From 1982 to 2018 the share of U.S. wealth held by the 400 richest Americans is ...
WASHINGTON - From 1982 to 2018 the share of U.S. wealth held by the 400 richest Americans is estimated to have grown from 1% to around 3.5%, or probably around $3 trillion.
Saez, 48, has been involved in a series of what are considered groundbreaking studies of U.S. income, inequality and economic mobility that involved both developing techniques to impute income based on holdings of wealth, and extensive access to U.S. Internal Revenue records. Their work might have been little more than a provocative read on the economics circuit, had the idea of a wealth tax not been picked up by the two progressive politicians now vying with former vice president Joe Biden for first place in the Democratic Party’s nominating contest for the November 2020 presidential election.
Entrepreneur Andrew Yang said that implementing such a tax would be impractical. Former U.S. Representative Beto O’Rourke called it “punitive.” Amy Klobuchar, the Minnesota senator, said “when I look at this, I think about Donald Trump,” suggesting that it would be so unpopular it could help the Republican president’s re-election.WARREN vs. SANDERS
According to tables in a recent paper by Saez and Zucman, this would apply to around $11 trillion of holdings this year, producing revenue of at least $220 billion. Had the Warren proposal been in place since 1982, the share of wealth held by the top 400 would still have risen - but only to 2%. A higher tax rate of 10% on holdings above $1 billion, meanwhile, would have kept that group’s share of national wealth stable.
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