Capital gains represent increase in wealth in the economy, whether taxed preferentially or not.
The example remains the same even with 0 capital gains: After 40 years, at 0 gain, I've saved 20 times my annual income to support my family through retirement. Joe has saved 0.
How much of of my wealth do I need to give him?
Equal opportunity + freedom of choice = unequal outcomes
Capital gains represent increase in wealth in the economy, whether taxed preferentially or not.
The example remains the same even with 0 capital gains: After 40 years, at 0 gain, I've saved 20 times my annual income to support my family through retirement. Joe has saved 0.
How much of of my wealth do I need to give him?
Equal opportunity + freedom of choice = unequal outcomes