00:00What were your findings about wealth in America?
00:02So this income is among the most concentrated, so pass-through business income.
00:0770% of every dollar pass-through business income goes to the top 1%.
00:11And if you look at the rise of income inequality, so like the famous graph,
00:15top 1% share of income from Piketty and Sia is going back to the 1980s.
00:20More than half of the growth from that period of time to the, you know, 2021 is coming
00:25in the form of pass-through business income.
00:27So you want to understand what's driving income inequality and wealth inequality
00:31because, you know, it's sort of a parallel story there.
00:34You really have to understand this pass-through business sector.
00:37Like what is the nature of this activity?
00:39We knew it was pass-through business income.
00:40We didn't really know if this is like Monopoly Man, big business, you know,
00:45that you're just passively collecting the income or what we turned out to find.
00:50It was sort of these mid-market regional businesses of which there were just millions
00:54of them across the country.
00:56And that was kind of like the second huge finding about, you know, who these pass-through
01:01business owners were and what they're doing.
01:03Yeah.
01:03So I have three young kids.
01:05Eric has one young kid.
01:06And we're half jokingly thinking about writing a kid's book of the ABCs of getting rich.
01:11And you just go through and have a fun fact on each of them.
01:14And so A is for auto dealer, B is for beverage distribution, business owner, and then C is
01:19for contractor.
01:21D is dental.
01:21You know, we could go through.
01:22We actually did it.
01:23We haven't made the book.
01:24You got to do it.
01:25Can I just say, my son is obsessed with money and finally, no, he's like, really, it's
01:29really shocking.
01:30Yeah.
01:30Where does he get it?
01:31I don't know where.
01:31No, it's like, he's always scheming.
01:34So he would love this book.
01:36Okay.
01:36So please write it.
01:37Okay.
01:37P is for podcaster.
01:38Oh, yeah.
01:38Oh, yeah.
01:39Ha, ha, ha, ha.
01:39Ha, ha, ha.
01:39Ha, ha, ha, ha, ha.
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