Question by Hyena: How are the wealthy earning their money lately?
The Congressional budget office recently announced that the income of the top 1% increased 275% since 1979. Yet there seems to be no increase of investment in American industry or employment.
My question is, are they earning most of this money overseas and if so, is the government able to tax it?
Answer by DYT
Business owners earn money any way they can. It is not as simple as go to work, clock in/out, collect paycheck… Some money comes from overseas, some money comes from the US. America can only tax money reported in the US.
The reason for this increase is that our economy has gone massively global. It is much easier to sell products overseas than it has been in the past, due to technology. Technology is also making manufacturing more efficient, hence the need for less and less jobs on factory floors.
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