Income Inequality At All Time High: New Study.
A new economic study shows that income inequality is at an all-time high. The top 1% of Americans gained over 50% of all economic growth from 1993-2007. Why does this matter? We don’t think that everyone needs to have exactly the same amount of wealth, do we? No. I believe in a more complex form of equality than that. But this means that the super rich got much richer while everyone else went backward or stayed the same–often by working multiple jobs.
Basic to the American idea of equality of opportunity (I believe in more than this, but this is deep in our national consensus morality) is the absence of an aristocracy and the ability to move out of one economic class into another. But we have been moving away from this. Economic mobility is now easier in Britain (which still has an aristocracy) than in the U.S. which supposedly doesn’t.
The implications of this study are wide reaching–far beyond what I can reflect on here. But I would say this is a strong argument for the reintroduction of the inheritance tax on property of a $1 million or more. It’s not a “death tax,” but an anti-aristocracy tax.
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