All of this is correct. I'd just like to add that, additionally, over the last couple of decades we have also systematically and agressively cut most taxes that mostly hit the very wealthy. Yes, (for now) we still have a somewhat functional wellfare system, but the wealth inequality is crazy high, which causes a lot of social stress and conflict.

For some quick examples:

• We have a uniquely regressive tax on real estate. There is a value cap over which no more tax is added, and that cap is CRAZY low, meaning someone with a mansion is not taxed significantly more than someone with a small house.
• We have insanely low taxes on capital gains, which are a bit complicated to explain but essentially means that on a good year you might pay the equivalent of low single digit percent tax on the value increase.

All of this while the tax on actual work is very high, making it harder for those not already born with capital to aquire it.