The wealth of the 400 richest Americans doubled in the last decade. (Photo: Dean Chahim/flickr/cc)
'Ten Year Challenge' for 400 Wealthiest Americans Shows Fortunes Doubled Since 2009 While Tax Rates Dropped
"Here's the thing: the way the system is set up, we're headed for another decade of this."
Exemplifying a national economy rigged in favor of the already rich, the wealthiest 400 people in the U.S. enjoyed a drop in their tax rate from 2009 to 2019 even as they enjoyed a drop in their tax rate.
University of Calfornia Berkeley economist Gabriel Zucman--citing the social media meme known as the "ten year challenge"--crunched the numbers Sunday in a tweet, finding that the total wealth of the 400 richest Americans jumped from $1.27 trillion to $2.96 trillion. The tax rate fell from 27% to 23% in that time.
As Gravity Payments CEO Dan Price pointed out on Twitter, the real increase of the wealth was not double due to inflation, but was nonetheless a staggering 136%.
"Here's the thing," tweeted Price. "The way the system is set up, we're headed for another decade of this."
As Business Insider explained, the jump in wealth is due to a number of factors, including taxes:
Zucman and Emmanuel Saez--another economist at the University of California he's partnered with--have argued that the relatively small tax burdens of the wealthy are the product of decisions made by American lawmakers, whether directly or through congressional gridlock. Tax avoidance has also become more common.
Congress has cut taxes on capital gains and estates over the years. And the top income tax rates were slashed six times since 1980, some with the support of Democrats, The Washington Post reported. In 2010, President Obama delayed ending the George W. Bush tax cuts by two years, and Congress allowed it to expire in 2013.
As Common Dreams contributor Norman Solomon noted on November 7, the increasing concentration of wealth in the hands of the superrich is creating a situtation where it's harder and harder to ignore the consequences of such inequality.
"In the real world, class warfare--or whatever you want to call it--has always been an economic and political reality," wrote Solomon.
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
Exemplifying a national economy rigged in favor of the already rich, the wealthiest 400 people in the U.S. enjoyed a drop in their tax rate from 2009 to 2019 even as they enjoyed a drop in their tax rate.
University of Calfornia Berkeley economist Gabriel Zucman--citing the social media meme known as the "ten year challenge"--crunched the numbers Sunday in a tweet, finding that the total wealth of the 400 richest Americans jumped from $1.27 trillion to $2.96 trillion. The tax rate fell from 27% to 23% in that time.
As Gravity Payments CEO Dan Price pointed out on Twitter, the real increase of the wealth was not double due to inflation, but was nonetheless a staggering 136%.
"Here's the thing," tweeted Price. "The way the system is set up, we're headed for another decade of this."
As Business Insider explained, the jump in wealth is due to a number of factors, including taxes:
Zucman and Emmanuel Saez--another economist at the University of California he's partnered with--have argued that the relatively small tax burdens of the wealthy are the product of decisions made by American lawmakers, whether directly or through congressional gridlock. Tax avoidance has also become more common.
Congress has cut taxes on capital gains and estates over the years. And the top income tax rates were slashed six times since 1980, some with the support of Democrats, The Washington Post reported. In 2010, President Obama delayed ending the George W. Bush tax cuts by two years, and Congress allowed it to expire in 2013.
As Common Dreams contributor Norman Solomon noted on November 7, the increasing concentration of wealth in the hands of the superrich is creating a situtation where it's harder and harder to ignore the consequences of such inequality.
"In the real world, class warfare--or whatever you want to call it--has always been an economic and political reality," wrote Solomon.
Exemplifying a national economy rigged in favor of the already rich, the wealthiest 400 people in the U.S. enjoyed a drop in their tax rate from 2009 to 2019 even as they enjoyed a drop in their tax rate.
University of Calfornia Berkeley economist Gabriel Zucman--citing the social media meme known as the "ten year challenge"--crunched the numbers Sunday in a tweet, finding that the total wealth of the 400 richest Americans jumped from $1.27 trillion to $2.96 trillion. The tax rate fell from 27% to 23% in that time.
As Gravity Payments CEO Dan Price pointed out on Twitter, the real increase of the wealth was not double due to inflation, but was nonetheless a staggering 136%.
"Here's the thing," tweeted Price. "The way the system is set up, we're headed for another decade of this."
As Business Insider explained, the jump in wealth is due to a number of factors, including taxes:
Zucman and Emmanuel Saez--another economist at the University of California he's partnered with--have argued that the relatively small tax burdens of the wealthy are the product of decisions made by American lawmakers, whether directly or through congressional gridlock. Tax avoidance has also become more common.
Congress has cut taxes on capital gains and estates over the years. And the top income tax rates were slashed six times since 1980, some with the support of Democrats, The Washington Post reported. In 2010, President Obama delayed ending the George W. Bush tax cuts by two years, and Congress allowed it to expire in 2013.
As Common Dreams contributor Norman Solomon noted on November 7, the increasing concentration of wealth in the hands of the superrich is creating a situtation where it's harder and harder to ignore the consequences of such inequality.
"In the real world, class warfare--or whatever you want to call it--has always been an economic and political reality," wrote Solomon.