The estate tax only kicks in at $5.4m in wealth — so it’s not about the “American worker”!
Repealing it would give away $270 billion to rich elites.
The concept of “double taxation” is a red herring, because most estates contain real estate assets whose capital gains have never been realized and taxed.
Inequality is the difference in measures of economic well-being between individuals in a group, among groups in a population, or among countries. Also known as economic inequality; inclusive of both income inequality and wealth inequality.
In the United States, the data broadly shows shared economic growth and prosperity in the post-WWII period until the 1970s, when things begin to take a turn: economic growth slowed and income inequality began to increase. For the past 40-50 years, income growth for lower and middle class Americans has stagnated while income growth at the top of the distribution remained growing strongly. Meanwhile as wages have stagnated, costs have risen dramatically, especially in key universal areas like housing, utilities, health care, and education.
Those at the top of the wealth distribution who benefit financially from the growing inequality find numerous ways to justify the architecture of the system, and retain much of the power and control over its design. Yet an overwhelming majority of the available historical and present-day data indicates that stark income inequality has wide-ranging negative effects on societies as a whole, from exacerbating social ills to deleterious effects on basic human needs.
Related effects
Endangers the basic viability of democracy by concentrating power vs. distributing it broadly
The vast majority of billionaires in the world got richer during the year of the pandemic — fantastically richer. And they still demand more!
Inequality grows and grows, warping both capitalism and government, and yet still the plutocrats press their advantage further while whining about their invented delusional oppression.
Certainly not all rich people are gigantic assholes, but a depressing many of them are. We can hang onto the good ones while tossing the others out of the Titanic lifeboats where their rugged masculinity can carry them to shore.
Much has been said regarding the so-called laziness of the poor. Hands have been wrung, glasses have been drained, Davos hotel rooms have been trashed year after year in elite consternation over The Perennially Perplexing Plight of the Poor.
Meanwhile in the American political landscape, the answer is already clear:
THEY’RE NOT WORKING HARD ENOUGH!!!!
But perhaps there’s some confusion over what is meant by the term “hard work” — certainly it’s ambiguous, and no one takes a pause in the middle of a vigorous, breathy debate to define their terms, curiously. So, for the barely literate cretins out there who can barely manage to hold down a job much less participate in the ever-prosperous U.S. economy — a visual guide: