Everyone loves to argue opinions on both sides. The fact is: income inequality leads to major economic issues. And currently, there is massive wealth concentration in the US.
Really, it is that simple. Sorry to disappoint those calling for deregulation and lower taxes on the rich.
Now, what IS a valid discussion is what classifies as “rich”. During the early 1900’s, the top tax bracket was $2M. And that was 100+ years ago. I think there is compelling evidence that lowering the top bracket to $250k was an intentional act to get upper-middle-class people on the same side as the actual rich.
$1M in 1910 = $22.7M in 2009, and $2M in 1910 = $45.4M in 2009. Food for thought…
