Not the whole story

Interesting cite by Greg Mankiw on the progressivity of US federal taxes.  As expected, the rich pay a greater share of their income to the government.

But it’s incomplete in determining “fair” share.  It’s not just the income…where is the wealth?  When the top fraction holds 90% of the wealth, you expect them to pay more.  The growing inequality of wealth distribution is not good for society.

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