[antr]

It's disappointing to see how these sort of articles mix "wealth growth" (i.e. a paper gain such as the increase in the value of your house), with income tax. How easy it is to mislead people to take a side on the rich vs poor politically-driven fight.

[xbpx]

Since the 80s Raegan era cuts, inequality has grown massively owing to reduction of wealth, capital gains and inheritance taxes.

The end result is a much more unequal society with the attendant effects on politics, happiness and social stability.

The rise of the nativist right, the skewing of Dems to educated progressive elite and the abandonment of the bottom 50%.

If it is income, wealth tax, capital or some new form, the outcome has been clear. This article shows the process of rising inequality.

Income tax or not.

[antr]

    >> If it is income, wealth tax, capital or some new form, the outcome has been clear.

In 1980 the US Govt collected $517 billion in taxes ($1.68 trillion in 2020 terms). In 2020 this number was $3.71 trillion. So then, the US Govt is collecting over 2.2x in taxes and inequality keeps getting worst.

How can it be that with more tax revenues, people are worst off?

[hemantv]

And US has become global powerhouse with world technology companies on its soil due to incentives provided by government to setup new businesses.

Would you prefer a world more of these tech giants were in China