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class="vector-toc-list"> </ul> </li> <li id="toc-U.S._stock_market_ownership_distribution" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#U.S._stock_market_ownership_distribution"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>U.S. stock market ownership distribution</span> </div> </a> <ul id="toc-U.S._stock_market_ownership_distribution-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Causes_of_wealth_inequality" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Causes_of_wealth_inequality"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Causes of wealth inequality</span> </div> </a> <button aria-controls="toc-Causes_of_wealth_inequality-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Causes of wealth inequality subsection</span> </button> <ul id="toc-Causes_of_wealth_inequality-sublist" class="vector-toc-list"> <li id="toc-Economic_inequality" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_inequality"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Economic inequality</span> </div> </a> <ul id="toc-Economic_inequality-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Racial_disparities" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Racial_disparities"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Racial disparities</span> </div> </a> <ul id="toc-Racial_disparities-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effect_on_democracy" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" 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vector-toc-level-2"> <a class="vector-toc-link" href="#Estate_tax"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Estate tax</span> </div> </a> <ul id="toc-Estate_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Increased_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Increased_tax"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Increased tax</span> </div> </a> <ul id="toc-Increased_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Taxation_of_wealth" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Taxation_of_wealth"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>Taxation of wealth</span> </div> </a> <ul id="toc-Taxation_of_wealth-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Limiting_stock_buybacks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" 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data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><p class="mw-empty-elt"> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:US_Wealth_Inequality_-_v2.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/US_Wealth_Inequality_-_v2.png/340px-US_Wealth_Inequality_-_v2.png" decoding="async" width="340" height="234" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/US_Wealth_Inequality_-_v2.png/510px-US_Wealth_Inequality_-_v2.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ea/US_Wealth_Inequality_-_v2.png/680px-US_Wealth_Inequality_-_v2.png 2x" data-file-width="728" data-file-height="500" /></a><figcaption>CBO Chart, U.S. Holdings of Family Wealth 1989 to 2013. The top 10% of families held 76% of the wealth in 2013, while the bottom 50% of families held 1%. Inequality increased from 1989 to 2013.<sup id="cite_ref-CBO_2013_1-0" class="reference"><a href="#cite_note-CBO_2013-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>The <a href="/wiki/Inequality_of_wealth" class="mw-redirect" title="Inequality of wealth">inequality of wealth</a> (i.e. inequality in the distribution of <a href="/wiki/Resources" class="mw-redirect" title="Resources">assets</a>) has substantially increased in the United States in recent decades.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Wealth commonly includes the values of any homes, automobiles, personal valuables, businesses, <a href="/wiki/Savings" class="mw-redirect" title="Savings">savings</a>, and <a href="/wiki/Investment" title="Investment">investments</a>, as well as any associated debts.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-AP-20140127_4-0" class="reference"><a href="#cite_note-AP-20140127-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Although different from <a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">income inequality</a>, the two are related. Wealth is usually not used for daily expenditures or factored into household budgets, but combined with income, it represents a family's total opportunity to secure stature and a meaningful <a href="/wiki/Standard_of_living" title="Standard of living">standard of living</a>, or to pass their <a href="/wiki/Social_class_in_the_United_States" title="Social class in the United States">class status</a> down to their children.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Moreover, wealth provides for both short- and long-term financial security, bestows social prestige, contributes to <a href="/wiki/Political_power" class="mw-redirect" title="Political power">political power</a>, and can be leveraged to obtain more wealth.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Hence, wealth provides mobility and agency—the ability to act. The accumulation of wealth enables a variety of freedoms, and removes limits on life that one might otherwise face. </p><p><a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> data indicates that as of Q4 2021, the top 1% of households in the United States held 30.9% of the country's wealth, while the bottom 50% held 2.6%.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> From 1989 to 2019, wealth became increasingly concentrated in the top 1% and top 10% due in large part to corporate stock ownership concentration in those segments of the population; the bottom 50% own little if any corporate stock.<sup id="cite_ref-Vox_DFA_8-0" class="reference"><a href="#cite_note-Vox_DFA-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> From an international perspective, <a href="/wiki/List_of_countries_by_wealth_per_adult" title="List of countries by wealth per adult">the difference in the US median and mean wealth per adult</a> is over 600%.<sup id="cite_ref-databook2018_9-0" class="reference"><a href="#cite_note-databook2018-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> A 2011 study found that US citizens across the <a href="/wiki/Political_spectrum" title="Political spectrum">political spectrum</a> dramatically underestimate the current level of <a href="/wiki/Wealth_inequality" class="mw-redirect" title="Wealth inequality">wealth inequality</a> in the US, and would prefer a far more <a href="/wiki/Egalitarian" class="mw-redirect" title="Egalitarian">egalitarian</a> distribution of wealth.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>During the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, the wealth held by billionaires in the U.S. increased by 70%,<sup id="cite_ref-picchi_11-0" class="reference"><a href="#cite_note-picchi-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> with 2020 marking the steepest increase in billionaires' share of wealth on record.<sup id="cite_ref-wir2022_12-0" class="reference"><a href="#cite_note-wir2022-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Statistics">Statistics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=1" title="Edit section: Statistics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1237032888/mw-parser-output/.tmulti">.mw-parser-output .tmulti .multiimageinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .tmulti .multiimageinner img{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .tmulti .multiimageinner img{background-color:white}}</style><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:442px;max-width:442px"><div class="trow"><div class="theader">Net personal wealth in the U.S. since 1962</div></div><div class="trow"><div class="tsingle" style="width:219px;max-width:219px"><div class="thumbimage" style="height:162px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_linear_scale_-_US.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_linear_scale_-_US.svg/217px-1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_linear_scale_-_US.svg.png" decoding="async" width="217" height="163" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_linear_scale_-_US.svg/326px-1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_linear_scale_-_US.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1e/1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_linear_scale_-_US.svg/434px-1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_linear_scale_-_US.svg.png 2x" data-file-width="1000" data-file-height="750" /></a></span></div><div class="thumbcaption">The average personal wealth of people in the top 1% is more than a thousand times that of people in bottom 50%.<sup id="cite_ref-WID_through_2021_13-0" class="reference"><a href="#cite_note-WID_through_2021-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup></div></div><div class="tsingle" style="width:219px;max-width:219px"><div class="thumbimage" style="height:162px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_logarithmic_scale_-_US.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e1/1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_logarithmic_scale_-_US.svg/217px-1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_logarithmic_scale_-_US.svg.png" decoding="async" width="217" height="163" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e1/1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_logarithmic_scale_-_US.svg/326px-1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_logarithmic_scale_-_US.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e1/1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_logarithmic_scale_-_US.svg/434px-1962-_Net_personal_wealth_-_average_in_percentile_ranges_-_logarithmic_scale_-_US.svg.png 2x" data-file-width="1000" data-file-height="750" /></a></span></div><div class="thumbcaption">The logarithmic scale shows how wealth has increased for all percentile groups, though moreso for wealthier people.<sup id="cite_ref-WID_through_2021_13-1" class="reference"><a href="#cite_note-WID_through_2021-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup></div></div></div></div></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Average_and_median_household_wealth_by_age_group_in_the_United_States.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Average_and_median_household_wealth_by_age_group_in_the_United_States.png/220px-Average_and_median_household_wealth_by_age_group_in_the_United_States.png" decoding="async" width="220" height="160" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Average_and_median_household_wealth_by_age_group_in_the_United_States.png/330px-Average_and_median_household_wealth_by_age_group_in_the_United_States.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Average_and_median_household_wealth_by_age_group_in_the_United_States.png/440px-Average_and_median_household_wealth_by_age_group_in_the_United_States.png 2x" data-file-width="3079" data-file-height="2241" /></a><figcaption>Average and median household income by age group</figcaption></figure> <p>In 2007, the top 20% of the wealthiest Americans possessed 80% of all financial assets.<sup id="cite_ref-Hurst,_page_34_14-0" class="reference"><a href="#cite_note-Hurst,_page_34-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> In 2007 the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%. The top 20% of Americans owned 86% of the country's wealth and the bottom 80% of the population owned 14%. In 2011, financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 43%, the next 19% of Americans owning 50%, and the bottom 80% owning 7%.<sup id="cite_ref-ForbesJacobs_15-0" class="reference"><a href="#cite_note-ForbesJacobs-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> However, after the <a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a>, which began in 2007, the share of total wealth owned by the top 1% of the population grew from 35% to 37%, and that owned by the top 20% of Americans grew from 86% to 88%. The Great Recession also caused a drop of 36% in median household wealth, but a drop of only 11% for the top 1%, further widening the gap between the top 1% and the bottom 99%.<sup id="cite_ref-levyinstitute.org_16-0" class="reference"><a href="#cite_note-levyinstitute.org-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ForbesJacobs_15-1" class="reference"><a href="#cite_note-ForbesJacobs-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>According to <a href="/wiki/PolitiFact" title="PolitiFact">PolitiFact</a> and other sources, in 2011, the 400 wealthiest Americans had more wealth than half of all Americans combined.<sup id="cite_ref-PF-20110311_18-0" class="reference"><a href="#cite_note-PF-20110311-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-CNN-20100922_19-0" class="reference"><a href="#cite_note-CNN-20100922-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Inherited_wealth" class="mw-redirect" title="Inherited wealth">Inherited wealth</a> may help explain why many Americans who have become rich may have had a substantial head start.