Source: The American Prospect
by Harold Meyerson
“The overriding fact about the American economy in the past four decades, and even more so in the past four years and the past four quarters, is the massive upward redistribution of wealth and income. Therefore, the opposition to wealth taxes and income tax surcharges on the very rich that’s held by some prominent Democrats (particularly the governors of the two states that are home to the most billionaires) is intellectually and empirically (not to mention politically) indefensible. California Gov. Gavin Newsom and New York Gov. Kathy Hochul are either oblivious to this massive change to our economy or complicit in it. These are not mutually exclusive alternatives. The K-shaping of our economy, in which the rich have both steadily and now suddenly amassed a far greater share of the nation’s income and wealth, while the working poor struggle, should be plain for all to see.” (03/30/26)
https://prospect.org/2026/03/30/k-shaped-economy-wealth-taxes-new-york-california/