Forget the 1%; Let’s discuss the 0.01%


Source: Chicago Booth

 

This is a long read for the weekend, but given the state of the tax debate, and the Chicago school of thought, this is a timely deep dive into current issues of inequality:

“Since the Great Recession, America’s wealthiest 1 percent have been demonized as fat cats who have grown ever richer while the middle class has stagnated. While protesters have called for the 1 percent to be taxed more heavily, economists have been digging into data to develop a better understanding of who the top earners are.

These economists have been seeking to measure income inequality and wealth inequality, and to understand the nature of the 1 percent’s income and assets. And views differ. Some say the 1 percent are predominantly entrepreneurs and the “working rich,” people who made their money by starting and running successful businesses. Other economists note that a significant proportion of the 1 percent are the heirs of wealth accumulated over time.

But the data also reveal disparities within the 1 percent. The 1 percent, it turns out, have their own 1 percent…”

 

Check out the full piece here . . .

 


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