Congress did pass some reforms, but the long-term trend was a revolt in the opposite direction, which then accelerated with the election of Ronald Reagan in 1980. Since then, through a combination of political donations, lobbying, charitable giving and even direct bids for political office, the ultrawealthy have helped shape the debate about taxation in their favor.
It was the kind of step American officials often decry in the authoritarian regimes Biden is hoping to minimize in his European tour this week. Russian President Vladimir Putin, who's set to meet with the President next week and is a fan of using whataboutism in order to deflect criticism of his regime, no doubt read the reports with interest.
Both ETFs and mutual funds are ideal assets to hold in tax-advantaged accounts like 401(k)s and IRAs.
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