
Free Market Myths: How the ultra-rich sustain control and a growing share of the nation’s vast wealth
The Congressional Budget Office released a study of trends in the distribution of family wealth between 1989 and 2019 on September 27. Over those 30 years, the richest 1% of families increased their share of total national wealth from 27% to 34%. Families in the bottom half of the economy now hold a mere 2%. Meanwhile, a record share of the nation’s wealth remains in the hands of the nation’s billionaires, who are also paying a lower tax rate than the average American. How do the ultra-wealthy justify their wealth and their low tax rates? By using three myths...
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