U.S. wealth inequality has widened since 1980, and the gains are increasingly concentrated not only among the rich but within the richest group itself. About six in ten Americans say inequality is excessive, yet that concern has not translated consistently into policy. Federal data show the top 1% held 32.5% of national wealth in the second quarter of 2026, up from 27.4% in 1999, while the middle 40% held 28.8%, down from 32.9%. The top 0.1% alone owns 15% of all wealth and captured two-thirds of the latest quarterly increase among the top 1%. Rising corporate profits and stock prices, especially in technology and artificial intelligence, have disproportionately lifted this group’s fortunes.
Tax rules help explain the divergence. Decades of cuts have made the tax system less progressive, and recent legislation extended cuts for high earners and corporations. The ultrawealthy benefit especially because much of their wealth is in businesses and stocks; they can borrow against shares rather than sell them and trigger taxes. By contrast, middle-class wealth is concentrated in homes and retirement savings. Other policies also shift costs downward: the expiration of health-care subsidies is expected to reduce ACA enrollment by about five million, higher energy prices weigh more heavily on ordinary households, and tariffs have raised prices on common goods. The argument is that inequality is not inevitable: taxation, spending, and other political choices have helped create and intensify it.
Summary generated by AI from the linked article. hn.today is not affiliated with Hacker News or Y Combinator.
From August 2028, universities in England will pay £925 ($1,200) annually for each international student above an exemption threshold of 220, including current and new students. The government expects the levy to raise revenue for education, while university leaders warn it could strain finances and push up tuition fees. (africa.businessinsider.com)
The Pentagon is developing a plan for major U.S. bases to sustain essential operations independently for 90 days, including power, water, fuel, and communications. Separately, Britain is advising households to keep enough food, water, and cash for three days of disruption; officials say the efforts are not coordinated and do not signal an imminent war. (fortune.com)
“Buy, borrow and die” lets wealthy investors hold appreciating assets, borrow against them instead of selling, and pass them to heirs, who may receive a higher tax basis. The strategy can reduce capital-gains taxes while creating demand for loans secured by investments. (wsj.com)
The US fired an estimated 609 missile interceptors defending Israel from October 2023 through September 2026, including 186 SM-3s and 378 THAADs. The analysis estimates the interceptors cost $11 billion, exceeding Israel’s own use of ballistic-missile defenses. (stephensemler.com)
Microsoft is offering voluntary exits to 60,000 employees at level 70 or below in the U.S., India, Canada, and the UK. The program has prompted speculation that further layoffs are coming, but the post does not confirm that connection. (twitter.com)
Today's best Hacker News stories, summarized and screenshotted, one email a day.