Dems and Pubbies alike do not understand the term.
An income statement versus a balance sheet are two different definitions of income versus wealth, or "rich."
Quite frankly, I'm fed up with this topic since so few have a clue.
If you want to nail down the balance sheet perspective, if I have 50 bucks in my savings account, that is an asset.; by third world standards, "I'm Rich."
You are right. It is usually the schedule "C" filers, those that run their own businesses, like the local plumber, or the guy that owns the convenience store, that get soaked by these soak the rich schemes. Want to know why folks like these can't provide their employees the benefits that one used to be able to expect? Look know further than the tax code.