And let’s close the loopholes that lead to inequality by allowing the top one percent to avoid paying taxes on their accumulated wealth. We can use that money to help more families pay for childcare and send their kids to college.
This is an utterly bizarre statement any way you cut it. It was lifted from the transcript, so it was not a mistake he made orally.
First of all, there are no taxes on accumulated wealth. There are taxes on income that wealth may produce, but if you put your wealth into a checking account that pays zero interest, there are no taxes on it. This is not a "loophole"in the tax law. It is the tax law.
Secondly, "loopholes" (even if they existed) do not produce inequality. What causes economic inequality are disparities in the ability to produce things of value for which others pay you. Inequality of skills and abilities has been the rule since recorded time. Yet the President thinks that inequality of wealth comes from something that the government does?
Thirdly,"we" can use that money? That is, that money you earned (after taxes) does not belong to you. Therefore it something that "we" can use for things that "we" feel like.
This is a very scary man who is not well connected to reality who mouths discredited Communist manifestos as if they were obvious givens.
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