America’s Problem

NPR’s Article

“A couple of years ago, a billionaire investor named Billy Joe “Red” McCombs made one of these deals. It made him $259 million, but because it wasn’t officially a sale, he didn’t report that $259 million as income and it never showed up on a tax return, Drucker says.”

“The top 1 percent controls something like 34, 35 percent of the net worth or net wealth in this country, but topped out at about 20 percent of the income,” he says. “So that shows you right there that the income inequality that we’re talking based on tax return data from the IRS isn’t really giving a full indication of the real level of inequality.”

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