User:ImagineWorldPeace/EconomicImpactElite

Impacts on economy

In the 1970s an organized set of policies promoted reduced taxes, especially for the wealthy, and a steady erosion of the welfare safety net. Starting with legislation in the 1980s, the wealthy banking community successfully lobbied for reduced regulation. The wide range of financial and social capital accessible to the power elite gives their members heavy influence in economic and political decision making, allowing them to move toward attaining desired outcomes. Sociologist Christopher Doob gives a hypothetical alternative, stating that these elite individuals would consider themselves the overseers of the national economy. Also appreciating that it is not only a moral, but a practical necessity to focus beyond their group interests. Doing so would hopefully alleviate various destructive conditions affecting large numbers of less affluent citizens.

Patriotic Millionaires

In May 2022, a group of millionaires who call themselves "Patriotic Millionaires" who attended the World Economic Forum in Davos, requested to be taxed more.