Berkeley tax economists Gabriel Zucman and Emmanuel Saez find fresh insights into wealth inequality in America.

Jacob Miramar

2019-06-27 10:39:00 Thu ET

Berkeley tax economists Gabriel Zucman and Emmanuel Saez find fresh insights into wealth inequality in America. Their latest estimates show that the top 0.1% of U.S. taxpayers control 20% of American wealth. This result represents the highest share since 1929. The top 1% of U.S. taxpayers control 39% of American wealth, whereas, the bottom 90% of U.S. taxpayers keep only 26% of American wealth. In contrast, the bottom half of Americans collectively have a negative net worth (i.e. total liabilities exceed total assets).

Zucman further finds that multinational corporations move 40% of their $600 billion offshore profits out of high-tax countries into lower-tax jurisdictions. With their main empirical results, Saez and Zucman both champion bold and aggressive tax policy recommendations. For instance, Senator Elizabeth Warren proposes a wealth tax that would rake in $2.8 trillion over the next decade. Warren confers with Saez and Zucman again before she floats a corporate tax on net profits above $100 million. This tax may raise $1 trillion over 10 years.  Further, New York congressional rep Alexandria Ocasio-Cortez proposes to hike the top marginal tax rate for Americans who earn annual income above $10 million. The Saez-Zucman empirical results lend credence to these bold tax policy proposals.

 


If any of our AYA Analytica financial health memos (FHM), blog posts, ebooks, newsletters, and notifications etc, or any other form of online content curation, involves potential copyright concerns, please feel free to contact us at service@ayafintech.network so that we can remove relevant content in response to any such request within a reasonable time frame.

Blog+More

We share Warren Buffett's famous quotes on fundamental stock investment.

Charlene Vos

2017-07-19 11:35:00 Wednesday ET

We share Warren Buffett's famous quotes on fundamental stock investment.

This brief article encapsulates the timeless wisdom of Warren Buffett's famous quotes on fundamental stock investment, fear and greed, patience, risk co

+See More

President Trump's current trade policies appear like the Reagan administration's protectionist trade policies back in the 1980s.

Apple Boston

2018-07-03 11:42:00 Tuesday ET

President Trump's current trade policies appear like the Reagan administration's protectionist trade policies back in the 1980s.

President Trump's current trade policies appear like the Reagan administration's protectionist trade policies back in the 1980s. In comparison to th

+See More

State, society, and the narrow corridor to liberty

Joseph Corr

2023-09-28 08:26:00 Thursday ET

State, society, and the narrow corridor to liberty

Daron Acemoglu and James Robinson show a constant economic tussle between society and the state in the hot pursuit of liberty. Daron Acemoglu and James R

+See More

AYA fintech finbuzz analytic report on the global macro economic outlook Winter-Spring 2020

Andy Yeh Alpha

2020-02-02 11:32:00 Sunday ET

AYA fintech finbuzz analytic report on the global macro economic outlook Winter-Spring 2020

Our fintech finbuzz analytic report shines fresh light on the current global economic outlook. As of Winter-Spring 2020, the analytical report delves into t

+See More

President Donald Trump criticizes Amazon over taxes and jobs.

Monica McNeil

2017-08-19 14:43:00 Saturday ET

President Donald Trump criticizes Amazon over taxes and jobs.

In a recent tweet, President Donald Trump criticizes Amazon over taxes and jobs. Without providing specific evidence, Trump accuses of the e-commerce retail

+See More

The Federal Reserve System conducts monetary policy decisions, interest rate adjustments, and inter-bank payment operations.

Dan Rochefort

2023-03-28 11:30:00 Tuesday ET

The Federal Reserve System conducts monetary policy decisions, interest rate adjustments, and inter-bank payment operations.

The Federal Reserve System conducts monetary policy decisions, interest rate adjustments, and inter-bank payment operations. Peter Conti-Brown (2017)

+See More