Read the following closely. Is it only me who sees a gap in the logic of all this?
How do the wealthy influence? More specifically who do they influence? Oh I have it, they influence the people we elect and re-elect and re-elect to represent us and act in the best interest of their constituents and the Country.
Here we have people who believe that making the wealthy unwealthy, by more taxes on their incomes and accumulated assets will improve the ethics and moral code of our elected representatives. How does that work?
Not only are top tax rates on ordinary income low by historical standards, the uber-wealthy also stockpile increasing amounts of capital income while paying little or no tax on those accretions of wealth. The resulting negative feedback loop—whereby the rich use their wealth to influence the U.S. political system to skew policy in their favor, including giving themselves even more tax cuts—undermines democracy. In many cases, this allows economic elites to get what they want, even if a majority of citizens disagree. The TCJA is a prime example of this problem. The bill passed into law despite overwhelming public opposition to tax cuts for the wealthy, and some lawmakers admitted that the motivation behind the bill was to satisfy political donors.