The U.S. Tax System Has Fostered The Rise of the Wealthy: James Galbraith

The video discusses the transformation of the US tax code from the late 1970s through the 1980s, highlighting how these changes favored wealthy individuals and shifted investment patterns. It explains the impact of these tax reforms on the economy, leading to a focus on housing and financial investments over industrial growth. The video also explores the resulting economic structure and offers policy recommendations to address these issues, such as implementing a stiffer estate tax and more progressive income tax rates.

In what ways did the tax changes impact the competitiveness of the US internationally?

How did the tax code changes contribute to the rise of a bipolar economy?

What recommendations does Professor Galbraith suggest for restoring a broad-based middle class economy?