Tax day is a reminder of America’s unequal tax system. But we can fix it

‘The idea that billionaires should pay higher tax rates than working people is not radical.’ Photograph: Julia Demaree Nikhinson/Reuters

Today, we have more income and wealth inequality than ever before. New York City’s average household income is $131,000. Without extreme inequality, residents could live reasonably well. Instead, a few people at the top of the income ladder capture enormous wealth, while millions of others struggle just to get by. Some simply can’t make it. For them, New York has become fundamentally unaffordable.

This outsized level of inequality has enormous economic, political and social consequences. It undermines social and political cohesion, erodes trust in institutions and leads people to conclude, correctly, that the system is rigged.