<sup id="cite_ref-Salon-20140324_20-0" class="reference"><a href="#cite_note-Salon-20140324-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ECO-20140318_21-0" class="reference"><a href="#cite_note-ECO-20140318-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> In September 2012, according to the <a href="/wiki/Institute_for_Policy_Studies" title="Institute for Policy Studies">Institute for Policy Studies</a>, over 60 percent of the <a href="/wiki/Forbes_400" title="Forbes 400">Forbes richest 400 Americans</a> grew up in substantial privilege.<sup id="cite_ref-OW-20120924_22-0" class="reference"><a href="#cite_note-OW-20120924-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Wealth_inequality_stats_from_Federal_Reserve.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Wealth_inequality_stats_from_Federal_Reserve.png/220px-Wealth_inequality_stats_from_Federal_Reserve.png" decoding="async" width="220" height="194" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Wealth_inequality_stats_from_Federal_Reserve.png/330px-Wealth_inequality_stats_from_Federal_Reserve.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Wealth_inequality_stats_from_Federal_Reserve.png/440px-Wealth_inequality_stats_from_Federal_Reserve.png 2x" data-file-width="913" data-file-height="807" /></a><figcaption>Distribution of household wealth for the Top 1% and Bottom 50% in the U.S. since 1989, from the Federal Reserve (Wealth by wealth percentile group (Shares (%))). Colored regions indicate the presidencies of Bill Clinton, George W. Bush, Barack Obama, and Donald Trump, respectively.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>In 2013, wealth inequality in the U.S. was greater than in most developed countries, other than <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a> and <a href="/wiki/Denmark" title="Denmark">Denmark</a>.<sup id="cite_ref-Weissmann_24-0" class="reference"><a href="#cite_note-Weissmann-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> In the United States, the use of offshore holdings is exceptionally small compared to Europe, where much of the wealth of the top percentiles is kept in offshore holdings.<sup id="cite_ref-Baldwin_2009_25-0" class="reference"><a href="#cite_note-Baldwin_2009-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> According to a 2014 <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> study, the ratio of wealth to household income is the highest it has been since the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>According to a paper published by the Federal Reserve in 1997, "For most households, pensions and <a href="/wiki/Social_Security_(United_States)" title="Social Security (United States)">Social Security</a> are the most important sources of income during retirement, and the promised benefit stream constitutes a sizable fraction of household wealth" and "including pensions and Social Security in net worth makes the distribution more even."<sup id="cite_ref-fibers_27-0" class="reference"><a href="#cite_note-fibers-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>In <i><a href="/wiki/Inequality_for_All" title="Inequality for All">Inequality for All</a></i>—a 2013 documentary, narrated by <a href="/wiki/Robert_Reich" title="Robert Reich">Robert Reich</a>, in which he argues that income inequality is the defining issue of the United States—Reich states that 95% of economic gains following the economic recovery which began in 2009 went to the top 1% of Americans (by net worth) (<a href="/wiki/HNWI" class="mw-redirect" title="HNWI">HNWI</a>).<sup id="cite_ref-Svaldi_28-0" class="reference"><a href="#cite_note-Svaldi-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>A September 2017 study by the Federal Reserve reported that the top 1% owned 38.5% of the country's wealth in 2016.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>According to a June 2017 report by the <a href="/wiki/Boston_Consulting_Group" title="Boston Consulting Group">Boston Consulting Group</a>, around 70% of the nation's wealth will be in the hands of millionaires and billionaires by 2021.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>A 2019 study by economists <a href="/wiki/Emmanuel_Saez" title="Emmanuel Saez">Emmanuel Saez</a> and <a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a> found that the average effective tax rate paid by the richest 400 families (0.003%) in the US was 23 percent, more than a percentage point lower than the 24.2 percent paid by the bottom half of American households.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Tax_Policy_Center" title="Tax Policy Center">Urban-Brookings Tax Policy Center</a> found that the bottom 20 percent of earners pay an average 2.9 percent effective income tax rate federally, while the richest 1 percent paid an effective 29.6 percent tax rate and the top 0.01 percent paid an effective 30.6 percent tax rate.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> In 2019, the <a href="/wiki/Institute_on_Taxation_and_Economic_Policy" title="Institute on Taxation and Economic Policy">Institute on Taxation and Economic Policy</a> found that when state and federal taxes are taken into account, however, the poorest 20 percent pay an effective 20.2 percent rate while the top 1 percent pay an effective 33.7 percent rate.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>Using Federal Reserve data, the <i>Washington Center for Equitable Growth</i> reported in August 2019 that: "Looking at the cumulative growth of wealth disaggregated by group, we see that the bottom 50 percent of wealth owners experienced no net wealth growth since 1989. At the other end of the spectrum, the top 1 percent have seen their wealth grow by almost 300 percent since 1989. Although cumulative wealth growth was relatively similar among all wealth groups through the 1990s, the top 1 percent and bottom 50 percent diverged around 2000."<sup id="cite_ref-WC_Eq_35-0" class="reference"><a href="#cite_note-WC_Eq-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>According to an analysis of <i><a href="/wiki/Survey_of_Consumer_Finances" title="Survey of Consumer Finances">Survey of Consumer Finances</a></i> data from 2019 by the <a href="/wiki/People%27s_Policy_Project" title="People's Policy Project">People's Policy Project</a>, 79% of the country's wealth is owned by millionaires and billionaires.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>Also in 2019, <a href="/wiki/PolitiFact" title="PolitiFact">PolitiFact</a> reported that three people (less than the 400 reported in 2011) had more wealth than the bottom half of all Americans.<sup id="cite_ref-PF-20190703_38-0" class="reference"><a href="#cite_note-PF-20190703-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-PF-20110310_39-0" class="reference"><a href="#cite_note-PF-20110310-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>During the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, the wealth held by billionaires in the U.S. increased by 70%.<sup id="cite_ref-picchi_11-1" class="reference"><a href="#cite_note-picchi-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> According to the 2022 <a href="/wiki/World_Inequality_Report" class="mw-redirect" title="World Inequality Report">World Inequality Report</a>, "2020 marked the steepest increase in global billionaires' share of wealth on record."<sup id="cite_ref-wir2022_12-1" class="reference"><a href="#cite_note-wir2022-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>As of late 2022, according to <i><a href="/wiki/Snopes" title="Snopes">Snopes</a></i>, 735 billionaires collectively possessed more wealth than the bottom half of U.S. households ($4.5 trillion and $4.1 trillion respectively). The top 1% held a total of $43.45 trillion.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Late_18th_century">Late 18th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=2" title="Edit section: Late 18th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the late 18th century, “incomes were more equally distributed in colonial America than in any other place that can be measured,” according to Peter Lindert and Jeffrey Williamson. The richest 1 percent of households held only 8.5% of total income in the late 18th century. The <a href="/wiki/Gini_coefficient" title="Gini coefficient">Gini coefficient</a>, which measures inequality on a scale from 0 to 1(with 1 being very high inequality) was 0.367 in New England and the Middle Atlantic, as compared to 0.57 in Europe. Some reasons for this include the ease that the average American had in buying <a href="/wiki/American_frontier" title="American frontier">frontier</a> land, which was abundant at the time, and an overall scarcity of labor in non-slaveholding areas, which forced landowners to pay higher wages. There were also relatively few poor people in America at the time, since only those with at least some money could afford to come to America.<sup id="cite_ref-:1_41-0" class="reference"><a href="#cite_note-:1-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="19th_century">19th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=3" title="Edit section: 19th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Inequality grew in the 19th century; between 1774 and 1860, the Gini coefficient grew from 0.441 to 0.529. In 1860, the top 1 percent collected almost one-third of <a href="/wiki/Property_income" title="Property income">property incomes</a>, as compared to 13.7% in 1774. There was a great deal of competition for land in the cities and non-frontier areas during this time period, with those who had already acquired land becoming richer than everyone else. The newly burgeoning <a href="/wiki/Financial_services_in_the_United_States" title="Financial services in the United States">financial sector</a> also greatly rewarded the already-wealthy, as they were the only ones financially sound enough to invest.<sup id="cite_ref-:1_41-1" class="reference"><a href="#cite_note-:1-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Early_20th_century">Early 20th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=4" title="Edit section: Early 20th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a>, using income tax records and his research-based estimates, showed a reduction of about 10% in the movement of national income toward the top 10% of wealth-owners, a reduction from about 45–50% in 1913 to about 30–35% in 1948.<sup id="cite_ref-Kuznets_42-0" class="reference"><a href="#cite_note-Kuznets-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> This period spans both The <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> and <a href="/wiki/World_War_II" title="World War II">World War II</a>, events with significant economic consequences. This is called the <a href="/wiki/Great_Compression" title="Great Compression">Great Compression</a>. <a href="/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">Franklin D. Roosevelt's</a> establishment of social programs under the <a href="/wiki/New_Deal" title="New Deal">New Deal</a> and efforts towards wealth redistribution also reduced wealth inequality.<sup id="cite_ref-:1_41-2" class="reference"><a href="#cite_note-:1-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="1989—current"><span id="1989.E2.80.94current"></span>1989—current</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=5" title="Edit section: 1989—current"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237032888/mw-parser-output/.tmulti"><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:666px;max-width:666px"><div class="trow"><div class="tsingle" style="width:220px;max-width:220px"><div class="thumbimage" style="height:163px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:2021_Household_wealth_by_percentile_-_United_States.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/2021_Household_wealth_by_percentile_-_United_States.svg/218px-2021_Household_wealth_by_percentile_-_United_States.svg.png" decoding="async" width="218" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/2021_Household_wealth_by_percentile_-_United_States.svg/327px-2021_Household_wealth_by_percentile_-_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/79/2021_Household_wealth_by_percentile_-_United_States.svg/436px-2021_Household_wealth_by_percentile_-_United_States.svg.png 2x" data-file-width="1000" data-file-height="750" /></a></span></div><div class="thumbcaption">Though the 10th percentile of American households have zero net worth, the 90th percentile has $1.6 million of household wealth.<sup id="cite_ref-WealthPercentile_2021_43-0" class="reference"><a href="#cite_note-WealthPercentile_2021-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup></div></div><div class="tsingle" style="width:220px;max-width:220px"><div class="thumbimage" style="height:163px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:2021_Median_household_wealth,_by_highest_educational_attainment_-_US.