r/FluentInFinance • u/ProgressiveSpark • 27d ago

Wealth inequality in America: beliefs, perceptions and reality. Discussion/ Debate

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What do Americans think good wealth distribution looks like; what they think actual American wealth inequality looks like; and what American wealth inequality actually is like.

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u/Bitter-Basket 27d ago

What do you do about it. Constitutionally, income is taxable. Wealth is not. And I personally know multimillionaires that have less than 100K income that are in the 12% bracket. The IRS doesn’t even know how much “wealth” anyone has - it just has a little info when an investment action creates income.

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u/i_am_barry_badrinath 26d ago

Amend the constitution

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u/Bitter-Basket 26d ago

That the only way, but it has zero chance of happening. The concern is that once you open that door, the government will just raid wealth more and more. It’s human nature. People with wealth generally want to keep it. And people without wealth generally want others.

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u/_Punko_ 26d ago

Tax the spending