OPINION: The rich are getting much richer, thanks to large capital gains and favorable tax breaks.
U.S. income inequality grew in 2021 for the first time in a decade, according to data the Census Bureau released in September 2022.
In a society with perfect equality—meaning everyone receives an equal share of the pie—the Gini coefficient would be 0. In the most unequal society conceivably possible, where a single person hoarded every penny of that nation’s wealth, the Gini coefficient would be 1. Drivers of extreme income and wealth Large increases in executive pay are contributing to higher levels of income inequality.
This calculation does not even count the effects of tax breaks, which often slash the real-world capital-gain tax to much lower levels. Globally, inequality is so extreme that the world’s 10 richest men possess more wealth than the 3.1 billion poorest people, Oxfam has calculated.
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