Robert Reich: Another tax scam for the rich

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Hard to believe, but the Trump administration is proposing yet another massive tax windfall for the rich.

It would be to reduce their capital gains taxes. Those are taxes on the increased value of their stocks and bonds, businesses, and other valuables, when they sell them. Trump would do this by eliminating whatever portion of that increased value was due to inflation.

Here are three reasons why reducing capital gains taxes would be another tax scam for the rich.

1. The people who’d get most of the benefits are already richer than ever and pay a lower effective tax rate than they have in decades. An estimated 63 percent of the benefits of this proposal would go to the wealthiest one-tenth of 1 percent of Americans, while the bottom 80 percent of us would get only 1 percent of its benefits, according to a University of Pennsylvania Wharton School analysis.

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Source: Salon | Robert Reich: Another tax scam for the rich


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