decided by the DEC) and disclose the amount of money that the stock was sold for. As a means of fraud prevention, both the seller and buyer are obligated to open DEC tickets separately.
(2) The seller must pay the Government an amount equal to 5% of the net gains, deducting any carried over losses as defined in Section 3 Subsection 3.
(a) Net gains shall be calculated as the price at which the seller has sold the asset(s) minus the price at which the seller originally acquired the asset(s).
(3) In the event that someone has sold an asset or assets at a net loss, they still must report this loss to the DEC. However, this loss may be carried over to future sales of assets without expiration.
(4) Private entities that facilitate the exchange of non-material assets/securities as defined by the DEC are also expected to open a DEC ticket (or other mechanism decided by the DEC) to prevent fraud.
(5) The sale of a non-material asset or security without disclosure to the DEC (through whatever mechanism the DEC establishes), or without payment of lawfully owed Capital Gains Taxes, shall be considered criminal Tax Evasion.