… give or take
Continuing from Part 2, reasons why the rich are taxed less than everyone else in America. // 5. The rich spend less and save more It is a very common observation in economics that people with greater incomes tend to save more of their money. This is true not just in absolute terms, but in [...]
// Continuing from Part 1, reasons why the rich are taxed less than everyone else in America. 3. The rich enjoy outsize influence over the government The wealthiest Americans enjoy significant influence over the political and legislative process. They are able to nudge policy in this or that direction through their campaign donations, influence peddling [...]
On the surface, it may seem that the rich in America pay more in taxes than the middle class or poor. And technically, this is true. The tax code applies higher marginal income tax rates the further up on the income scale one gets. But this is only half the story. There are several key [...]
// A recent piece on Business Insider displayed a slew of interesting charts detailing different aspects of the rise in inequality in the US in the recent decades. The state of American inequality is either a shocking revelation or a banal cliche, depending on your point of view. All of the stats displayed were interesting, [...]
// One of the most brilliant characterizations I have yet heard of the American economic system was given by Stephen Bannon (director of the recent documentary “Generation Zero”), on Sean Hannity’s show: “we have socialism for the very poor, and we have socialism for the wealthy; we have capitalism for the middle class.” It is [...]
