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Regulatory capture benefits a percentage of the wealthy. Value creation still explains the growth, which has been substantial. If you tax both groups punitively without fixing the regulatory environment, you ultimately funnel wealth from value creators to rent-seekers.
The idea that wealth has been taken from the poor/middle class is wholly unsupported — *growth* has been slower there (even stagnant, for the worst off). The problem is real, but misrepresenting it causes us to make stupid decisions.
