NYU Stern School of Business Professor Galloway just published a great piece on the wealth transfer during the pandemic. It’s worth the read.
Excerpt: “The wealthy use this influence to expand their wealth and power. Consider the tax code: Income gained from selling stock in a firm is taxed at a lower rate than income gained from actually working at that firm. A second transfer from poor to rich: A homeowner may deduct mortgage interest on a first and second home, while the less wealthy pay non-deductible rent. If it makes no sense that we’ve functionally decided money (and the money it makes) is more noble than sweat … trust your instincts.”