Already, data showed that the American dream of rags to riches, the Horatio Alger story, was largely a myth. Economic mobility was extremely limited. The abolition of the estate tax could solidify these changes, creating a new "class" society, based not on ancient nobility as in Europe, but on the bonanza of the Roaring Nineties. The
Data has long indicated that the traditional American dream, epitomized by the rags-to-riches narrative, is more myth than reality. Studies reveal that economic mobility is markedly restricted, meaning that the vast majority of individuals struggle to achieve upward movement in social class. This limited mobility undermines the foundational belief in equal opportunities for all and suggests that many are stuck in the socio-economic status they were born into.
The potential abolition of the estate tax could exacerbate this problem, solidifying a new class system in America that is not rooted in old-world aristocracy but rather in the immense wealth gained during the Roaring Nineties. As highlighted in Joseph E. Stiglitz's book "The Roaring Nineties: A New History of the World's Most Prosperous Decade," such changes could lead to a society characterized by entrenched divisions and diminished chances for economic advancement for the average citizen.
