We have had redistribution for sure. But it is a redistribution of wealth, not income. Income, of course, is the source of wealth. But wealth is another way of saying net worth -- the lifetime accumulation of assets minus all liabilities.
Adjustments, exceptions, credits, carve-outs and exemptions encrusting the tax code during the last three decades have had the effect of channeling most new wealth to those at the top of the economic ladder. Not just those near the top, but at the top, the famous one or two percent of the population.
This is not a secret.
The arithmetic has been widely distributed and not challenged.
And here it is again, via The Monkey Cage.
Next time someone sez those at the top pay most of the taxes, remind them that's cuz they are the ones with nearly all the wealth. Those at the other end of the economy have zero to negative net worth.