Guest R. Kent Kirkwood in dailyherald: French economist shows how making the super-rich pay their fair share of taxes would close wealth gap.
French economist Thomas Piketty, in his 2013 book"Capital in the 21st Century," pointed out that the people who work for wages are fortunate if their net worth increases by 1% per year. However, people whose income is derived from investments have their net worth increase by 5% or more per year. The rich get richer. Surprise!
The United States developed a huge national debt from fighting the depression and fighting World War II. From 1945 to 1980 the national debt increased annually by about 4%. However, throughout that period we consistently reduced the debt while enjoying the greatest growth in wealth and income of all time. Up until the Reagan administration, our yearly national debt had never exceeded $1 billion.
by signing up you agree to our terms of service The United States is the wealthiest country that has ever existed. However, the vast majority of our citizens are unaware of the enormous wealth held by the top 1% of our citizens and, in particular, by the top one-tenth of 1% of our citizens. They could pay off our national debt with one half of their wealth and still be fabulously wealthy by most standards.
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