Why does this amazing video now have over 5,000,000 views? Because it shatters Americans’ perception of just how bad wealth inequality has become in America.
It’s based on Dan Ariely and Michael Norton’s 2011 study and it helps visually illuminate facts that are nearly impossible to comprehend — such as finding out that one family owns more wealth than the bottom 41.5 percent of America. However, when you see the situation laid out in the context of just 100 Americans, it becomes clear how much the richest 1 percent of the country has amassed.
As we’ve told you before, our progressive tax system is doing little to hedge this inequality. This probably has a lot to do with the fact that people who earn $450,000 a year pay the same tax rate as people who earn $450,000,000. In fact, because of tax breaks that benefit investors, it’s likely that the person earning $450,000,000 pays a lower tax rate.
Why are billionaires taxed so lightly? Maybe it’s because our political system is bent to serve their needs.
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Copyright 2013 The National Memo