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Nothing meaningful will trickle down to blue collar / minimum wage jobs from these types of "changes" because capital gains taxes are much lower than income tax
by airstrike 4y ago
Nothing meaningful will trickle down to blue collar / minimum wage jobs from these types of "changes" because capital gains taxes are much lower than income taxes. If you 80-20 the issue of inequality, this is what you should spend most of the time discussing. The fact that many can afford to let money sit in the bank earning virtually risk-free ~7-8% year (~3% for "true" risk free) and pay ~20% on those gains instead of the fucking 42% of our income some of us pay in places like NYC is where this is really at
Increasing capital gains taxes would have obvious meaningful implications for financial markets, so the debate really should be about what's the lesser of two evils here: reducing inequality or reducing the strength of the US financial market. You decide.
- Tarsul 4y agoThank you for saying this so eloquently. It's a sad state where this elephant in the room isn't talked or acknowledged really. Well, ok, it's politically "unfeasable" but still if we don't even acknowledge it, nothing real will change. The other elephant in the room that no one talks about is that housing shouldn't be that much of a problem in a country where the population is not growing (but it is because it is used as an asset although it should be for living not for wealth growth, thus having 2nd or 3rd homes should be massively discouraged through taxes).