[quote=CA renter]
“The way you get rich in this world is not by working hard,” said Marty Sullivan, an economist and a contributing editor to Tax Analysts. “It’s by owning large amounts of assets and having those things appreciate in value.”[/quote]
Funny you quoted this. I would say this is common knowledge. My grandma, who can’t read and write would tell you the same thing. It has been this way for a very very long time in every nook and cranny of the world.
Some of the other arguments, I question whether it’s correlation vs causation. You can easily draw similar conclusion and say that the bottom 2 quantile tax rate have never paid less taxes than now and they never actually got money back until recent past.
As you stated, the truly weathly, get their income from cap gain. Very few times in the last 90s years where cap gain was equal or more than top marginal tax.
