I don't think the poster is implying that it replaces income tax, but that most very wealthy individuals make more of their income on the barely taxed capital gains side through investments as opposed to highly taxed wages. I'm a bit less clear on your last sentence, are you implying that they pay income tax on the investment gains in addition to the capital gains tax? If so, that is incorrect. Investments held less than one year are taxed at income tax rates, those held for more than one year are taxed as capital gains, but that money is not taxed a second time as income.

Isn't GOD an acronym for Grumpy Omnipotent Dude?

Huh? Where did you get this idea? Pattern Day Traders pay the same tax rates as everyone else, long term capital gains if held over a year (not really applicable to day trading) or taxed as income at your normal income tax rate if held less than a year. The only major difference from being identified as a PDT is that you must maintain a $25,000 balance in your trading account. There are actually tax breaks you can get if you can show that you make your living as a trader (under some very strict IRS definitions).