> The bigger issue with wealth inequality is the investor class and favorable treatment of capital (low capital gains tax rates, carried interest, shady real estate business, etc.)
It’s not that either. Total realized capital gains income in 2017 was $660 billion. 30% of that went to the bottom 99%. So you’re talking about $462 billion to the top 1%. Even totally confiscating that income and redirecting it to the bottom 99% would only increase income for the bottom 99% by 5.5%.
People see eye popping CEO pay but divvying up a few very high incomes doesn’t go far. 60% of all income is earned by the top 60-99%. 40% is earned by the top 20%. A lot of income inequality is driven not by CEOs and billionaires, but educated urban professionals. College administrators, programmers, doctors, IT managers, etc.
It’s not that either. Total realized capital gains income in 2017 was $660 billion. 30% of that went to the bottom 99%. So you’re talking about $462 billion to the top 1%. Even totally confiscating that income and redirecting it to the bottom 99% would only increase income for the bottom 99% by 5.5%.
People see eye popping CEO pay but divvying up a few very high incomes doesn’t go far. 60% of all income is earned by the top 60-99%. 40% is earned by the top 20%. A lot of income inequality is driven not by CEOs and billionaires, but educated urban professionals. College administrators, programmers, doctors, IT managers, etc.