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One of the proposal of the current administration is to remove the social security tax. So this is a tax paid on
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social security benefits by high income Americans to fund social security. Now there is a question of who is going to
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benefit and who is going to be ear by this policy choice. So there is no free lunch like all the benefits that are
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paid to current retirees are funded by the wages of current workers. So effectively if you increase social
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security benefits this will reduce the income of current workers. So effectively this such a policy would
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redistribute wealth from younger courts to older courts. When you look at the bottom 90% of the wealth distribution
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more than half of their wealth is the value of the social security benefit that they have already acrewed by
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contributing into the system. Whereas if you look at the top one or the top 10% most of their wealth is either real
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estate or financial wealth. So when you choose not to include social security benefit in your measure of wealth, you
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are vastly underestimating the wealth of the bottom 90% without underestimating the wealth of the top 10%. And this
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choice fundamentally affect your measure of wealth inequality.