- Feb 12, 2005
Correct. But that has nothing to do with any kind of "transfer of wealth". The wealth that "the rich" have didnt used to be in the bank or investment accounts of the middle or lower class. There is no "transfer of wealth".
And you really need to clairify your comments instead of making broad sweeping ones. Obama is rich. Clinton is rich. Bush is rich. They ALL pay a higher percentage of federal income taxes than I do. As they should. The scenario youre talking about - making 95+% of your income from capital gains - affects VERY few people.
Capital gains is one very easy to communciate example of how the progressive tax system has been hijacked by lobby. There are literally hundreds if not thousands of similar impacting tax code.
If joe the tradesman pays %25 effective tax and mittens pays %13 effective tax over the span of 20 years, what do you think occurs?