For aficionados of how the world is going to pot, the plutocrats are just sucking it all up, a correction to the Saez and Zucman estimates on wealth inequality:
Their trend estimate is mainly driven by misassigning fixed income (bonds and saving/checking accounts) to the top of the distribution rather than lower down where it belongshttps://t.co/sp9L35V2Uxhttps://t.co/4ucwXmQTW7 pic.twitter.com/rLKOinMwWh
— Wojtek Kopczuk (@wwwojtekk) 30 June 2019
It ain’t happening like they say it is.
There is though this interesting additional question:
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How do they account for the massive social security and Medicare asset the 99% has vs the income tax liability paid mainly by the top earners.