That and they don’t want more money in the hands of upper middle class and the tier above that. It would give that class which is mostly conservative more power to control their destinies and influence government. The super rich (most politicians and behind the scene power brokers) don’t pay income taxes they pay 20% on capital gains. They are UNAFFECTED and DON’T CARE!
Taxes are slavery, cut and dried.
It is like the false dream of home ownership. Ask the families who have family farms/ranches that are paid off or the family that paid of their mortgage only to lose that asset because they couldn’t pay their property taxes.
The super rich are hit in other ways. Capital gains taxes only hit after our VAT tax, the corporate tax, takes a bite out of profit. Then they pay all sorts of luxury, sin, and property taxes. Finally, upon death their legacy is gutted. We could have am aristocracy in thus country, and one based less on crime and corruption as throughout history, if gubmint would keep its greasy paws off private fortunes.
Ever wonder why we have no independent families which don’t Peter out in a generation or so? Why we conspicuously lack high culture? Why our great artists, for instance, are left to suckle on the dry teat of European tradition? Because we went straight from barbarism to decadence. Because as soon as we cut our way into the continent and built a civilization gubmint ate the profits up and belched out the damn TVA, public education, a couple of crappy World Wars, and cities no decent person wants to step foot in.