This study, writes reviewer Rosen, "assesses the growing gap between that super-rich millionaires and billionaires and ever-increasing number ordinary people who populate the planet."
While most Americans predominantly live off the income they earn from a job—income that is taxed all year, every year—the very richest households live lavishly off capital gains that may never be taxed.
Tax justice activists are pursuing the tax scofflaws. To escape taxes, it may not be enough for Jeff Bezos to move to Florida. He may have to move to Mars.
Congress hiked the nation’s top-bracket tax rate to around 90% for two decades to see the emergence in the United States of the world’s first mass middle class.
We need to greatly expand the role of fiscal policy relative to monetary policy and address inflation while also promoting low unemployment, needed new investments, decent wages and a much fairer distribution of income and wealth.
Instead of debating tweaks at the edges of our tax system, what we should be doing is stretching ourselves to imagine a world where billionaires are impossible.
The crisis of 2020 has created the greatest wealth gap in history. The middle class, capitalism and democracy are all under threat. What went wrong and what can be done?
The increase in US billionaire wealth has surpassed $1.1 trillion since mid-March, 2020, more than enough to pay for all the relief for working families contained in the $1.9 trillion coronavirus relief package proposed by President Biden.
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