New York Times: A Man with a Plan for Inequality

Their largest holdings often include stocks. Which means that the lower tax rate on capital gains, combined with the deferral of taxing them, has enormous financial consequences, as Steve Wamhoff, of the Institute on Taxation and Economic Policy, explains on JustTaxes.org. “Wealthy households, who already own the most in assets, can defer paying tax and grow their wealth much more rapidly, while income most of us earn from work is taxed annually,” Wamhoff writes. “This is a massive tax break for the wealthy, and mark-to-market taxation would bring it to an end.” Read more

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