Most of the American middle class does not own stocks separately from a 401k or other retirement savings vehicle. Also, the 40% rate wouldn't kick in for incom

Most of the American middle class does not own stocks separately from a 401k or other retirement savings vehicle. Also, the 40% rate wouldn't kick in for incomes below $1 million. Someone making a $1 million a year is not middle class and indeed would be in the top 0.01% of all earners, worldwide.