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/76/2021_Median_household_wealth%2C_by_highest_educational_attainment_-_US.svg/218px-2021_Median_household_wealth%2C_by_highest_educational_attainment_-_US.svg.png" decoding="async" width="218" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/76/2021_Median_household_wealth%2C_by_highest_educational_attainment_-_US.svg/327px-2021_Median_household_wealth%2C_by_highest_educational_attainment_-_US.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/76/2021_Median_household_wealth%2C_by_highest_educational_attainment_-_US.svg/436px-2021_Median_household_wealth%2C_by_highest_educational_attainment_-_US.svg.png 2x" data-file-width="1000" data-file-height="750" /></a></span></div><div class="thumbcaption">Higher educational attainment in the US corresponds with higher household wealth.<sup id="cite_ref-WealthEducation_2021_44-0" class="reference"><a href="#cite_note-WealthEducation_2021-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup></div></div><div class="tsingle" style="width:220px;max-width:220px"><div class="thumbimage" style="height:163px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:2021_Median_wealth_by_marital_status_-_US.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/2021_Median_wealth_by_marital_status_-_US.svg/218px-2021_Median_wealth_by_marital_status_-_US.svg.png" decoding="async" width="218" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/2021_Median_wealth_by_marital_status_-_US.svg/327px-2021_Median_wealth_by_marital_status_-_US.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/2021_Median_wealth_by_marital_status_-_US.svg/436px-2021_Median_wealth_by_marital_status_-_US.svg.png 2x" data-file-width="1000" data-file-height="750" /></a></span></div><div class="thumbcaption">Median wealth of married couples is almost three times that of single individuals, regardless of gender and across all age categories.<sup id="cite_ref-WealthMaritalStatus_2021_45-0" class="reference"><a href="#cite_note-WealthMaritalStatus_2021-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup></div></div></div></div></div> <div class="mw-heading mw-heading4"><h4 id="Effect_of_stock_market_gains">Effect of stock market gains</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=6" title="Edit section: Effect of stock market gains"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Federal Reserve publishes information on the distribution of household assets, debt, and equity (net worth) by quarter going back to 1989. The tables below summarize the net worth data, in real terms (adjusted for inflation), for 1989 to 2022, and 2016 to 2022.<sup id="cite_ref-FRED_Real_Net_Worth_46-0" class="reference"><a href="#cite_note-FRED_Real_Net_Worth-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Fed_DNA_47-0" class="reference"><a href="#cite_note-Fed_DNA-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> Journalist <a href="/wiki/Matthew_Yglesias" title="Matthew Yglesias">Matthew Yglesias</a> explained in June 2019 how the ownership of stock has driven wealth inequality, as the bottom 50% has minimal stock ownership: "...[T]he bottom half of the income distribution had a huge share of its wealth tied up in real estate while owning essentially no shares of corporate stock. The top 1 percent, by contrast, wasn't just rich — it was specifically rich in terms of owning companies, both stock in publicly traded ones ("corporate equities") and shares of closely held ones ("private businesses")...So the value of those specific assets — assets that people in the bottom half of the distribution never had a chance to own in the first place — soared."<sup id="cite_ref-Vox_DFA_8-1" class="reference"><a href="#cite_note-Vox_DFA-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/NPR" title="NPR">National Public Radio</a>, also known as NPR, reported in 2017 that the bottom 50% of U.S. households (by net worth) have little stock market exposure (neither directly nor indirectly through 401k plans), writing: "That means the stock market rally can only directly benefit around half of all Americans — and substantially fewer than it would have a decade ago when nearly two-thirds of families owned stock."<sup id="cite_ref-NPR_Stocks_48-0" class="reference"><a href="#cite_note-NPR_Stocks-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <tbody><tr> <th>Household Net Worth </th> <th>Top 1% </th> <th>90th to 99th </th> <th>50th to 90th </th> <th>Bottom 50% </th> <th>Total </th></tr> <tr> <td>Q3 1989 ($ trillions) </td> <td>11.51 </td> <td>18.26 </td> <td>17.72 </td> <td>1.86 </td> <td>49.35 </td></tr> <tr> <td>Q1 2022 ($ trillions) </td> <td>47.07 </td> <td>56.85 </td> <td>42.79 </td> <td>3.92 </td> <td>150.63 </td></tr> <tr> <td>Increase ($ trillions) </td> <td>35.56 </td> <td>38.59 </td> <td>25.07 </td> <td>2.06 </td> <td>101.28 </td></tr> <tr> <td>% Increase </td> <td>309% </td> <td>211% </td> <td>141% </td> <td>111% </td> <td>205% </td></tr> <tr> <td>Share of Increase (Increase/Total Increase) </td> <td>35.1% </td> <td>38.1% </td> <td>24.8% </td> <td>2.0% </td> <td>100% </td></tr> <tr> <td>(Intentionally left blank) </td></tr> <tr> <td>Share of Net Worth Q3 1989 </td> <td>23.3% </td> <td>37.0% </td> <td>35.9% </td> <td>3.8% </td> <td>100% </td></tr> <tr> <td>Share of Net Worth Q1 2022 </td> <td>31.3% </td> <td>37.7% </td> <td>28.4% </td> <td>2.6% </td> <td>100% </td></tr> <tr> <td>Change in Share </td> <td>+8.0% </td> <td>+0.7% </td> <td>-7.5% </td> <td>-1.2% </td> <td>0.0% </td></tr> </tbody></table> <p>The table below shows changes from Q4 2016 (the end of the Obama Administration) to Q1 2022.<sup id="cite_ref-FRED_Real_Net_Worth_46-1" class="reference"><a href="#cite_note-FRED_Real_Net_Worth-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <tbody><tr> <th>Household Net Worth </th> <th>Top 1% </th> <th>90th to 99th </th> <th>50th to 90th </th> <th>Bottom 50% </th> <th>Total </th></tr> <tr> <td>Q4 2016 ($ trillions) </td> <td>33.75 </td> <td>42.45 </td> <td>32.60 </td> <td>1.56 </td> <td>110.36 </td></tr> <tr> <td>Q1 2022 ($ trillions) </td> <td>47.07 </td> <td>56.85 </td> <td>42.79 </td> <td>3.92 </td> <td>150.63 </td></tr> <tr> <td>Increase ($ trillions) </td> <td>13.32 </td> <td>14.40 </td> <td>10.19 </td> <td>2.36 </td> <td>40.27 </td></tr> <tr> <td>% Increase </td> <td>39.5% </td> <td>33.9% </td> <td>31.3% </td> <td>151.3% </td> <td>36.5% </td></tr> <tr> <td>Share of Increase (Increase/Total Increase) </td> <td>33.1% </td> <td>35.7% </td> <td>25.3% </td> <td>5.9% </td> <td>100% </td></tr> <tr> <td>(Intentionally left blank) </td></tr> <tr> <td>Share of Net Worth Q4 2016 </td> <td>30.6% </td> <td>38.5% </td> <td>29.5% </td> <td>1.4% </td> <td>100% </td></tr> <tr> <td>Share of Net Worth Q1 2022 </td> <td>31.3% </td> <td>37.7% </td> <td>28.4% </td> <td>2.6% </td> <td>100% </td></tr> <tr> <td>Change in Share </td> <td>+0.7% </td> <td>-0.8% </td> <td>-1.1% </td> <td>+1.2% </td> <td>0.0% </td></tr> </tbody></table> <div class="mw-heading mw-heading2"><h2 id="Wealth_and_income">Wealth and income</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=7" title="Edit section: Wealth and income"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">Income inequality in the United States</a>, <a href="/wiki/Cycle_of_poverty" title="Cycle of poverty">Cycle of poverty</a>, and <a href="/wiki/Causes_of_income_inequality_in_the_United_States" title="Causes of income inequality in the United States">Causes of income inequality in the United States</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237032888/mw-parser-output/.tmulti"><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:442px;max-width:442px"><div class="trow"><div class="theader">Annual income and accumulated net worth, by age</div></div><div class="trow"><div class="tsingle" style="width:219px;max-width:219px"><div class="thumbimage" style="height:162px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:2022_Average_and_median_family_income,_by_age_-_US.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/2022_Average_and_median_family_income%2C_by_age_-_US.svg/217px-2022_Average_and_median_family_income%2C_by_age_-_US.svg.png" decoding="async" width="217" height="163" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/2022_Average_and_median_family_income%2C_by_age_-_US.svg/326px-2022_Average_and_median_family_income%2C_by_age_-_US.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/2022_Average_and_median_family_income%2C_by_age_-_US.svg/434px-2022_Average_and_median_family_income%2C_by_age_-_US.svg.png 2x" data-file-width="1000" data-file-height="750" /></a></span></div><div class="thumbcaption">Annual income of U.S. families is near its highest throughout the 35-64 age group.<sup id="cite_ref-FedReserveIncome_202312_49-0" class="reference"><a href="#cite_note-FedReserveIncome_202312-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup></div></div><div class="tsingle" style="width:219px;max-width:219px"><div class="thumbimage" style="height:162px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:2022_Average_and_median_family_net_worth,_by_age_-_US.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/82/2022_Average_and_median_family_net_worth%2C_by_age_-_US.svg/217px-2022_Average_and_median_family_net_worth%2C_by_age_-_US.svg.png" decoding="async" width="217" height="163" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/82/2022_Average_and_median_family_net_worth%2C_by_age_-_US.svg/326px-2022_Average_and_median_family_net_worth%2C_by_age_-_US.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/82/2022_Average_and_median_family_net_worth%2C_by_age_-_US.svg/434px-2022_Average_and_median_family_net_worth%2C_by_age_-_US.svg.png 2x" data-file-width="1000" data-file-height="750" /></a></span></div><div class="thumbcaption">Accumulated net worth of U.S. families peaks in the 65-74 year age group.<sup id="cite_ref-FedReserveNetWorth_202312_50-0" class="reference"><a href="#cite_note-FedReserveNetWorth_202312-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup></div></div></div></div></div> <p>There is an important distinction between <a href="/wiki/Income" title="Income">income</a> and <a href="/wiki/Wealth" title="Wealth">wealth</a>. Income refers to a flow of money over time, commonly in the form of a wage or salary; wealth is a collection of assets owned, minus liabilities. In essence, income is what people receive through work, retirement, or <a href="/wiki/Social_welfare" class="mw-redirect" title="Social welfare">social welfare</a> whereas wealth is what people own.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> While the two are related, <a href="/wiki/Income_inequality" class="mw-redirect" title="Income inequality">income inequality</a> alone is insufficient for understanding <a href="/wiki/Economic_inequality" title="Economic inequality">economic inequality</a> for two reasons: </p> <ol><li>It does not accurately reflect an individual's economic position.</li> <li>Income does not portray the severity of <a href="/wiki/Financial_inequality" class="mw-redirect" title="Financial inequality">financial inequality</a> in the United States.</li></ol> <p>In 1998, <a href="/wiki/Dennis_Gilbert_(sociologist)" title="Dennis Gilbert (sociologist)">Dennis Gilbert</a> asserted that the <a href="/wiki/Standard_of_living_in_the_United_States" title="Standard of living in the United States">standard of living</a> of the working and middle classes is dependent primarily upon income and wages, while the rich tend to rely on wealth, distinguishing them from the vast majority of Americans.<sup id="cite_ref-Gilbert_52-0" class="reference"><a href="#cite_note-Gilbert-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/United_States_Census_Bureau" title="United States Census Bureau">United States Census Bureau</a> formally defines income as money received on a regular basis (exclusive of certain money receipts such as capital gains) before payments on personal income taxes, social security, union dues, Medicare deductions, etc.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> By this official measure, the wealthiest families may have low income, but the value of their assets may be enough money to support their lifestyle. Dividends from trusts or gains in the stock market do not fall under the aforementioned definition of income, but are commonly the primary source of capital for the ultra-wealthy. Retired people also have little income, but may have a high net worth, because of money saved over time.<sup id="cite_ref-Keister,_page_65_54-0" class="reference"><a href="#cite_note-Keister,_page_65-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>Additionally, income does not capture the extent of wealth inequality. Wealth is most commonly obtained over time, through the steady investing of income, and the growth of assets. The income of one year does not typically encompass the accumulation over a lifetime. Income statistics cover too narrow a time span for it to be an adequate indicator of financial inequality. For example, the <a href="/wiki/Gini_coefficient" title="Gini coefficient">Gini coefficient</a> for wealth inequality increased from 0.80 in 1983 to 0.84 in 1989. In the same year, 1989, the Gini coefficient for income was only 0.52.