Monday, August 17, 2020

The Rich Get Richer

 America's 12 wealthiest now control $1 trillion of wealth. 

Between 1980 and 2018, tax law changes favoring the nation’s rich left our billionaires paying 79 percent less in taxes, as measured as a share of their wealth. 

The country’s top .01 percent, a group consisting of households with wealth in excess of $100 million, have seen their tax payments as a share of their wealth drop by almost as much, 73 percent.

An ultra-wealthy household that realizes $25 million in tax savings doesn’t rush out and spend that extra $25 million on food, home improvements, or new clothes. Most of those added millions just add to that ultra-wealthy household’s wealth and future wealth.

The share of America’s wealth that our top .01 percent hold has quadrupled, rising from 2.3 percent in 1980 to 9.6 percent in 2018. 

The incomes of the top .01 percent of our nation’s investors have, over the same years, jumped from 1.5 percent to 4.6 percent.

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