Getting the Economy Moving

A certain branch of politics argues that a reduction in capital gains taxes primarily benefits “rich” Americans with incomes above $100,000. Probably true.

But they fail to mention that thousands--perhaps hundreds of thousands--of middle-aged and elderly Americans will report a $100,000-plus income only once in their lives. That one big, glorious, taxable year comes when they sell their house and downsize to a smaller place.

So after working for decades and seeing the value of a home go up, largely because of the illusory effects of inflation, these “rich” folks get the honor of paying a confiscatory tax rate based on that one shining year in a lifetime when their income crossed that magic $100,000 mark. The year before, and the year after, they’re just folks like us.

But heck, yes. Let’s stick it to those rich sons of. . . .

JIM SCHEFTER, Playa del Rey