At a time of staggering inequality, I can’t believe that Congress and the Trump administration want to give me another tax break.
On Wednesday, the Republican party unveiled their tax reform plan , which included the elimination of the federal estate tax. But as one of a small segment of people in the top 1% with enough wealth to someday pay the estate tax, I believe a tax on inherited wealth is completely reasonable and fair.
I grew up in Alabama, one of the poorest states in the country, in a wealthy family. We benefited from financial deregulation during the Reagan […]
View Original: I’m a millionaire. I don’t need another tax break, Mr Trump
Illustration from a 1916 advertisement for a vocational school in the back of a US magazine. Education has been seen as a key to socioeconomic mobility, and the advertisement appealed to Americans’ belief in the possibility of self-betterment as well as threatening the consequences of downward mobility in the great income inequality existing during the Industrial Revolution .
Socioeconomic mobility in the United States refers to the upward or downward movement of Americans from one social class or economic level to another,  through job changes, inheritance, marriage, connections, tax changes, innovation, illegal activities, hard work, lobbying, luck, health […]
View Original: Socioeconomic mobility in the United States
Alice Weidel and Alexander Gauland, co-leaders of Alternative for Germany, celebrate their victory The surprise showing of the far-right nationalist party, Alternativ fuer Deutschland (AfD) in Sunday’s German election has struck fear in the hearts of many analysts. Is Germany’s liberal democracy and society simply a thin veneer covering the monster of virulent nationalism that has long been crouching in the dark, waiting for its chance to attack? Are AfD voters really Nazis in disguise who have finally found a way to gain respectability by riding the wave of far right, populist, nationalist , and Trumpian alt-right sentiment which […]
View Original: It’s the German Economy Stupid! Economic Inequality not immigration explains the rise of the far right in Germany
Economic growth provides the basis for overcoming poverty and lifting living standards. But for growth to be sustained and inclusive, its benefits must reach all people.
While strong economic growth is necessary for economic development, it is not always sufficient.
Over the past few decades, growth has raised living standards and provided job opportunities, lifting millions out of extreme poverty. But, we have also seen a flip side. Inequality has risen in several advanced economies and remains stubbornly high in many that are still developing. This worries policymakers everywhere for good reason. Research at the IMF and elsewhere makes it clear […]
View Original: Growth that reaches everyone: facts, factors, tools
The legacy of American racism is dominating the headlines again. One of the arguments used against the removal or relocation of Confederate symbols is that “it is simply part of our history”. This is not the case. The results of the enslavement, disenfranchisement and exclusion of black Americans remain visible and vivid in 21st century America.
Take the economic gap between black and white Americans, which is stark and stubborn. Black median household income was $36,898 in 2015, compared to $62,950 for whites . The gap has actually widened slightly since 2002 (from $23,500 to $26,000).
The black-white income gap obviously […]
View Original: The century gap: Low economic mobility for black men, 150 years after the Civil War
One of the most commonly taught stories American schoolchildren learn is that of Ragged Dick, Horatio Alger’s 19th-century tale of a poor, ambitious teenaged boy in New York City who works hard and eventually secures himself a respectable, middle-class life. This “rags to riches” tale embodies one of America’s most sacred narratives: that no matter who you are, what your parents do, or where you grow up, with enough education and hard work, you too can rise the economic ladder.
A body of research has since emerged to challenge this national story, casting the United States not as a meritocracy […]
View Original: Education Isn’t the Key to a Good Income
On a warm spring evening in Washington, D.C., a fleet of limousines and town cars delivered hundreds of guests, bedecked in black tie and long gowns, to a gala celebration of the American Dream: the annual awards night for the Horatio Alger Association of Distinguished Americans.
Twelve new members (11 men, one woman) were honored for having risen from childhood poverty to positions as captains of commerce or celebrated public servants. Colin Powell, a 1991 award recipient, was among those in the audience. The new members’ speeches were brief, striking a balance between pride and humility, and all hewing to […]
View Original: Reviving the American Dream
Author, The Way Back: Restoring the Promise of America Frank Buckley is a Foundation Professor at Scalia Law School at George Mason University, where he has taught since 1989. Previously he was a visiting Olin Fellow at the University of Chicago Law School, and he has also taught at McGill Law School, the Sorbonne, and Sciences Po in Paris. He received his B.A. from McGill University and his LL.M. from Harvard University. He is a senior editor of The American Spectator and the author of several books, including The Once and Future King: The Rise of […]
View Original: Restoring America’s Economic Mobility
WASHINGTON, DC — Your address is becoming more of a factor on how well off you are — including the size of your paycheck and how much education you’ve obtained — and a new study indicates those living in the South face a tougher path to prosperity than their fellow Americans.
The widening gap in economic inequality between the top 1 percent of income-earners and everyone else was a hot-button issue in last year’s presidential election, and the disparity appears to apply within smaller communities as well — a troubling trend as Americans are less able now than at any […]
View Original: Here’s Where Not To Live In The U.S. If You Care About Money, Health
Let me start with a confession: during the decade or so I’ve been studying family breakdown, I’ve sometimes understated the impact of neighborhoods on children’s chances in life. That’s a mistake. The point should have been obvious: the most conscientious, Good Night Moon -reading, homework-supervising, PTA-joining, stably married mom and dad living in, say, East New York or Detroit are still going to have a harder time guiding their kids through the complex demands of contemporary childhood and adolescence than a married couple living twenty or thirty miles away in Great Neck or Grosse Pointe. Neighborhoods matter. They matter […]
View Original: No Place Like Home