Monday, November 24, 2025

the middle class drives the economy, not the elite wealth now skewed more than ever! New Oxfam report

 Eisenhower had a 91% marginal tax rate on the rich. Now the top .1% owns 24% of Wall street wealth. The "bottom half" pays a higher percentage of their wages in payroll tax than the rich because social security tax is regressive. Prices are a private tax while taxes are democratic. Wages have not gone up with productivity while taxes on the rich have gone down. New November 2025 Oxfam report

 "in 2024, 60% of billionaire wealth came from inheritance, cronyism, or monopoly power, with wealth increasing three times faster than in 2023. The 10 richest U.S. billionaires got $698 billion wealthier, and the arrival of the world’s first trillionaire grew more imminent. Between 1989 and 2022, a household at the 99th percentile (the cutoff for the top 1%) gained over $8.35 million, while the median U.S. household gained less than $83,000, and a household at the 20th percentile, less than $8,500. a household that would just qualify for the top 0.1% gained $39.5 million between 1989 and 2022, while in 2025,

the share of total assets owned by the top 0.1% hit its highest on record (12.6% of total assets)....
tax reforms passed in July 2025 as part of the One Big Beautiful Bill Act (OBBBA) will reduce the tax bill of the highest-earning 0.1% by an estimated $311,000 in 2027, while the lowest-income households—those making less than $15,000 annually—are expected to face tax increases. The bottom half of the U.S. owns just 1.1% of the stock market. ), the U.S. has the highest rate of relative poverty, the second-highest rate of child poverty and infant mortality, and the second-lowest life expectancy. A modest wealth tax on multimillionaires and billionaires could raise an estimated $414 billion to invest in social programs and fighting poverty."

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