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…
No wonder the super wealthy plutocrats obtained the largest share of national income– 25% of the nation’s wealth- greater than any other industrial nation in the the period of 1979 to 2005. Make no mistake; after unemployment– this disparity between the 1%– 3 million– or the 0.1%– the 300,000– and the other 312 million citizens of the U.S. has become the major theme of the Occupy Wall Street movement– and an important national debate.
I commend you to the late Justice Louis Brandeis warning to the nation that ” We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can’t have both.” We have to make up our minds to restore a higher, fairer capital gains tax to the wealthiest investor class– or ultimately face increased social unrest.
Full article: The Top 0.1% Of The Nation Earn Half Of All Capital Gains – Forbes.
