Rich getting richer

Not that this will be a surprise but via Kevin Drum, I learned that the Federal Reserve has released a set of economic data that among other things shows that the gap between the rich and the poor has indeed been getting bigger at an astonishing rate within the last 25 years, with the top 3% making enormous gains at the expense of the bottom 90%, with the balance 7% remaining relatively stable.


Again, to no one’s surprise, this correlates with the fact that the average tax rates paid by the rich has also been steadily declining. Note that these are the average rates, not the marginal ones.



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