3 ms·

High marginal income tax rates are designed to keep you from building wealth-- the capital-holding classes don't want the competition for assets.

• moorhosj 8y ago
  Income tax rates are not the problem, stagnating wages are the problem.
  • WalterBright 8y ago
    High marginal tax rates create a major barrier for building wealth.
• aphextron 8y ago
  >High marginal income tax rates are designed to keep you from building wealth-- the capital-holding classes don't want the competition for assets. This was my first thought as well when looking at the new Republican tax brackets. They're throwing peanuts at the poor in the form of a minuscule tax break, while simultaneously cutting off their ability to ever actually build wealth by raising the middle rates.
• vkou 8y ago
  That's because income tax for workers is a tax on revenue. The rich are taxed on capital gains - which is a tax on profit. As it turns out, getting taxed on revenue is far more punishing.
• seiferteric 8y ago
  I actually just had this thought the other day. It used to be that most people didn't even pay income tax. I realized that income tax is like "regulatory capture" for the wealthy and acts as a barrier from the poor/middle class from moving up. If we really want to touch the rich, we would have to have more capital gains tax, wealth tax, inheritance tax etc.