Inequality: It’s Even Worse Than We Thought
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June 14 (Bloomberg) -- The current debate about rich andpoor -- the 1 percent versus the 99 percent -- is a bitmisleading because the evidence usually is data about income,not wealth. Looking at wealth would make the comparison evenstarker.
There are some nice deals to be had in the income tax codethese days, but most wealth accumulates and passes fromgeneration to generation with no tax at all. Warren Buffett (whohas selflessly taken on the role of all-purpose tape measure inthese matters) is worth $45 billion or so. Do you think that allof that $45 billion, or even most of it, has appeared on anyForm 1040 on its way to the cookie jar? Even at the special, low15 percent rate the U.S. insanely confers on capital gains?