And to think the GOP and quite a few Democrats buy into the baloney that we need to keep cutting capital gains taxes. How about seeing a majority in Washington give a damn about everyone else? It hasn't been part of the mainstream policy for decades, but it needs to be. Until someone dedicates themselves to bringing back the middle class and helping Americans other than the richest of the rich, neither party deserves any financial support of votes. Both parties are complete jokes and yes, anti-American.
This disgraceful statistic unfortunately has the fingerprints of both Democrats and Republicans and it has to change.
Capital gains are the key ingredient of income disparity in the US-- and the force behind the winner takes all mantra of our economic system. If you want even out earning power in the U.S, you have to raise the 15% capital gains tax.
Income and wealth disparities become even more absurd if we look at the top 0.1% of the nation's earners-- rather than the more common 1%. The top 0.1%-- about 315,000 individuals out of 315 million-- are making about half of all capital gains on the sale of shares or property after 1 year; and these capital gains make up 60% of the income made by the Forbes 400.
It's crystal clear that the Bush tax reduction on capital gains and dividend income in 2003 was the cutting edge policy that has created the immense increase in net worth of corporate executives, Wall St. professionals and other entrepreneurs.
