A record share of the nation’s wealth is in the hands of billionaires, who pay a lower tax rate than the average American. This is indefensible
by Robert Reich
Part 1
On Tuesday, the Congressional Budget Office released a study of trends in the distribution of family wealth between 1989 and 2019.
Over those 30 years, the richest 1% of families increased their share of total national wealth from 27% to 34%. Families in the bottom half of the economy now hold a mere 2%.
Meanwhile, a record share of the nation’s wealth remains in the hands of the nation’s billionaires, who are also paying a lower tax rate than the average American.
How do the ultra-wealthy justify their wealth and their low tax rates? By using three myths – all of which are utter rubbish.
Over those 30 years, the richest 1% of families increased their share of total national wealth from 27% to 34%. Families in the bottom half of the economy now hold a mere 2%.
Meanwhile, a record share of the nation’s wealth remains in the hands of the nation’s billionaires, who are also paying a lower tax rate than the average American.
How do the ultra-wealthy justify their wealth and their low tax rates? By using three myths – all of which are utter rubbish.
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