Posted in Consumption Inequality, Economic Issues, Government Spending, Income Inequality, Job loss, Keynesian Economics, Minimum wage, Policy Issues, Poverty, Progressivism, Tax Policy, Uncategorized, Unemployment, Wealth

Nobody Is Pushing Thomas Piketty’s Policies to Combat Economic Inequality – Michael Barone – Page full

blog_piketty_r_vs_g_highlightA recent Congressional Budget Office report shows that when you measure federal taxes paid minus federal transfers received welfare, food stamps, Social Security, etc., the top 20 percent of earners pay an average of $46,500. The next 20 percent pay an average of $700. The bottom three-fifths get back more than they pay. Plus, the U.S. already relies more heavily on the income tax for revenues than any other advanced economy nation.

In other words, America already has lots of economic redistribution. American voters evidently sense that more redistribution would sap economic growth. They’re willing to throw a little to minimum wage earners, but they don’t want to kill the geese laying the golden eggs.

Americans are not alone in feeling that way. You don’t see much demand for Piketty policies in other countries either.

via Nobody Is Pushing Thomas Piketty’s Policies to Combat Economic Inequality – Michael Barone – Page full.

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A primary care physician by training, my passion is researching and writing about the importance restoring patient centered care, supporting independent private physicians, promoting free-market solutions and seeking sustainable fiscal policy in healthcare.

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