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[–] polygontranslucent 0 points 5 points 5 points (+5|-0) ago
Income tax is on income, capital gains tax is on capital gains, generally speaking assets aren't taxed ( other then something like property tax )
So if you have a million dollars in the bank, that is not taxed, but the interest on it is, if you have a million dollars in stocks the value of the stocks aren't taxed, what you earn is, or in the case of a loss, deducted from your income.
Special rules apply a many cases, for example the sale of you primary home isn't subject to capital gains.
A top marginal tax rate of say 90% as it was back in the 1950s doesn't mean people pay 90% of their income in taxes.
http://www.investopedia.com/ask/answers/05/marginaltaxrate.asp
Then there are ways to avoid the tax, namely don't take it as income. A business owner for example could plow money back into his business instead of taking a high income to avoid the income tax. Money could be put into retirement funds, or some type of a tax free investment.
http://www.forbes.com/sites/baldwin/2011/02/10/ten-ways-to-invest-tax-free/