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Let This Be the Last Time in History the Top 1% Can Boast Unprecedented Wealth
Ah, to be a rich American. What a life it must be.
As we see the economy steadily improve and average Americans’ wages increase, new data from the Federal Reserve this week shows the wealth of the morbidly rich is outpacing gains.
The end of the fiscal fourth quarter last year revealed that the top 1% of Americans are the richest they’ve ever been in history.
How rich exactly?
$5.5 trillion in wealth, a $30 trillion increase in the past four years — up 88% since the start of the pandemic.
Earlier this month, in his State of the Union speech, President Joe Biden reiterated his promise to raise taxes on the wealthy and corporations that today pay next to nothing — and in some cases, actually nothing — in taxes, proclaiming:
I’m a capitalist. You want to make a million, or millions of bucks? That’s great. Just pay your fair share in taxes.
