That’s mostly irrelevant. If you had a trillion dollars in muni bonds and no other income, your federal tax rate would be zero. (And that’s a constitutional t

That’s mostly irrelevant. If you had a trillion dollars in muni bonds and no other income, your federal tax rate would be zero. (And that’s a constitutional thing, too). The other aspect is long term capital gains rate. Raising that has historically hurt capital formation, which, while it hurts those at the top, creates situations like the late 70’s for the rest of the population.