And in addition to the 3 billionaires Bernie mentioned, we should also be worried about the expanding fortunes of multi-generational wealth dynasties
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American wealth inequality is staggering. A wealth tax, which would home in on the money people actually have, rather than just the money we earn and spend, could be a solution.
Between 1930 and 1980, the rate applied on the highest incomes was on average 81 percent, and the rate applied to the highest inherited estates was 74 percent. Clearly this did not destroy American capitalism.
Sanders plans to introduce an estate tax plan with rates up to 77 percent. The "For the 99.8% Act," would tax the estates of those who inherit more than $3.5 million. The proposal comes after Republican senators call for eliminating the estate tax.
The concentration of wealth in America has reached levels that make the gilt of the 19th century Gilded Age look like dross. There’s sound economic and social sense in taxing the hell out of excessive incomes and excessive wealth.
Persistently large wealth inequality leaves many African-Americans--as well as Latinos and some parts of the Asian-American communities--in a very precarious economic situation and poorly prepared for retirement.
Non-white workers build more wealth as union members
Job tenure, benefits create access to saving and investment
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More than 13m leaked files reveal the hidden wealth of some of the world’s richest people including sports stars, celebrities and heads of state. The Paradise Papers show how complex schemes set up in offshore islands can help the super-rich avoid billions in taxes.
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