According to a new IPS briefing paper, the richest .01 percent of Americans, about 33,000 lucky souls today, now pay just one-sixth of what they used to pay in tax, when measured as a percentage of their total wealth.
The top .01 percent in America is a phenomenally wealthy group. Even during America’s most egalitarian periods, the average member of the top .01% held over 200 times the wealth of the average American. Today, the wealth of the average top .01 percenter is nearly 1,000 times that of the average American and is closing in on one billion dollars.
Hence, it doesn’t matter to the top .01 percent what type of tax they pay, be it income, sales, property or anything else. Taxes don’t influence their spending decisions or such mundane things as how many hours they work, when they retire, or whether their spouse must work.
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