Does The Wealth Gap Spawn Recessions?
In 1929, just prior the great depression, the richest 1% of Americans owned 50% of the wealth. In the prosperous 60s, they owned 25%.
At the start of the Bush-43 depression, the rate was back up over 50% again. Consider the possibility that extremes in wealth distribution might cause economic instability. In America’s most prosperous times, the rich paid a whopping 91% income tax. Reagan lowered it to 28% while simultaneously raising it for everyone else from 11% to 15%. Bush-43 lowered capital gains taxes on the rich.~ Roedy (1948-02-04 age:70)