<sup id="cite_ref-Keister,_page_65_54-1" class="reference"><a href="#cite_note-Keister,_page_65-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> The Gini coefficient is an economic tool on a scale from 0 to 1 that measures the level of inequality. 1 signifies perfect inequality and 0 represents perfect equality. From this data, it is evident that in 1989 there was a discrepancy in the level of economic disparity; the extent of wealth inequality was significantly higher than income inequality. Recent research shows that many households, in particular, those headed by young parents (younger than 35), minorities, and individuals with low educational attainment, display very little accumulation. Many have no financial assets and their total net worth is also low.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p><p>According to the <a href="/wiki/Congressional_Budget_Office" title="Congressional Budget Office">Congressional Budget Office</a>, between 1979 and 2007, incomes of the top 1% of Americans grew by an average of 275%.<sup id="cite_ref-Stupid_56-0" class="reference"><a href="#cite_note-Stupid-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> (Note: The IRS insists that comparisons of <a href="/wiki/Adjusted_gross_income" title="Adjusted gross income">adjusted gross income</a> pre-1987 and post-1987 are complicated by large changes in the definition of AGI, which led to households within the top income quintile reporting more of their income on their individual income tax form's AGI, rather than reporting their business income in separate corporate tax returns, or not reporting certain non-taxable income in their AGI at all, such as municipal bond income. In addition, IRS studies consistently show that a majority of households in the top income quintile have moved to a lower quintile within one decade. There are even more changes to households in the top 1%. Without including those data here, a reader is likely to assume households in the top 1% are almost the same from year to year.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2021)">citation needed</span></a></i>]</sup>) In 2009, people in the top 1% of taxpayers made $343,927 or more.<sup id="cite_ref-CNNstats_57-0" class="reference"><a href="#cite_note-CNNstats-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-CBPP_58-0" class="reference"><a href="#cite_note-CBPP-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-doubled_59-0" class="reference"><a href="#cite_note-doubled-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> According to US economist <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a> the richest 1% of Americans gained 93% of the additional income created in 2010.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> </p><p>A study by Emmanuel Saez and Piketty showed that the top 10 percent of earners earned more than half of the country's total income in 2012, the highest level recorded since the government began collecting the relevant data a century ago.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> People in the top one percent were three times more likely to work more than 50 hours a week, were more likely to be self-employed, and earned a fifth of their income as capital income.<sup id="cite_ref-What_Jobs_Do_They_Have_63-0" class="reference"><a href="#cite_note-What_Jobs_Do_They_Have-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> The top one percent was composed of many professions and had an annual turnover rate of more than 25%.<sup id="cite_ref-OECD2011_64-0" class="reference"><a href="#cite_note-OECD2011-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> The five most common professions were <a href="/wiki/Managers" class="mw-redirect" title="Managers">managers</a>, <a href="/wiki/Physicians" class="mw-redirect" title="Physicians">physicians</a>, <a href="/wiki/Administrator_(business)" class="mw-redirect" title="Administrator (business)">administrators</a>, <a href="/wiki/Lawyers" class="mw-redirect" title="Lawyers">lawyers</a>, and <a href="/wiki/Teachers" class="mw-redirect" title="Teachers">teachers</a>.<sup id="cite_ref-What_Jobs_Do_They_Have_63-1" class="reference"><a href="#cite_note-What_Jobs_Do_They_Have-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p><p>A 2022 study in PNAS found that earnings inequality in the United States did not increase over the preceding decade, marking the first reversal of rising earnings inequality since 1980. The reversal was due to a shrinking wage gap between low-wage workers and median-wage earners, which was due to broadly rising pay in low-wage professions. At the same time, the gap between median-wage workers and top earners widened.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="U.S._stock_market_ownership_distribution">U.S. stock market ownership distribution</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=8" title="Edit section: U.S. stock market ownership distribution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable" style="float:right; clear:right; margin-left:5px;"> <tbody><tr> <td colspan="2"><b>Stock owned by<br />richest 10%.</b><sup id="cite_ref-NPR_Stocks_48-1" class="reference"><a href="#cite_note-NPR_Stocks-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-money2017dec19_66-0" class="reference"><a href="#cite_note-money2017dec19-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>2016</td> <td>84% </td></tr> <tr> <td>2013</td> <td>81% </td></tr> <tr> <td>2001</td> <td>71% </td></tr></tbody></table> <figure typeof="mw:File/Thumb"><a href="/wiki/File:U.S._Income_and_Net_Worth_Distribution.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ae/U.S._Income_and_Net_Worth_Distribution.png/450px-U.S._Income_and_Net_Worth_Distribution.png" decoding="async" width="450" height="253" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ae/U.S._Income_and_Net_Worth_Distribution.png/675px-U.S._Income_and_Net_Worth_Distribution.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ae/U.S._Income_and_Net_Worth_Distribution.png/900px-U.S._Income_and_Net_Worth_Distribution.png 2x" data-file-width="1316" data-file-height="739" /></a><figcaption>U.S. family pre-tax income and net worth distribution for 2013 and 2016, from the Federal Reserve <a href="/wiki/Survey_of_Consumer_Finances" title="Survey of Consumer Finances">Survey of Consumer Finances</a><sup id="cite_ref-fed2017sept_67-0" class="reference"><a href="#cite_note-fed2017sept-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>In March 2017, <a href="/wiki/NPR" title="NPR">NPR</a> summarized the distribution of U.S. stock market ownership (direct and indirect through <a href="/wiki/Mutual_funds" class="mw-redirect" title="Mutual funds">mutual funds</a>) in the U.S., which is highly concentrated among the wealthiest families:<sup id="cite_ref-NPR_Stocks_48-2" class="reference"><a href="#cite_note-NPR_Stocks-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <ul><li>52% of U.S. adults owned stock in 2016. Ownership peaked at 65% in 2007 and fell significantly due to the <a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a>.</li> <li>As of 2013, the top 1% of households owned 38% of the stock market wealth.</li> <li>As of 2013, the top 10% own 81% of the stock wealth, the next 10% (80th to 90th percentile) own 11% and the bottom 80% own 8%.</li></ul> <p>The Federal Reserve reported the median value of stock ownership by income group for 2016: </p> <ul><li>Bottom 20% own $5,800.</li> <li>20th-40th percentile own $10,000.</li> <li>40th to 60th percentile own $15,500.</li> <li>60th to 80th percentile own $31,700.</li> <li>80th to 89th percentile own $82,000.</li> <li>Top 10% own $365,000.<sup id="cite_ref-NYT_Rattner_68-0" class="reference"><a href="#cite_note-NYT_Rattner-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup></li></ul> <p>NPR reported that when politicians reference the stock market as a measure of economic success, that success is not relevant to nearly half of Americans. Further, more than one-third of Americans who work full-time have no access to pensions or retirement accounts such as <a href="/wiki/401(k)" title="401(k)">401(k)s</a> that derive their value from financial assets like stocks and bonds.<sup id="cite_ref-NPR_Stocks_48-3" class="reference"><a href="#cite_note-NPR_Stocks-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> The NYT reported that the percentage of workers covered by generous defined-benefit pension plans has declined from 62% in 1983 to 17% by 2016.<sup id="cite_ref-NYT_Rattner_68-1" class="reference"><a href="#cite_note-NYT_Rattner-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> While some economists consider an increase in the stock market to have a "wealth effect" that increases economic growth, economists like Former Dallas Federal Reserve Bank President Richard Fisher believe those effects are limited.<sup id="cite_ref-NPR_Stocks_48-4" class="reference"><a href="#cite_note-NPR_Stocks-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Causes_of_wealth_inequality">Causes of wealth inequality</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=9" title="Edit section: Causes of wealth inequality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Causes_of_income_inequality_in_the_United_States" title="Causes of income inequality in the United States">Causes of income inequality in the United States</a> and <a href="/wiki/Cycle_of_poverty" title="Cycle of poverty">Cycle of poverty</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Productivity_and_Real_Median_Family_Income_Growth_in_the_United_States.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Productivity_and_Real_Median_Family_Income_Growth_in_the_United_States.png/400px-Productivity_and_Real_Median_Family_Income_Growth_in_the_United_States.png" decoding="async" width="400" height="300" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Productivity_and_Real_Median_Family_Income_Growth_in_the_United_States.png/600px-Productivity_and_Real_Median_Family_Income_Growth_in_the_United_States.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Productivity_and_Real_Median_Family_Income_Growth_in_the_United_States.png/800px-Productivity_and_Real_Median_Family_Income_Growth_in_the_United_States.png 2x" data-file-width="1024" data-file-height="768" /></a><figcaption> The income growth of the typical American family closely matched that of economic <a href="/wiki/Productivity" title="Productivity">productivity</a> until some time in the 1970s. While it began to stagnate, productivity has continued to climb.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> According to the 2014 Global Wage Report by the <a href="/wiki/International_Labour_Organization" title="International Labour Organization">International Labour Organization</a>, the widening disparity between wages and productivity is evidence that there has been a significant shift of GDP share going from labor to capital, and this trend is playing a significant role in growing inequality.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:U.S._economic_variables_related_to_the_distribution_of_wealth_and_income.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/U.S._economic_variables_related_to_the_distribution_of_wealth_and_income.png/400px-U.S._economic_variables_related_to_the_distribution_of_wealth_and_income.png" decoding="async" width="400" height="211" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/U.S._economic_variables_related_to_the_distribution_of_wealth_and_income.png/600px-U.S._economic_variables_related_to_the_distribution_of_wealth_and_income.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/U.S._economic_variables_related_to_the_distribution_of_wealth_and_income.png/800px-U.S._economic_variables_related_to_the_distribution_of_wealth_and_income.png 2x" data-file-width="1412" data-file-height="746" /></a><figcaption>Selected economic variables related to wealth and income equality, comparing 1979, 2007, and 2015</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Wealth_inequality_panel_-_v1.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Wealth_inequality_panel_-_v1.png/400px-Wealth_inequality_panel_-_v1.png" decoding="async" width="400" height="219" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Wealth_inequality_panel_-_v1.png/600px-Wealth_inequality_panel_-_v1.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Wealth_inequality_panel_-_v1.png/800px-Wealth_inequality_panel_-_v1.png 2x" data-file-width="1427" data-file-height="783" /></a><figcaption>The image contains several charts related to U.S. wealth inequality. While U.S. net worth roughly doubled from 2000 to 2016, the gains went primarily to the wealthy.</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Middle_class_net_worth.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/be/Middle_class_net_worth.png/400px-Middle_class_net_worth.png" decoding="async" width="400" height="232" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/be/Middle_class_net_worth.png/600px-Middle_class_net_worth.