The wealth has barely been taxed at all. Wealth comes from holding assets not from labor, and asset ownership is barely taxed:
1. stocks and commercial real estate are allowed to appreciate without taxation (unlike personal residences outside Cali),
2. multinationals wrote for themselves obscure tax rules so they end up paying almost no tax,
3. interest expense for companies and ultra high net worth individuals is subtracted from taxable income (for personal mortgages the interest expense deduction is capped)
4. Rich people organize their assets so estate taxes do not tax their estates when they die and thus their wealth goes to their children.
Well, no, it hasn't. Much of the wealth is in the form of unrealized capital gains. It won't be taxed until it becomes a realized capital gain, that is, until the underlying asset is sold.
Be honest.
It has been taxed once at 1/3 the rate that wages are taxed.
Capital gains gets taxed at 10% (which is how rich people get their money). Poor people pay about 30% of their income in tax.
Our tax system disproportionately favors the wealthy. I know. I’ve been poor, I’ve worked minimum wage. Now I make much more money and the I’ve watched the tax system favor me more the more I make.
