AN ACT
To reform the taxation system
Be it enacted by the Senate of the Republic of Atlasia assembled
Section I. Title
This act may be cited as the Capital Gains Inflation Deduction Act.
Section II. Definition
CPI is the Consumer Price Index as published by the Bureau of Labor Statistics for any particular moment in time.
Section III. Capital Gains Inflation Deduction
A. As explained in Section II B, the portion of any capital gain that can be attributed to inflation is exempt from taxation.
B. For each capital gain derived from the sale of an asset, the product of the percentage change in CPI from the purchase of said asset to its sale and the purchase price is added to an individual's capital gains inflation deduction.
C. The total amount of an individual's capital gains inflation deduction is deductible from said individual's total capital gains tax liability for any given year. This deduction shall not be deductible from any other form of taxable income.
Section IV. Effective Date
This act shall be incorporated into to the tax code immediately.
Section V. Cost
This act is estimated to lower tax revenue by $15 billion annually.
The gentleman from New York is recognized.
I oppose this bill on the grounds of being against increased taxation.
