Democratic lawmakers keep wrangling over the contents and price tag of a social safety-net package that would be funded by tax hikes on wealthy taxpayers.
As the financial divide between the rich and everyone else deepens, a new study shows how the wealthiest Americans build their wealth versus everyone else.
For people perched at the top of the income ladder, the 0.01% of America’s households, 40% of their wealth flows from equity in corporations while 29% comes from the pass-through businesses that include partnerships, limited liability companies and sole proprietors. The NBER-distributed study was written by researchers at the Treasury Department’s Office of Tax Analysis, the University of Chicago Booth School of Business and Princeton University’s Department of Economics and School of International and Public Affairs.
At the higher end of the income scale, partnerships and private loans make up a large share of the interest income — and typically at higher interest rates, according to the authors, who analyzed years of federal tax data. Earlier this month, a cache of almost 12 million leaked documents showed the strategies billionaires in America and elsewhere employ to keep building their portfolio while shrinking their tax bill.The debate is about the shape of the plan, and also the particular tax hikes and tax rules that should be used.
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