[kuhhk]

>It's 13% - that's about the same as sales tax in many places

No, not really.. You're free to choose states with sensible department of revenues.

Wyoming has a 4-6% sales tax, nowhere near the 13% you're arguing about. If capgains of 13% is levied upon 10mil, that's 1.3mil.... while Wyoming's 4-6% sales tax is (obviously less than half that) only levied upon actual purchases (which in practice is way lower).

[vidarh]

> No, not really..

Seeing as they're talking about 99% of the world elsewhere, it is reasonable to consider sales tax and VAT other than just the US. The vast majority of the worlds population live in countries with VAT rates at or above 13%

Only 3 European countries have VAT rates below 17% (Liechtenstein, Andorra and Switzerland). 19 countries in the Americas have VAT rates at 13% or above. 16 Asian countries (including China and India) have VAT rates at 13% or above. Only 8 of 55 African countries have VAT below 13%

Most also have capital gains tax and dividend taxes well over 13%

[jfk13]

If I'd hit the startup jackpot and found myself with $10M of stock, and wanted to turn it into cash, I think I could afford $1.3M of tax. The remaining $8.7M would keep me pretty comfortable for now.

[cmpolis]

That's just the bill for state tax (need to consider federal, property, sales tax)

[splendidtube]

Except that is just state tax. Add in federal and you’re looking at a combined 50%.