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/be/Middle_class_net_worth.png/800px-Middle_class_net_worth.png 2x" data-file-width="1290" data-file-height="748" /></a><figcaption>U.S. median family net worth peaked in 2007, declined due to the Great Recession until 2013, and only partially recovered by 2016.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>Essentially, the wealthy possess greater financial opportunities that allow their money to make more <a href="/wiki/US_money" class="mw-redirect" title="US money">money</a>. Earnings from the stock market or mutual funds are reinvested to produce a larger return. Over time, the sum that is invested becomes progressively more substantial. Those who are not wealthy, however, do not have the resources to enhance their opportunities and improve their economic position. Rather, "after debt payments, poor families are constrained to spend the remaining income on items that will not produce wealth and will depreciate over time."<sup id="cite_ref-Hurst,_page_36_72-0" class="reference"><a href="#cite_note-Hurst,_page_36-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> Scholar <a href="/wiki/David_B._Grusky" class="mw-redirect" title="David B. Grusky">David B. Grusky</a> notes that "62 percent of households headed by single parents are without savings or other financial assets."<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> Net indebtedness generally prevents the poor from having any opportunity to accumulate wealth and thereby better their conditions. </p> <div class="mw-heading mw-heading3"><h3 id="Economic_inequality">Economic inequality</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=10" title="Edit section: Economic inequality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a> is also a result of difference in income. Factors that contribute to this gap in wages are things such as level of education, <a href="/wiki/Labor_market" class="mw-redirect" title="Labor market">labor market</a> demand and supply, gender differences, growth in technology, and personal abilities. The quality and level of education that a person has often corresponds to their skill level, which is justified by their income. Wages are also determined by the "market price of a skill" at that current time. Although <a href="/wiki/Gender_inequality" title="Gender inequality">gender inequality</a> is a separate social issue, it plays a role in economic inequality. According to the U.S. Census Report, in America the median full-time salary for women is 77 percent of that for men. Also contributing to the wealth inequality in the U.S, both unskilled and skilled workers are being replaced by machinery. The <a href="/wiki/Seven_Pillars_Institute" title="Seven Pillars Institute">Seven Pillars Institute for Global Finance and Ethics</a> argues that because of this "technological advance", the income gap between workers and owners has widened.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p><p>Income inequality contributes to wealth inequality. For example, economist <a href="/wiki/Emmanuel_Saez" title="Emmanuel Saez">Emmanuel Saez</a> wrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009 to 2015. From 2009 to 2012, the top 1% captured 91% of the income gains.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Nepotism" title="Nepotism">Nepotism</a> perpetuates and increases wealth inequality. Wealthy families pass down their assets allowing future generations to develop even more wealth. The poor, on the other hand, are less able to leave inheritances to their children leaving the latter with little or no wealth on which to build.<sup id="cite_ref-Hurst,_page_36_72-1" class="reference"><a href="#cite_note-Hurst,_page_36-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> Wealthy parents often use their economic or political power to advantage their own children, such as by providing extra funding for education, excluding poor families from the local community or schools (usually through <a href="/wiki/Exclusionary_zoning" title="Exclusionary zoning">exclusionary zoning</a>), using social connections to provide opportunities for advancement like <a href="/wiki/Internship" title="Internship">internships</a>, and allowing children to take entrepreneurial risks without risking homelessness or destitution.<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> </p><p>Corresponding to financial resources, the wealthy strategically organize their money so that it will produce profit. Affluent people are more likely to allocate their money to financial assets such as stocks, bonds, and other investments which hold the possibility of capital appreciation. Those who are not wealthy are more likely to have their money in savings accounts and home ownership.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> This difference comprises the largest reason for the continuation of wealth inequality in America: the rich are accumulating more assets while the middle and working classes are just getting by. As of 2007, the richest 1% held about 38% of all privately held wealth in the United States.<sup id="cite_ref-Hurst,_page_34_14-1" class="reference"><a href="#cite_note-Hurst,_page_34-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> While the bottom 90% held 73.2% of all debt.<sup id="cite_ref-Hurst,_page_36_72-2" class="reference"><a href="#cite_note-Hurst,_page_36-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> According to <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>, the richest 1 percent in the United States now own more wealth than the bottom 90 percent.<sup id="cite_ref-NYT-20140722_78-0" class="reference"><a href="#cite_note-NYT-20140722-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> </p><p>However, other studies argue that higher average savings rate will contribute to the reduction of the share of wealth owned by the rich. The reason is that the rich in wealth are not necessarily the individuals with the highest income. Therefore, the relative wealth share of poorer quintiles of the population would increase if the savings rate of income is very large, although the absolute difference from the wealthiest will increase.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> </p><p>The nature of tax policies in America has been suggested by economists and politicians such as <a href="/wiki/Emmanuel_Saez" title="Emmanuel Saez">Emmanuel Saez</a>, <a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a>, and <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a> to perpetuate economic inequality in America by steering large sums of wealth into the hands of the wealthiest Americans. The mechanism for this is that when the wealthy avoid paying taxes, wealth concentrates to their coffers and the poor go into debt.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> </p><p>The economist <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a> argues that "Strong unions have helped to reduce inequality, whereas weaker unions have made it easier for CEOs, sometimes working with market forces that they have helped shape, to increase it." The long fall in <a href="/wiki/Labor_unions_in_the_United_States" title="Labor unions in the United States">unionization in the U.S.</a> since WWII has seen a corresponding rise in the inequality of wealth and income.<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> </p><p>Some tax policies subsidize wealthy people more than poor people; critics often argue the <a href="/wiki/Home_mortgage_interest_deduction" title="Home mortgage interest deduction">home mortgage interest deduction</a> should be abolished because it provides more tax relief for people in higher tax brackets and with more expensive homes, and that poorer people are more often renters and therefore less likely to be able to use this deduction at all. <a href="/wiki/Regressive_tax" title="Regressive tax">Regressive taxes</a> include <a href="/wiki/Payroll_tax" title="Payroll tax">payroll taxes</a>, <a href="/wiki/Sales_tax" title="Sales tax">sales taxes</a>, and <a href="/wiki/Fuel_tax" title="Fuel tax">fuel taxes</a>. </p><p>A 2022 study in the <i>American Economic Journal</i> found that greater economic inequality in the United States than in Europe was not because of the nature of tax and transfer systems in the United States. The study found that the U.S. redistributes a greater share of its wealth to the bottom half of the income distribution than any European country. The study found instead that Europe had less economic inequality because it had been more successful at ensuring that the bottom half of the income distribution are able to get relatively well-paying jobs.<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Racial_disparities">Racial disparities</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=11" title="Edit section: Racial disparities"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Racial_inequality_in_the_United_States" title="Racial inequality in the United States">Racial inequality in the United States</a>, <a href="/wiki/Racism_in_the_United_States" title="Racism in the United States">Racism in the United States</a>, and <a href="/wiki/Redlining" title="Redlining">Redlining</a></div> <p>The <a href="/wiki/Racial_inequality_in_the_United_States#Racial_wealth_gap" title="Racial inequality in the United States">wealth gap between white and black families</a> nearly tripled from $85,000 in 1984 to $236,500 in 2009.<sup id="cite_ref-Shapiro_85-0" class="reference"><a href="#cite_note-Shapiro-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> </p><p>A Brandeis University Institute on Assets and Social Policy paper cites the number of years of homeownership, household income, unemployment, education, and inheritance as leading causes for the growth of the gap, concluding homeownership to be the most important.<sup id="cite_ref-Shapiro_85-1" class="reference"><a href="#cite_note-Shapiro-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> Inheritance can directly link the disadvantaged economic position and prospects of today's blacks to the disadvantaged positions of their parents' and grandparents' generations, according to a report done by Robert B. Avery and Michael S. Rendall that pointed out "one in three white households will receive a substantial inheritance during their lifetime compared to only one in ten black households."<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> In the journal <i>Sociological Perspectives</i>, Lisa Keister reports that family size and structure during childhood "are related to racial differences in adult wealth accumulation trajectories, allowing whites to begin accumulating high-yield assets earlier in life."<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </p><p>The article "America's Financial Divide" added context to racial wealth inequality, stating: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>... nearly 96.1 percent of the 1.2 million households in the top one percent by income were white, a total of about 1,150,000 households. In addition, these families were found to have a median net asset worth of $8.3 million. In stark contrast, in the same piece, black households were shown as a mere 1.4 percent of the top one percent by income, that's only 16,800 homes. In addition, their median net asset worth was just $1.2 million. Using this data as an indicator only several thousand of the over 14 million African American households have more than $1.2 million in net assets ...<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Relying on data from <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> and <a href="/wiki/Brandeis_University" title="Brandeis University">Brandeis University</a>'s Institute on Assets and Social Policy, the <i><a href="/wiki/Harvard_Business_Review" title="Harvard Business Review">Harvard Business Review</a></i> in the article "How America's Wealthiest Black Families Invest Money" stated:<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2020)">citation needed</span></a></i>]</sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>If you're white and have a net worth of about $356,000, that's good enough to put you in the 72nd percentile of white families. If you're black, it's good enough to catapult you into the 95th percentile." This means 28 percent of the total 83 million white homes, or over 23 million white households, have more than $356,000 in net assets. While only 700,000 of the 14 million black homes have more than $356,000 in total net worth.</p></blockquote> <p>According to Inequality.org, the median black family is only worth $1,700 when durables are deducted.<sup id="cite_ref-inequality.org_90-0" class="reference"><a href="#cite_note-inequality.org-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> In contrast, the median white family holds $116,800 of wealth using the same accounting methods.<sup id="cite_ref-inequality.org_90-1" class="reference"><a href="#cite_note-inequality.org-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> Today, using Wolff's analysis, the median African American family holds a mere 1.5 percent of median white American family wealth.