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“the decrease in the top marginal income tax rate led to an explosion of very high incomes, which then increased the political influence of the beneficiaries of the change in the tax laws, who had an interest in keeping top tax rates low or even decreasing them further and who could use their windfall to finance political parties, pressure groups, and think tanks.”
― Capital in the Twenty-First Century
― Capital in the Twenty-First Century
“Indeed, the distribution of wealth is too important an issue to be left to economists, sociologists, historians, and philosophers.”
― Capital in the Twenty-First Century
― Capital in the Twenty-First Century
“Among the members of these upper income groups are US academic economists, many of whom believe that the economy of the United States is working fairly well and, in particular, that it rewards talent and merit accurately and precisely. This is a very comprehensible human reaction.”
― Capital in the Twenty First Century
― Capital in the Twenty First Century
“When a country goes from a population of 3 million to a population of 300 million (to say nothing of the radical increase in territory owing to westward expansion in the nineteenth century), it is clearly no longer the same country.”
― Capital in the Twenty-First Century
― Capital in the Twenty-First Century
“For millions of people, “wealth” amounts to little more than a few weeks’ wages in a checking account or low-interest savings account, a car, and a few pieces of furniture. The inescapable reality is this: wealth is so concentrated that a large segment of society is virtually unaware of its existence, so that some people imagine that it belongs to surreal or mysterious entities. That is why it is so essential to study capital and its distribution in a methodical, systematic way.”
― Capital in the Twenty-First Century
― Capital in the Twenty-First Century
Flo’s 2025 Year in Books
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