High interest rates lower federal government revenue by keeping stock prices low. Thus more borrowing must happen than if low interest rates pushed capital gains taxes into the treasury. Not only that, borrowing costs are higher and are spread over all the people (either in terms of more future taxes or less government handouts)…

So, in short, high interest rates function as a tax on everyone, not just the “rich” who own most financial assets.

This may be viewed as fair or unfair depending on your views regarding personal responsibility and the degree to which capitalism has been corrupted to benefit the wealthy at the expense of everyone else.