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Economists may disagree about how important the issue of wealth inequality is, but politicians don’t. With a majority of Americans saying the gap between rich and poor is a very big problem, punitive wealth taxes are gaining in popularity and some elected officials are feuding with their wealthiest citizens.
Now the wealthy are responding — not just by moving to walled compounds in Miami, but in a more productive way: by giving their money directly to children in lower-income families. First Michael Dell and his wife donated $6.25 billion last year to seed so-called Trump accounts for up to 25 million children with $250 each. Now this week there are reports that the administration is considering a plan to allow these accounts to accept direct donations of stock from billionaires, who are said to be interested in the idea.
Continue reading the entire piece here at Bloomberg Opinion (paywall)
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Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.