A recent article by MarketWatch covered a Federal Reserve study revealing that 70% of all wealth in the United States is controlled by the richest 10% of American households, with the top 1% holding on to 32% of wealth in 2018.
The report also noted that the top 10% have obtained 64% of the national share of assets since 1989 and the top 1% saw the majority of asset share increases. The national homeownership rate for the first quarter of 2019 was below historically negative averages from the 1960s.
Policy Matters Ohio recently completed a study with the Institute of Taxation and Economic Policy (ITEP) that used the REMI model to evaluate taxing the wealthiest citizens in the state at a restored rate of 7.5 percent on income over $217,400 and a new 8.5 percent rate on income over $500,000. Their analysis discovered $2.6 billion in state revenue as a result of reworking the state tax structure.
You can read the MarketWatch article on wealth in the U.S. by clicking here.
Policy Matters Ohio’s study can be accessed by clicking here.