As calls for a wealth tax grow, here's how wide the wealth gap is.
Eight years after the anti-Wall Street Occupy movement brought the “99 percent” into the national conversation, and with it a focus on the wealthiest 1 percent, these proposals take aim at the 0.1 percent of American households. These, the ultra-wealthy, are the ones who would pay the wealth tax.
The richest Americans made significantly more money. Public records show that Amazon CEO Jeff Bezos, Oracle Chairman Larry Ellison, and Facebook founder Mark Zuckerberg were all paid more than $1 million in 2016. Ellison made significantly more, at $41 million. And while income inequality by itself isn’t necessarily harmful, experts say the extreme concentration of wealth in the hands of a few is bad for the economy.
repeatedly pointed out that he pays a lower tax rate on the money he makes each year than his employeesWealth tax advocates say that taxing assets and not just income would provide additional revenue for the government while also lowering the wealth inequality gap.Two frontrunners for the 2020 Democratic presidential nomination have revealed plans to tax the assets of the extremely wealthy.
A third plan, floated by Ocasio-Cortez, would not tax assets. Instead, it would raise the top marginal tax rate for those earning more than $10 million to 70 percent. “I don’t think a tax on wealth is going to be easy to ignore, and unless noncompliance is really costly, I’d bet you’ll see wealth flee or hide.”
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