Taxes on income aren’t taxes on the wealthy. They’re taxes on people who WORK. The wealthy aren’t touched by these.
Sick of this LIE told again and again and again by socialist and other leftscum politicians!
that is correct. capital gains and dividends are the bulk of what the very wealthy are taxed on and the rates are much lower than for the ordinary income tax. That is how Warren Buffett pays a smaller percentage of his income than many of his employees (in all fairness, Buffett is publicly against this).
You hit the nail on the head with this one. This is the fundamental change in the last 100 years. 100 years ago, the wealthy were wealthy through inheritance. The upper middle class were basically the sons of those with an inheritance, who could afford to become Ivy League educated doctors and lawyers.
Today, in a case of class warfare run amok, we have redefined the growing upper middle class as "the rich". Work an 80-hour a week job in sales so the wife can stay home with the kids? You're "the rich". Bust your ass in med school to earn big bucks, but after malpractice insurance and hundreds of thousands in student loans, are you living like a CPA, not a MD? You're "the rich". Spend five years as a county prosecutor, get your shot with a law firm, only to find out you need to book 60 billable hours a week for the next five years to make partner? You're "the rich". Have two good middle class incomes, but at the cost of nannies and daycare? You're "the rich". Graduate cum laude in engineering, but spend 4 nights a week away from home as a consultant? You're "the rich".