President Biden has proposed increasing the rate at which capital gains are taxed on anyone earning more than $1m a year. That’s .3% of people or 3 in 1,000.
Why are so many of the 99.7% of people for whom the tax increase is completely irrelevant so upset at the proposal?
What’s the principle at work? Millionaires are an aggrieved group who deserve a break from people of ordinary means?