Bob Lord is Senior Advisor, Tax Policy at Patriotic Millionaires and an Institute for Policy Studies associate fellow.
The Washington, D.C.-based Tax Foundation has long functioned as an apologist for America’s deepest pockets. Analysts at the foundation have spent years assuring us that our wealthiest are paying far more than their fair tax share—in the face of a reality that has our richest aggressively growing their share of the wealth all Americans are creating.
Over the same period, America’s total household wealth grew 6.8% annually, increasing from $79.94 trillion to $154.39 trillion. At those 2014-2024 rates of growth, the share of the nation’s wealth the Forbes 400 holds would double every 35 years. Over the past 42 years, the Forbes 400 share of the nation’s wealth has actually grown at an even faster rate, nearly quadrupling over that four-decade-plus span. The wealth of our wealthiest has no natural limit.
Tax Foundation Taxation Treasury Wealth Inequality Wealth Tax Tax The Rich
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