Hacker News Reader

Apparently nobody understands that the super rich make their income from long term capital gains treatment on stocks and this won't touch the wealth of the top 1% meaningfully anyway.

TL;DR - Buffet, Gates, and Bezos will still be stupid rich and this won't solve anything.

View on HN

> Apparently nobody understands that the super rich make their income from long term capital gains treatment on stocks and this won't touch the wealth of the top 1% meaningfully anyway.

Then why not create a higher-rate long term capital gains tax-bracket for those people, when you're also increasing the income tax rate for them?

Yes exactly, we need a progressive capital gains tax as well as a progressive income tax.

The other aspect is you just have corporations buying assets for the use of their owners which sidesteps income tax as a whole.

Reply on news.ycombinator.com