Nick Hanauer Quotes
When you have a tax system in which most of the exemptions and the lowest rates benefit the richest, all in the name of job creation, all that happens is that the rich get richer.
Hanauer, Nick. "The Capitalist's Case for a $15 Minimum Wage." Bloomberg, 19 Jun. 2013.
The tax rates on income from working is much higher than on income generated from money which is invested. The reason for this is that the government wants economic growth and lowering the tax rate on investment profits will produce more investment which theoretically creates more jobs and strengthens the economy. However, most workers have no choice about whether they have to work. Lowering their tax rate will not induce them to work more. This not only produces a patently unfair burden on the worker compared to people who have capital to invest—usually among the wealthiest Americans. Another problem is that there are many forms of investment that does not produce any benefit for the United States. Many people invest in overseas banks, non American companies. These we tax at a low rate and all the benefits of the investment go to the foreign country.
Reacting to proposals to reduce the capital gains tax:
Nicolas Joseph Hanauer is an American entrepreneur and venture capitalist.