'Ten Year Challenge' for 400 Wealthiest Americans Shows Fortunes Doubled Since 2009 While Tax Rates Dropped

Exemplifying a national economy rigged in favor of the already rich, the wealthiest 400 people in the U.S. enjoyed a drop in their tax rate from 2009 to 2019 even as they enjoyed a drop in their tax rate.

University of Calfornia Berkeley economist Gabriel Zucman—citing the social media meme known as the “ten year challenge”—crunched the numbers Sunday in a tweet, finding that the total wealth of the 400 richest Americans jumped from $1.27 trillion to $2.96 trillion. The tax rate fell from 27% to 23% in that time. 

As Gravity Payments CEO Dan Price pointed out on Twitter, the real increase of the wealth was not double due to inflation, but was nonetheless a staggering 136%. 

“Here’s the thing,” tweeted Price. “The way the system is set up, we’re headed for another decade of this.”

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