Passthrough Tax Loopholes & the Rise of the American Gentry: CHART OF THE DAY

Brad DeLong · 19 Sept 2026

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Our reading
More than half of the rise in the top 1% income share since 1985 came from pass-through business tax structuring, not tech or finance.

Their wordsAnd more than half the rise in the top 1% share since 1985 flowed through the pass-through businesses that was a "tax efficiency innovation" feature of the Reagan Revolution.
Our reading
Reagan-era tax cuts for the rich did not deliver the faster economic growth they were promised in return.

Their wordsThe Reagan Revolution promised faster growth in exchange for lower taxes on the rich. The rich won; the growth never showed up.

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