Alexandria Ocasio-Cortez (D-N.Y.) looked like a big bag of Chick- Fil-A at the Met Gala. As usual, she managed to steal the show. Of course, her designer white dress had a message that was a lot less subtle than most of the modern art at the Met: Tax the Rich! The hypocrisy and tone-deafness of the wealthy, unmasked attendees inspired most commentators. This is familiar territory. It has long puzzled conservatives why the wealthy support policies that seem to be aimed at them. After all, don’t these limousine liberals want to keep their money?
But this mystery can be solved.
First, the Left is fixated on income taxes. Hence, there is a lot of talk about CEO and worker pay disparities. But income taxes do not hurt the truly rich.
Income is taxed at comparatively high rates compared to capital gains. Thus, billionaire hedge fund owners pay much less on their investment income than the schlubs who make their money via salary. Even among those doing well, income..................
