When it comes to income equality, Vladimir Putin’s Russia is probably not the company most Americans hope to keep. Nevertheless, both countries’ elites now capture roughly the same share of national wealth.
The new data comes from a comprehensive survey of global inequality released Thursday by the World Inequality Lab. The report, whose authors include renowned economists Thomas Piketty and Emmanuel Saez, brings together the work of more than 100 researchers. Its findings come as Republicans prepare to pass a tax bill that follows the same trickle-down philosophy that the report says is responsible for much of the rise in inequality in the United States.
The United States and Europe once had similar level of inequality, the 2018 World Inequality Report finds. Today, the United States is closer to sub-Saharan Africa than Europe in the share of income that goes to the top 10 percent. The authors explain that America’s “massive educational inequalities,” tax cuts for the wealthy under Presidents Ronald Reagan and George W. Bush, and surging salaries for executives are largely to blame for the shift.