Having been an occasional beneficiary of former exemptions from tax on capital gains, I understand some of the attractions of capital gains tax exemption, but the recent arguments concerning this tax have led me to wonder about the logic or justice as it relates to securities.
Our economy is supported by numerous merchants. Some deal in suits or sinks. Others sell shoes or stocks. Except for the latter, these merchants accept more or less graciously the premise that they make or buy something for some cost and sell it for a higher price and pay a tax on the profit. Each of the enterprises provides employment for its personnel and customers for suppliers. Therefore, I am unable to understand just what is the premise that declares that stocks are a commodity in trade that should be subject to special consideration.