In G. William Domhoff’s piece Who Rules America: Wealth, Income, and Power, he makes 8 compelling points that should make you wonder whether you truly understand where you stand in America:
- Wealth is the value of what you own while income is what you earn.
- Wealth is highly concentrated in just a few hands in the US.
- Wealth leads to power, and power leads to wealth.
- US is a power pyramid with the bottom 80-90% having no power.
- Tax cuts on capital gains and dividends benefits only the top Americans who get the majority of their income from capital gains and dividends.
- The US has both wealth and income highly concentrated.
- In the US, taxes and transfer payments reduce inequality but not much.
- CEOs generally get the salary they think they deserve.
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