<sup id="cite_ref-inequality.org_90-2" class="reference"><a href="#cite_note-inequality.org-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> </p><p>A recent piece on Eurweb/Electronic Urban Report, "Black Wealth Hardly Exists, Even When You Include NBA, NFL and Rap Stars", stated this about the difference between black middle-class families and white middle-class families: </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Going even further into the data, a recent study by the Institute for Policy Studies (IPS) and the Corporation For Economic Development (CFED) found that it would take 228 years for the average black family to amass the same level of wealth the average white family holds today in 2016. All while white families create even more wealth over those same two hundred years. In fact, this is a gap that will never close if America stays on its current economic path. According to the Institute on Assets and Social Policy, for each dollar of increase in average income an African American household saw from 1984 to 2009 just $0.69 in additional wealth was generated, compared with the same dollar in increased income creating an additional $5.19 in wealth for a similarly situated white household.<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Author Lilian Singh wrote on why the perceptions about black life created by media are misleading in the <i><a href="/wiki/American_Prospect" class="mw-redirect" title="American Prospect">American Prospect</a></i> article "Black Wealth On TV: Realities Don't Match Perceptions": </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Black programming features TV shows that collectively create false perceptions of wealth for African-American families. The images displayed are in stark contrast to the economic conditions the average black family is battling each day.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>According to an article by the <a href="/wiki/Pew_Research_Center" title="Pew Research Center">Pew Research Center</a>, the median wealth of non-Hispanic black households fell nearly 38% from 2010 to 2013.<sup id="cite_ref-:0_93-0" class="reference"><a href="#cite_note-:0-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> During that time, the median wealth of those households fell from $16,600 to $13,700. The median wealth of Hispanic families fell 14.3% as well, from $16,000 to $14,000. Despite the median net worth of all households in the United States decreasing with time, as of 2013, white households had a median net worth of $141,900 while black house households had a median net worth of just $11,000.<sup id="cite_ref-:0_93-1" class="reference"><a href="#cite_note-:0-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> Hispanic households had a median net worth of just $13,700 over that time as well.<sup id="cite_ref-:0_93-2" class="reference"><a href="#cite_note-:0-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p><p>In 2023, the Federal Reserve Board published median and mean family wealth statistics for 2022, based on a nationwide survey of 4,602 families.<sup id="cite_ref-:2_94-0" class="reference"><a href="#cite_note-:2-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> The average white family's median net worth was $285,000. Hispanic families had a median net worth of $61,600, and for black families, this figure was $44,900. Although black families had the lowest median net worth of all racial groups, they experienced the greatest percent increase in net worth from 2019 to 2022, at 60 percent. For the first time, the survey calculated net worth for Asian families separately (Asian families had previously been grouped into an "other" category along with Native American, Pacific Islander, and multiracial families). Asian families had the highest median net worth, at $536,000.<sup id="cite_ref-:2_94-1" class="reference"><a href="#cite_note-:2-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Effect_on_democracy">Effect on democracy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=12" title="Edit section: Effect on democracy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Plutocracy" title="Plutocracy">Plutocracy</a>, <a href="/wiki/Corporatocracy" title="Corporatocracy">Corporatocracy</a>, and <a href="/wiki/Income_inequality_in_the_United_States#Effects_on_democracy_and_society" title="Income inequality in the United States">Income inequality in the United States § Effects on democracy and society</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Jeff_Bezos%27_iconic_laugh.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Jeff_Bezos%27_iconic_laugh.jpg/170px-Jeff_Bezos%27_iconic_laugh.jpg" decoding="async" width="170" height="196" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Jeff_Bezos%27_iconic_laugh.jpg/255px-Jeff_Bezos%27_iconic_laugh.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Jeff_Bezos%27_iconic_laugh.jpg/340px-Jeff_Bezos%27_iconic_laugh.jpg 2x" data-file-width="3230" data-file-height="3725" /></a><figcaption>In 2021, <a href="/wiki/Jeff_Bezos" title="Jeff Bezos">Jeff Bezos</a> was the richest person in the world.</figcaption></figure> <p>A 2014 study by researchers at <a href="/wiki/Princeton_University" title="Princeton University">Princeton</a> and <a href="/wiki/Northwestern_University" title="Northwestern University">Northwestern</a> concludes that government policies reflect the desires of the wealthy, and that the vast majority of American citizens have "minuscule, near-zero, statistically non-significant impact upon public policy. When a majority of citizens disagrees with economic elites and/or with organized interests, they generally lose."<sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> </p><p>When <a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a>, the <a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">chair of the Federal Reserve</a> was questioned by Senator <a href="/wiki/Bernie_Sanders" title="Bernie Sanders">Bernie Sanders</a> about the study at a congressional hearing in May 2014, she responded "There's no question that we've had a trend toward growing inequality" and that this trend "can shape [and] determine the ability of different groups to participate equally in a democracy and have grave effects on social stability over time."<sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> </p><p>In <i><a href="/wiki/Capital_in_the_Twenty-First_Century" title="Capital in the Twenty-First Century">Capital in the Twenty-First Century</a>,</i> French economist <a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a> argues that "extremely high levels" of wealth inequality are "incompatible with the meritocratic values and principles of social justice fundamental to modern democratic societies" and that "the risk of a drift towards <a href="/wiki/Oligarchy" title="Oligarchy">oligarchy</a> is real and gives little reason for optimism about where the United States is headed."<sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Proposals_to_reduce_wealth_inequality">Proposals to reduce wealth inequality</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=13" title="Edit section: Proposals to reduce wealth inequality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Wealth_Inequality_by_Group_1989_to_2019.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Wealth_Inequality_by_Group_1989_to_2019.png/400px-Wealth_Inequality_by_Group_1989_to_2019.png" decoding="async" width="400" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Wealth_Inequality_by_Group_1989_to_2019.png/600px-Wealth_Inequality_by_Group_1989_to_2019.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Wealth_Inequality_by_Group_1989_to_2019.png/800px-Wealth_Inequality_by_Group_1989_to_2019.png 2x" data-file-width="1290" data-file-height="711" /></a><figcaption>Trends in share of wealth held by various wealth groups 1989-2019<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1960-_Tax_rates_of_richest_versus_low_income_people_-_US.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/1960-_Tax_rates_of_richest_versus_low_income_people_-_US.svg/220px-1960-_Tax_rates_of_richest_versus_low_income_people_-_US.svg.png" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/1960-_Tax_rates_of_richest_versus_low_income_people_-_US.svg/330px-1960-_Tax_rates_of_richest_versus_low_income_people_-_US.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/86/1960-_Tax_rates_of_richest_versus_low_income_people_-_US.svg/440px-1960-_Tax_rates_of_richest_versus_low_income_people_-_US.svg.png 2x" data-file-width="1000" data-file-height="750" /></a><figcaption>Total effective tax rates (includes <i>all</i> taxes: federal+state income tax, sales tax, property tax, etc) for the richest Americans declined by 2018 to a level beneath that of the bottom 50% of earners,<sup id="cite_ref-CBSnews_20191017_100-0" class="reference"><a href="#cite_note-CBSnews_20191017-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup> contributing to wealth inequality. Analysis by economists Emmanuel Saez and Gabriel Zucman.</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Estate_tax">Estate tax</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=14" title="Edit section: Estate tax"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is a political debate over the <a href="/wiki/Estate_tax_in_the_United_States" title="Estate tax in the United States">estate tax in the United States</a>, which reduces inequality by taxing the estate of large quantities of wealth. The <a href="/wiki/Tax_Cuts_and_Jobs_Act_of_2017" class="mw-redirect" title="Tax Cuts and Jobs Act of 2017">Tax Cuts and Jobs Act of 2017</a> doubled the exemption of estates by increasing the exemption from $5.49 million in 2017 to $11.18 million in 2018.<sup id="cite_ref-Estate_Tax_101-0" class="reference"><a href="#cite_note-Estate_Tax-101"><span class="cite-bracket">[</span>101<span class="cite-bracket">]</span></a></sup> This increase in estate exemption was estimated to affect about 3,200 estates in 2018.<sup id="cite_ref-102" class="reference"><a href="#cite_note-102"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup> </p><p>A 2021 investigation using leaked IRS documents found more than half of the richest 100 Americans use <a href="/wiki/Grantor_retained_annuity_trust" title="Grantor retained annuity trust">grantor retained annuity trusts</a> to avoid paying estate taxes when they die.<sup id="cite_ref-103" class="reference"><a href="#cite_note-103"><span class="cite-bracket">[</span>103<span class="cite-bracket">]</span></a></sup> </p><p>On top of the federal estate tax, 17 states have an estate or inheritance tax.<sup id="cite_ref-104" class="reference"><a href="#cite_note-104"><span class="cite-bracket">[</span>104<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Increased_tax">Increased tax</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=15" title="Edit section: Increased tax"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In President <a href="/wiki/Joe_Biden" title="Joe Biden">Joe Biden</a>'s proposed budget for 2023 there are two proposed tax changes for households with wealth above $100 million.<sup id="cite_ref-105" class="reference"><a href="#cite_note-105"><span class="cite-bracket">[</span>105<span class="cite-bracket">]</span></a></sup> First, is a new "minimum tax" at death for unrealized capital gains above $1 million. Second is to realized capital gains as ordinary income; which is expected to effectively raise the percent of capital taxed from 23.8% to 43.4%. Combined it is estimated that these tax changes will place these households at an effective tax rate of 61.1%, which is nearly double the effective tax rate in 2022. </p> <div class="mw-heading mw-heading3"><h3 id="Taxation_of_wealth">Taxation of wealth</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=16" title="Edit section: Taxation of wealth"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Senator <a href="/wiki/Bernie_Sanders" title="Bernie Sanders">Bernie Sanders</a> pitched the idea of a <a href="/wiki/Wealth_tax" title="Wealth tax">wealth tax</a> in the US in 2014.<sup id="cite_ref-106" class="reference"><a href="#cite_note-106"><span class="cite-bracket">[</span>106<span class="cite-bracket">]</span></a></sup> Later, Senator <a href="/wiki/Elizabeth_Warren" title="Elizabeth Warren">Elizabeth Warren</a> proposed an annual tax on wealth in January 2019, specifically a 2% tax for wealth over $50 million and another 1% surcharge on wealth over $1 billion. Wealth is defined as including all asset classes, including financial assets and real estate. In 2021, officials in the state of Washington considered proposals to tax wealthy residents within the state.