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I would have thought that something like this would be based on income, not capital gains.

In my understanding of the word capital gains are a subset of income.

Probably my UK bias showing - we have separate income and capital-gains taxes so I am used to thinking of them as different things although, as you point out, they are both "income".

But capital gains aren't taxed as income.

http://blogs.reuters.com/felix-salmon/2013/06/05/why-capital...

Why not? The state is gambling, shouldn't it be allowed to win?

My heart bleeds.