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Don’t want to pay cap gains taxes? • Use tax-advantaged account • Wait (TVM) • Wait (pay low LTCG rates) • Wait (for Congress to lower rates) • Buy owner-occupied housing • Donate to charity • Die • … Even better if you invest in volatile assets! lukestein.com/research/boguth-stein-tlhivol.pdf @BetseyStevenson/1083742661654265857