The
numbers reveal the deadening effects of inequality in our country, and
confirm that tax avoidance, rather than a lack of middle-class
initiative, is the cause.
by Paul Buchheit
1. Only THREE PERCENT of the very rich are entrepreneurs.
According to both Marketwatch and economist Edward Wolff, over 90
percent of the assets owned by millionaires are held in a combination of
low-risk investments (bonds and cash), personal business accounts, the
stock market, and real estate. Only 3.6 percent of taxpayers in the top
.1% were classified as entrepreneurs based on 2004 tax returns. A 2009
Kauffman Foundation study found that the great majority of entrepreneurs
come from middle-class backgrounds, with less than 1 percent of all
entrepreneurs coming from very rich or very poor backgrounds.
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