Income inequality

In my previous blog post, I noted that the wealthiest 400 people pay only about 23% of their income in taxes—federal, state, and local—compared to 28% for the average American. Why is this? One reason is that while the federal income tax is progressive—meaning that the higher your income is, Read more…

I’ve been reading an interesting book lately: The Triumph of Injustice, by Emmanuel Saez and Gabriel Zucman. I’m not going to address their political agenda because I want to try to keep this web site apolitical. The book’s subtitle will tell you where they stand: How the Rich Dodge Taxes Read more…