It’s Time for Wealth Taxes on the Super-rich

It’s Time for Wealth Taxes on the Super-rich

Elon Musk’s estimated wealth is between $648 to $754 billion. Leading economists estimate that in 2019 23% of Americans had zero or negative wealth.  33% had less than $10,000, 50% had less than $57,000. The top .1% had over $19 million. These alarming numbers tell us there are good reasons for a wealth tax on the super-rich.

Highly reliable data shows that from 1990 to 2019 the bottom 50% got crunched while super-rich wealth zoomed up as the result of a super-rich campaign to rig the system. The bottom 50% lost two thirds of their wealth while super-rich wealth went up 3.1 times. The billionaire group did even better, their wealth went up 4.2 times. The chart below documents these bleak results.

Bottom 50% and top.1% Wealth Growth 1990 to 2019 (1990 white bar on left, 2019 orange bar on right)

Next week we will explore why strong medicine is needed

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