The "millionaires and billionaires" that the left ostensibly hates do not make their money through income or corporate bonuses. Individuals like Nancy Pelosi (who bought LEAP calls on Zoom in 2019, how convenient) make their fortune through capital gains.
We COULD have a more equitable society if we raised the capital gains tax.
Raising the income tax only hurts the upper-middle class and lower-upper class, effectively creating one giant middle class and one tiny legacy class.
The problem with raising capital gains tax is that it limits the middle class's ability to build wealth. If you think middle class people shouldn't be able to make money by investing, then you are doing it wrong.
I should also add that biden wants to do away with cap gains tax completely and tax all gains at ordinary income, in addition to raising the corporate and individual tax rates. They will probably take it one step further and reduce the amount of losses you can use to offset gains.
You might also need to be schooled as to why his plan to tax the recipient of any inheritance on the appreciation of the property will also make it impossible for the middle class to build or sustain wealth.
Your post is indicating you don't fully understand how taxes work.
Excellent post. I fear the whole point of taxing inheritance, punishing savings (low interest rates), and taxing capital gains is to purposefully destroy the family and the middle class in order to increase political power over us by eliminating any threat of "improper" wealth creation. The lack of true economic philosophy taught to children is a crime.