<sup id="cite_ref-107" class="reference"><a href="#cite_note-107"><span class="cite-bracket">[</span>107<span class="cite-bracket">]</span></a></sup> </p><p>Warren's plan received both praise and criticism. Economist <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> wrote in January 2019 that polls indicate the idea of taxing the rich more is very popular. Two billionaires, <a href="/wiki/Michael_Bloomberg" title="Michael Bloomberg">Michael Bloomberg</a> and <a href="/wiki/Howard_Schultz" title="Howard Schultz">Howard Schultz</a>, criticized the proposal as "unconstitutional" and "ridiculous," respectively. <sup id="cite_ref-108" class="reference"><a href="#cite_note-108"><span class="cite-bracket">[</span>108<span class="cite-bracket">]</span></a></sup> Economists <a href="/wiki/Emmanuel_Saez" title="Emmanuel Saez">Emmanuel Saez</a> and <a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a> analyzed the Warren's proposal and estimated that about 75,000 households (less than 0.1%) would pay the tax. The tax was expected to raise around $2.75 trillion over 10 years, roughly 1% GDP on average per year. This was expected to raise the total tax burden for those subject to the wealth tax from 3.2% relative to their wealth under current law to about 4.3% on average, versus the 7.2% for the bottom 99% families.<sup id="cite_ref-109" class="reference"><a href="#cite_note-109"><span class="cite-bracket">[</span>109<span class="cite-bracket">]</span></a></sup> For scale, the federal budget deficit in 2018 was 3.9% GDP and was expected to rise towards 5% GDP over the next decade.<sup id="cite_ref-110" class="reference"><a href="#cite_note-110"><span class="cite-bracket">[</span>110<span class="cite-bracket">]</span></a></sup> An analysis by the <a href="/wiki/Think_tank" title="Think tank">think tank</a> <a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> found that Warren's proposal would reduce long-term GDP by 0.37% and raise $2.2 trillion over a period of ten years, after factoring in macroeconomic feedback effects. It expected the tax to "face serious administrative and compliance challenges due to valuation difficulties and tax evasion and avoidance issues." It also expected foreign investors to replace American billionaires as the owners of capital.<sup id="cite_ref-111" class="reference"><a href="#cite_note-111"><span class="cite-bracket">[</span>111<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Limiting_stock_buybacks">Limiting stock buybacks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=17" title="Edit section: Limiting stock buybacks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Senators <a href="/wiki/Charles_Schumer" class="mw-redirect" title="Charles Schumer">Charles Schumer</a> and <a href="/wiki/Bernie_Sanders" title="Bernie Sanders">Bernie Sanders</a> advocated limiting <a href="/wiki/Stock_buyback" class="mw-redirect" title="Stock buyback">stock buybacks</a> to reduce income and wealth inequality in January 2019.<sup id="cite_ref-112" class="reference"><a href="#cite_note-112"><span class="cite-bracket">[</span>112<span class="cite-bracket">]</span></a></sup> </p> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist 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.navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Extreme_wealth" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 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style="width:1%">Concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a> <ul><li><a href="/wiki/Overaccumulation" title="Overaccumulation">Overaccumulation</a></li></ul></li> <li><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a> <ul><li><a href="/wiki/Wealth_distribution" class="mw-redirect" title="Wealth distribution">Wealth distribution</a></li> <li><a href="/wiki/Income_distribution" title="Income distribution">Income distribution</a></li> <li><a href="/wiki/Consumption_distribution" title="Consumption distribution">Consumption distribution</a></li> <li><a href="/wiki/History_of_economic_inequality" title="History of economic inequality">History of economic inequality</a></li></ul></li> <li><a href="/wiki/International_inequality" title="International inequality">International inequality</a></li> <li><a href="/wiki/Elite" title="Elite">Elite</a></li> <li><a href="/wiki/Oligarchy" title="Oligarchy">Oligarchy</a></li> <li><a href="/wiki/Overclass" title="Overclass">Overclass</a></li> <li><a href="/wiki/Plutocracy" title="Plutocracy">Plutocracy</a></li> <li><a href="/wiki/Plutonomy" title="Plutonomy">Plutonomy</a> <ul><li><ul><li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation of capital</a></li></ul></li></ul></li> <li><a href="/wiki/Upper_class" title="Upper class">Upper class</a> <ul><li><a href="/wiki/Nouveau_riche" title="Nouveau riche"><i>Nouveau riche</i> <wbr />(new money)</a></li> <li><a href="/wiki/Old_money" title="Old money"><i>Vieux riche</i> <wbr />(old money)</a></li></ul></li> <li><a href="/wiki/Luxury_goods" title="Luxury goods">Luxury goods</a> <ul><li><a href="/wiki/Veblen_good" title="Veblen good">Veblen goods</a> <ul><li><a href="/wiki/Conspicuous_consumption" title="Conspicuous consumption">Conspicuous consumption</a></li> <li><a href="/wiki/Conspicuous_leisure" title="Conspicuous leisure">Conspicuous leisure</a></li></ul></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Billionaire" title="Billionaire">Billionaire</a></li> <li><a href="/wiki/Captain_of_industry" title="Captain of industry">Captain of industry</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individual</a> <ul><li><a href="/wiki/Ultra_high-net-worth_individual" class="mw-redirect" title="Ultra high-net-worth individual">UHNWI</a></li></ul></li> <li><a href="/wiki/Magnate" title="Magnate">Magnate</a> <ul><li><a href="/wiki/Business_magnate" title="Business magnate">Business</a></li></ul></li> <li><a href="/wiki/Millionaire" title="Millionaire">Millionaire</a></li> <li><a href="/wiki/Oligarchy" title="Oligarchy">Oligarch</a> <ul><li><a href="/wiki/Business_oligarch" title="Business oligarch">Business</a></li> <li><a href="/wiki/Russian_oligarchs" title="Russian oligarchs">Russian</a></li> <li><a href="/wiki/Ukrainian_oligarchs" title="Ukrainian oligarchs">Ukrainian</a></li></ul></li> <li><a href="/wiki/Robber_baron_(industrialist)" title="Robber baron (industrialist)">Robber baron</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Wealth" title="Wealth">Wealth</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Wealth_concentration" class="mw-redirect" title="Wealth concentration">Concentration</a></li> <li><a href="/wiki/Distribution_of_wealth" title="Distribution of wealth">Distribution</a></li> <li><a href="/wiki/Dynastic_wealth" class="mw-redirect" title="Dynastic wealth">Dynastic</a></li> <li><a href="/wiki/Wealth_effect" title="Wealth effect">Effect</a></li> <li><a href="/wiki/Geography_and_wealth" title="Geography and wealth">Geography</a></li> <li><a href="/wiki/Inheritance" title="Inheritance">Inherited</a></li> <li><a href="/wiki/Wealth_management" title="Wealth management">Management</a></li> <li><a href="/wiki/National_wealth" class="mw-redirect" title="National wealth">National</a></li> <li><a href="/wiki/Paper_wealth" title="Paper wealth">Paper</a></li> <li><a href="/wiki/Wealth_and_religion" title="Wealth and religion">Religion</a></li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Tax</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Lists_of_people_by_net_worth" title="Lists of people by net worth">People</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_World%27s_Billionaires" title="The World's Billionaires"><i>Forbes</i> list of billionaires</a></li> <li><a href="/wiki/List_of_centibillionaires" title="List of centibillionaires">List of centibillionaires</a></li> <li><a href="/wiki/List_of_female_billionaires" title="List of female billionaires">Female billionaires</a></li> <li><a href="/wiki/List_of_royalty_by_net_worth" title="List of royalty by net worth">Richest royals</a></li> <li><a href="/wiki/List_of_richest_Americans_in_history" title="List of richest Americans in history">Wealthiest Americans</a></li> <li><a href="/wiki/List_of_wealthiest_families" title="List of wealthiest families">Wealthiest families</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_wealthiest_organizations" class="mw-redirect" title="List of wealthiest organizations">Organizations</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_largest_companies_by_revenue" title="List of largest companies by revenue">Largest companies by revenue</a></li> <li><a href="/wiki/List_of_largest_corporate_profits_and_losses" title="List of largest corporate profits and losses">Largest corporate profits and losses</a></li> <li><a href="/wiki/List_of_public_corporations_by_market_capitalization" title="List of public corporations by market capitalization">Largest corporations by market capitalization</a></li> <li><a href="/wiki/List_of_largest_financial_services_companies_by_revenue" title="List of largest financial services companies by revenue">Largest financial services companies by revenue</a></li> <li><a href="/wiki/List_of_largest_manufacturing_companies_by_revenue" title="List of largest manufacturing companies by revenue">Largest manufacturing companies by revenue</a></li> <li><a href="/wiki/List_of_the_largest_software_companies" title="List of the largest software companies">Largest software companies by revenue</a></li> <li><a href="/wiki/List_of_largest_technology_companies_by_revenue" title="List of largest technology companies by revenue">Largest technology companies by revenue</a></li> <li><a href="/wiki/List_of_wealthiest_charitable_foundations" title="List of wealthiest charitable foundations">Charities</a> <ul><li><a href="/wiki/List_of_philanthropists" title="List of philanthropists">Philanthropists</a></li></ul></li> <li>Universities <ul><li><a href="/wiki/Lists_of_institutions_of_higher_education_by_endowment_size" title="Lists of institutions of higher education by endowment size">Endowment size</a></li> <li><a href="/wiki/List_of_universities_by_number_of_billionaire_alumni" title="List of universities by number of billionaire alumni">Number of billionaire alumni</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_cities_by_number_of_billionaires" title="List of cities by number of billionaires">Cities by number of billionaires</a></li> <li><a href="/wiki/List_of_countries_by_the_number_of_billionaires" class="mw-redirect" title="List of countries by the number of billionaires">Countries by number of billionaires</a></li> <li><a href="/wiki/List_of_countries_by_total_wealth" title="List of countries by total wealth">Countries by total wealth</a></li> <li><a href="/wiki/List_of_sovereign_states_by_wealth_inequality" title="List of sovereign states by wealth inequality">Countries by wealth inequality</a></li> <li><a class="mw-selflink selflink">Wealth inequality in the United States</a></li> <li><a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">Income inequality in the United States</a></li> <li><a href="/wiki/Lists_of_most_expensive_items_by_category" title="Lists of most expensive items by category">Most expensive items</a> <ul><li><a href="/wiki/Category:Lists_of_most_expensive_things" title="Category:Lists of most expensive things">by category</a></li></ul></li> <li><a href="/wiki/List_of_wealthiest_animals" title="List of wealthiest animals">Wealthiest animals</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Diseases_of_affluence" title="Diseases of affluence">Diseases of affluence</a> <ul><li><a href="/wiki/Affluenza" title="Affluenza">Affluenza</a></li> <li><a href="/wiki/Narcissism#Celebrity_narcissism" title="Narcissism">Acquired situational narcissism</a></li></ul></li> <li><i><a href="/wiki/Argumentum_ad_crumenam" title="Argumentum ad crumenam">Argumentum ad crumenam</a></i></li> <li><a href="/wiki/Prosperity_theology" title="Prosperity theology">Prosperity theology</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Philanthropy" title="Philanthropy">Philanthropy</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_Gospel_of_Wealth" title="The Gospel of Wealth">Gospel of Wealth</a></li> <li><a href="/wiki/The_Giving_Pledge" title="The Giving Pledge">The Giving Pledge</a></li> <li><a href="/wiki/Philanthrocapitalism" title="Philanthrocapitalism">Philanthrocapitalism</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Sayings</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_rich_get_richer_and_the_poor_get_poorer" title="The rich get richer and the poor get poorer">The rich get richer and the poor get poorer</a></li> <li><a href="/wiki/Socialism_for_the_rich_and_capitalism_for_the_poor" title="Socialism for the rich and capitalism for the poor">Socialism for the rich and capitalism for the poor</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Media</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></i></li> <li><a href="/wiki/Plutus_(play)" title="Plutus (play)"><i>Plutus</i></a> <ul><li><a href="/wiki/Plutus" title="Plutus">Greek god of wealth</a></li></ul></li> <li><a href="/wiki/Superclass_(book)" title="Superclass (book)"><i>Superclass</i></a> <ul><li><a href="/wiki/The_Superclass_List" title="The Superclass List">List</a></li></ul></li> <li><i><a href="/wiki/The_Theory_of_the_Leisure_Class" title="The Theory of the Leisure Class">The Theory of the Leisure Class</a></i></li> <li><a href="/wiki/Wealth_(film)" title="Wealth (film)"><i>Wealth</i></a></li> <li><i><a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a></i></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Category:Wealth" title="Category:Wealth">Category</a> <ul><li><a href="/wiki/Category:Wealth_by_country" title="Category:Wealth by country">by country</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=18" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Affluence_in_the_United_States" title="Affluence in the United States">Affluence in the United States</a></li> <li><a href="/wiki/Distribution_of_wealth_in_Europe" class="mw-redirect" title="Distribution of wealth in Europe">Distribution of wealth in Europe</a></li> <li><i><a href="/wiki/Citizens_United_v._Federal_Election_Commission" class="mw-redirect" title="Citizens United v. Federal Election Commission">Citizens United v. Federal Election Commission</a></i></li> <li><a href="/wiki/Criticism_of_credit_scoring_systems_in_the_United_States" title="Criticism of credit scoring systems in the United States">Criticism of credit scoring systems in the United States</a></li> <li><a href="/wiki/Donor_Class" class="mw-redirect" title="Donor Class">Donor Class</a></li> <li><a href="/wiki/Glass_ceiling" title="Glass ceiling">Glass ceiling</a></li> <li><a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">Income inequality in the United States</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></li> <li><a href="/wiki/Net_worth" title="Net worth">Net worth</a></li> <li><a href="/wiki/Occupy_movement" title="Occupy movement">Occupy movement</a></li> <li><a href="/wiki/Occupy_Wall_Street" title="Occupy Wall Street">Occupy Wall Street</a></li> <li><a href="/wiki/Oligarchy" title="Oligarchy">Oligarchy</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Pareto_principle" title="Pareto principle">Pareto principle</a></li> <li><a href="/wiki/Plutocracy" title="Plutocracy">Plutocracy</a></li> <li><a href="/wiki/Power_elite" class="mw-redirect" title="Power elite">Power elite</a></li> <li><a href="/wiki/Redistribution_of_wealth" class="mw-redirect" title="Redistribution of wealth">Redistribution of wealth</a></li> <li><a href="/wiki/Tax_policy_and_economic_inequality_in_the_United_States" title="Tax policy and economic inequality in the United States">Tax policy and economic inequality in the United States</a></li> <li><i><a href="/wiki/The_Divide:_American_Injustice_in_the_Age_of_the_Wealth_Gap" title="The Divide: American Injustice in the Age of the Wealth Gap">The Divide: American Injustice in the Age of the Wealth Gap</a></i></li> <li><a href="/wiki/Wealth_concentration" class="mw-redirect" title="Wealth concentration">Wealth concentration</a></li> <li><a href="/wiki/Wealth_in_the_United_States" class="mw-redirect" title="Wealth in the United States">Wealth in the United States</a></li> <li><a href="/wiki/We_are_the_99%25" title="We are the 99%">We are the 99%</a></li> <li><a href="/wiki/American_upper_class" title="American upper class">American upper class</a></li> <li><a href="/wiki/List_of_Americans_by_net_worth" class="mw-redirect" title="List of Americans by net worth">List of Americans by net worth</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=19" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 35em;"> <ol class="references"> <li id="cite_note-CBO_2013-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-CBO_2013_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.cbo.gov/publication/51846">"Trends in Family Wealth, 1989 to 2013"</a>. <i><a href="/wiki/Congressional_Budget_Office" title="Congressional Budget Office">Congressional Budget Office</a></i>. August 18, 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">November 29,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Congressional+Budget+Office&rft.atitle=Trends+in+Family+Wealth%2C+1989+to+2013&rft.date=2016-08-18&rft_id=https%3A%2F%2Fwww.cbo.gov%2Fpublication%2F51846&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWealth+inequality+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmithZidarZwick2022" class="citation journal cs1">Smith, Matthew; Zidar, Owen; Zwick, Eric (2022). <a rel="nofollow" class="external text" href="https://doi.org/10.1093/qje/qjac033">"Top Wealth in America: New Estimates under Heterogeneous Returns"</a>. <i>The Quarterly Journal of Economics</i>. <b>138</b>: 515–573. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Fqje%2Fqjac033">10.1093/qje/qjac033</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0033-5533">0033-5533</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Quarterly+Journal+of+Economics&rft.atitle=Top+Wealth+in+America%3A+New+Estimates+under+Heterogeneous+Returns&rft.volume=138&rft.pages=515-573&rft.date=2022&rft_id=info%3Adoi%2F10.1093%2Fqje%2Fqjac033&rft.issn=0033-5533&rft.aulast=Smith&rft.aufirst=Matthew&rft.au=Zidar%2C+Owen&rft.au=Zwick%2C+Eric&rft_id=https%3A%2F%2Fdoi.org%2F10.1093%2Fqje%2Fqjac033&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWealth+inequality+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHurst2007" class="citation cs2">Hurst, Charles E. 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Retrieved <span class="nowrap">January 27,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=AP+News&rft.atitle=Wealth+gap%3A+A+guide+to+what+it+is%2C+why+it+matters&rft.date=2014-01-27&rft.aulast=Rugaber&rft.aufirst=Christopher+S.&rft.au=Boak%2C+Josh&rft_id=http%3A%2F%2Fapnews.excite.com%2Farticle%2F20140127%2FDABJ40P00.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWealth+inequality+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Grusky, David B. <i>Social Stratification: Class, Race, and Gender in Sociological Perspective</i>, p. 637. Westview Press, 2001 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-8133-6654-2" title="Special:BookSources/0-8133-6654-2">0-8133-6654-2</a></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Keister, p. 64</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/#quarter:129;series:Net%20worth;demographic:networth;population:all;units:shares">"The Fed - Table: Distribution of Household Wealth in the U.S. since 1989"</a>. <i>www.federalreserve.gov</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">October 6,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=New+Federal+Reserve+data+shows+how+the+rich+have+gotten+richer&rft.date=2019-06-13&rft_id=https%3A%2F%2Fwww.vox.com%2Fpolicy-and-politics%2F2019%2F6%2F13%2F18661837%2Finequality-wealth-federal-reserve-distributional-financial-accounts&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWealth+inequality+in+the+United+States" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-databook2018-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-databook2018_9-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAnthony_ShorrocksJim_DaviesRodrigo_Lluberas2018" class="citation web cs1">Anthony Shorrocks; Jim Davies; Rodrigo Lluberas (October 2018). <a rel="nofollow" class="external text" href="https://www.credit-suisse.com/corporate/en/research/research-institute/global-wealth-report.html">"Global Wealth Report"</a>. <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Global+Wealth+Report&rft.pub=Credit+Suisse&rft.date=2018-10&rft.au=Anthony+Shorrocks&rft.au=Jim+Davies&rft.au=Rodrigo+Lluberas&rft_id=https%3A%2F%2Fwww.credit-suisse.com%2Fcorporate%2Fen%2Fresearch%2Fresearch-institute%2Fglobal-wealth-report.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWealth+inequality+in+the+United+States" class="Z3988"></span> October 10, 2018, article: <a rel="nofollow" class="external text" href="https://www.credit-suisse.com/corporate/en/articles/news-and-expertise/global-wealth-report-2018-us-and-china-in-the-lead-201810.html">Global Wealth Report 2018: US and China in the lead</a>. <a rel="nofollow" class="external text" href="http://publications.credit-suisse.com/index.cfm/publikationen-shop/research-institute/global-wealth-report-2018-en">Report</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged November 2019">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup>. <a rel="nofollow" class="external text" href="http://publications.credit-suisse.com/index.cfm/publikationen-shop/research-institute/global-wealth-databook-2018-en">Databook</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged November 2019">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup>. <a rel="nofollow" class="external text" href="https://www.credit-suisse.com/corporate/en/research/research-institute/global-wealth-report/tables.html">Downloadable data sheets</a>. See Table 3.1 (page 114) of databook for mean and median wealth by country. See page 106 (end of Table 2.4) for total wealth of continents.</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNortonAriely2011" class="citation journal cs1">Norton, M.I.; Ariely, D. 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Accessed October 2011.</span> </li> <li id="cite_note-doubled-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-doubled_59-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2011/10/26/us/politics/top-earners-doubled-share-of-nations-income-cbo-says.html?_r=1">Top Earners Doubled Share of Nation's Income, Study Finds</a> The New York Times By Robert Pear, October 25, 2011</span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.economist.com/node/21557300">An ordinary Joe</a>, <a href="/wiki/The_Economist" title="The Economist">The Economist</a>, June 23, 2012, </span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text">The Price of Inequality: How Today's Divided Society Endangers Our Future, Stiglitz, J.E.,(2012) W.W. 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Retrieved <span class="nowrap">August 21,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Tax+Foundation&rft.atitle=Analysis+of+Sen.+Warren+and+Sen.+Sanders%E2%80%99+Wealth+Tax+Plans&rft.date=2020-01-28&rft_id=https%3A%2F%2Ftaxfoundation.org%2Fresearch%2Fall%2Ffederal%2Fwealth-tax%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWealth+inequality+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-112"><span class="mw-cite-backlink"><b><a href="#cite_ref-112">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchumerSanders2019" class="citation news cs1">Schumer, Chuck; Sanders, Bernie (February 3, 2019). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2019/02/03/opinion/chuck-schumer-bernie-sanders.html">"Opinion - Schumer and Sanders: Limit Corporate Stock Buybacks"</a>. <i>The New York Times</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Opinion+-+Schumer+and+Sanders%3A+Limit+Corporate+Stock+Buybacks&rft.date=2019-02-03&rft.aulast=Schumer&rft.aufirst=Chuck&rft.au=Sanders%2C+Bernie&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2019%2F02%2F03%2Fopinion%2Fchuck-schumer-bernie-sanders.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWealth+inequality+in+the+United+States" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Wealth_inequality_in_the_United_States&action=edit&section=20" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Alexandra Thornton and Galen Hendricks, <i>Ending Special Tax Treatment for the Very Wealthy</i>, <a href="/wiki/Center_for_American_Progress" title="Center for American Progress">Center for American Progress</a>, June 4, 2019. <a rel="nofollow" class="external text" href="https://www.americanprogress.org/issues/economy/reports/2019/06/04/470621/ending-special-tax-treatment-wealthy/">Ending Special Tax Treatment for the Very Wealthy</a> The report summarizes the problem (gross inequality) and its cause ("special tax treatment for the [extremely rich]"), and specific "ways to rebalance the <a href="/wiki/Tax_code" class="mw-redirect" title="Tax code">tax code</a> and put the <a href="/wiki/Economy" title="Economy">economy</a> on a better track."</li> <li>Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins. 2020. "<a rel="nofollow" class="external text" href="https://www.journals.uchicago.edu/doi/abs/10.1086/708815">Income and Wealth Inequality in America, 1949–2016</a>." <i>Journal of Political Economy.</i></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThomas_M._Shapiro2017" class="citation book cs1">Thomas M. Shapiro (2017). <i>Toxic Inequality: How America's Wealth Gap Destroys Mobility, Deepens the Racial Divide, and Threatens Our Future</i>. Basic Books. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0465046935" title="Special:BookSources/978-0465046935"><bdi>978-0465046935</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Toxic+Inequality%3A+How+America%27s+Wealth+Gap+Destroys+Mobility%2C+Deepens+the+Racial+Divide%2C+and+Threatens+Our+Future&rft.pub=Basic+Books&rft.date=2017&rft.isbn=978-0465046935&rft.au=Thomas+M.+Shapiro&rfr_id=info%3Asid%2Fen.wikipedia.org%3AWealth+inequality+in+the+United+States" class="Z3988"></span></li> <li><a href="/wiki/Rebecca_Solnit" title="Rebecca Solnit">Rebecca Solnit</a>, "In the Shadow of Silicon Valley", <i><a href="/wiki/London_Review_of_Books" title="London Review of Books">London Review of Books</a></i>, vol. 46, no. 3 (February 8, 2024), pp. 7–11.</li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; 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