Describing taxes paid as a share of wealth as a "true tax rate" is...untrue, given that the U.S. doesn't have a wealth tax. I appreciate that @ProPublica may support a wealth tax, but this framing is deceptive. As a share of income, the percentages would look much different.
https://twitter.com/propublica/status/1402222692019982340
The U.S. actually has the most progressive tax code in the developed world, because we don't have a national sales or consumption tax (i.e., a VAT). freopp.org/6-problems-wit…
Just to correct my initial tweet, the @ProPublica framing is about taxing unrealized capital gains, not total net worth. Still non-factual to describe that as a "true tax rate."
Now, if @ProPublica wanted to do a study of every industrialized country's tax codes, and what percentage of each country's tax revenue is contributed by the top 1% / 10% / 25%, *that* would be useful.
Another useful exercise would be to contemplate how much the @federalreserve's unprecedented monetary expansion has increased wealth inequality. fred.stlouisfed.org/series/WM2NS
As the @WSJ notes, Biden wants to require banks to disclose to the IRS every financial transaction by every single American. It strains credulity to think the IRS could safeguard this private info, given the ease with which @ProPublica obtained it. wsj.com/articles/irs-i… 
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