Friday, February 5, 2016
Who Benefits From Rubio's Tax Plan?
Marco Rubio's tax plan eliminates the tax on capital gains and dividend income. Previous cuts in those taxes by GOP administrations have lowered them well below the taxes that most of us pay for earned income from wages. A graph in this post shows the distribution of taxes paid on capital gains and dividend income. The great majority of the taxes are paid by those in the top 0.1% and the remainder in the top 1%. Cutting these taxes does nothing for the economy, and it shifts the tax burden to other tax payers. All of the GOP candidates have proposed tax cuts for the wealthiest Americans but Rubio has outdone them all. Its no wonder that he is the favored candidate within the GOP establishment.