The rich get richer | Arkansas Blog

Saturday, January 10, 2009

The rich get richer

Posted By on Sat, Jan 10, 2009 at 12:18 PM

This isn't really news, except for the update in worsening statistics: But yet another study shows that capital gains and investment tax cuts are of use primarily to the rich. (We can look all around us, too, to see how well they stimulate the economy and balance the federal budget.)

The latest data show that the top one-tenth of one percent of income earners get more than half the benefits of the reduced tax rate on capital gains and investment income. But wait, there's more: The top 5 percent of income earners get 90 percent of the tax breaks.

Conversely, the working stiff with a 401K gets to pay the full tax rate when he begins withdrawing whatever pittance he has remaining in his retirement account. Hey, fair is fair. The rich believe in taxing work, not wealth.

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