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There's an important nuance between income and wealth here. Income tax takes money from the people who are still going to work to build their fortunes (and thos
by mrfredward 8y ago
There's an important nuance between income and wealth here. Income tax takes money from the people who are still going to work to build their fortunes (and those who are just getting by). The ones who have already made a fortune are only worried about the capital gains rate.
Billionaires who advocate for higher income tax, but not a higher capital gains rate, are just pulling up the ladder behind them. The article isn't explicit with what Dalio is advocating for here.
- dondawest 8y agoYou’re adding an incredibly relevant layer of nuance. Dallio’s plan is vague so his true intentions are illegible. People ascribing positive AND negative sentiments to him need to actually understand the policy changes he’s proposing (I.e. higher income rate vs capital gains rate) before passing judgement — and since he specifically has left it vague, I don’t see how anyone can judge his plan either positively or negatively: he has not even presented a specific plan!