As they accumulate more and more wealth, the very rich have less need for society. At the same time, they’ve convinced themselves that they made it on their own, and that contributing to societal needs is unfair to them. There is ample evidence that this small group of takers is giving up on the country that made it possible for them to build huge fortunes.
They’ve Taken $25 Trillion of New Wealth While Paying Less Taxes
The 2013 Global Wealth Databook shows that U.S. wealth has increased from $47 trillion in 2008 to $72 trillion in mid-2013. But according to U.S. Government Revenue figures, federal income taxes have gone DOWN from 2008 to 2012. Even worse, corporations cut their tax rate in half.
American society has gained nothing from its massive wealth expansion. There’s no wealth tax, no financial transaction tax, no way to ensure that infrastructure and public education are supported.
Just how much have the super-rich taken over the past five years? Each of the elite 5 percent — the richest 12 million Americans — gained, on average, nearly a million dollars in financial wealth between 2008 and 2013.