The U.S. has been taxing all capital gams regularly since 1913, but most other nations did not begin doing so until comparatively recent times. A summary of the situation in major industrial countries:
BRITAIN. Though unearned income is taxed at Shylockian rates of up to 98%, capital gains were not taxed at all in Britain until 1962. Now almost all profits from the sale of personal goods, property or stock are subject to a levy of 30%. Among the few exemptions from taxation are profits from the sale of a principal residence, automobiles and personal possessions sold for less than $2,000.
CANADA. Until...
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