- Series: A Twentieth Century Fund Report
- Paperback: 93 pages
- Publisher: Brookings Inst Pr (September 1994)
- Language: English
- ISBN-10: 0870783602
- ISBN-13: 978-0870783609
- Product Dimensions: 0.2 x 6.2 x 9.2 inches
- Shipping Weight: 4 ounces
- Average Customer Review: 1 customer review
- Amazon Best Sellers Rank: #7,662,389 in Books (See Top 100 in Books)
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Top Heavy: A Study of the Increasing Inequality of Wealth in America (A Twentieth Century Fund Report) Paperback – September, 1994
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His conclusion is that 'in 1989 the top 1 % of US families owned 48 percent of total US wealth'.
His book confirms the ground-breaking sociological studies of William G. Domhoff.
As Richard C. Leone remarks in his excellent introduction: ' We Americans have always flattered ourselves that we have more of two good things than almost anyone else: democracy and opportunity. To be sure, neither is simple.'
For, beneath the top heavy wealthy lays the vast majority of US citizens with their burdens of debt, while a lower part hasn't even social security.
In order to rectify the skewed situation, the author proposed a modest wealth tax, which at the top would not have been more than 10 %. Unfortunately, US fiscal policy went the other way round: taxation on the wealthy was further reduced.
This short study (with many illustrative tables) is a must read for economists and laymen.