Earlier quoted context omitted.
I feel the same way. I am a voluntarist so I do not think forced wealth redistribution is the answer. But it’s clear to me that there are ways we can move to different businesses structures and property norms so that massive wealth has a tendency to be distributed throughout the population rather than concentrating in few hands. It’s a challenge, for sure. And some proposed solutions may cause more harm that good. Bu…
If rich people payed tax at the same rate as ordinary people, we'd be living in the same system without harmful extremes of inequality.
> In 2016, the bottom 50 percent of taxpayers—those with adjusted gross incomes (AGI) below $40,078—earned 11.6 percent of total AGI. However, this group of taxpayers paid just 3 percent of all income taxes in 2016.
> In contrast, the top 1 percent of all taxpayers (taxpayers with AGI of $480,804 and above), earned 19.7 percent of all AGI in 2016, and paid 37.3 percent of all federal income taxes. The top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined, who paid 30.5 percent of all income taxes.