Jim, most working people’s income originates from the remuneration they get as hired hands. Consumerism and debt, the religion we are told that keeps this heaven on earth going, doesn’t leave much in the way of investing, does it , Jim. Think of your own life. But it’s a different picture for the wealthy, and certainly so for the top 1%. Even though the top tax rate maxes out at 39.6% for $470,700 and over, the richest 1% average just 33% of their income in taxes, since dividends and capital gains from investments are taxed at a total top rate of only 23.8 percent. The share the top 1% contribute to the aggregate figure of collected income tax in the US is due to the enormous wealth they’ve acquired in a system that they control, which only exposes the problem that much more. And that wealth has been increasing at an amazing rate while the bulk of the population of tax payers have had their income stagnate for generations. It’s tough to miss this, Jim. Especially in the Information Age, which in mere minutes delivers ample amounts of unadulterated and non-conflated stats
Take a breath and put things into perspective. This has nothing to do with ‘liberal’ and ‘conservative’, meanings of which have changed over the last century in this country to become something that doesn’t even remotely resemble their origins.
Take you comment: “a loss carry forward offsets taxable income. Which then reduces tax liability.”
What that means for the wealthy, Jim, is that costs, risks, debts are socialized. The government, meaning the rest of the tax paying society, takes the hit for that. While glorious profits are saluted and run up the flagpole, they’re privatized. But how could it be any other way, since they paid for the best government money can buy. Even George Soros said his secretary pays a higher percentage in taxes than he does, no doubt provoking calls that he’s a ‘traitor to his class’. A ‘class’ that lives in a society of whom permits a small percentage to vacuum out vast resources and wealth from that society yet forever looks upon that society as the enemy. Perhaps because they feel that one day that society will reach out and grab them by the throat. Now why would they think that?