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Revision History For: The Runaway Income and Wealth Inequality in America

10 Oct 2019 12:19 PM <--
07 Jul 2019 01:06 PM
10 Apr 2019 08:28 AM
23 Mar 2019 05:16 PM
21 Mar 2019 05:09 PM
21 Mar 2019 10:17 AM
17 Mar 2019 02:24 PM
15 Mar 2019 02:15 PM
12 Mar 2019 04:17 PM

Return to The Runaway Income and Wealth Inequality in America
 
The Income and Wealth Inequality in this country is exploding out of control.
Donald Trump is determined to make it worse with every passing day of his presidency.

"For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data."

Trump's Tax Law: Collect extra thousands of dollars from each of the Bottom90% and give to Top1%. Take extra national debt and give to Top0.01%. I am paying at least extra $4-5k because of Trump tax law.

The general population, the income growth should be approximately at the pace of GDP growth. But for the past 40 years, since Ronald Reagan was president, there has been relentless wealth transfer from the Bottom90% to the Top1%, especially to the Top0.01% (Billionaires).

AMERICAN CAPITALISM IS SERIOUSLY BROKEN.


Below in the Chart:
90th-99th percentile = Upper Middle Class = After-Tax Annual Income of $120,000 to $425,000

nytimes.com
I dubbed the Top0.01% the Billionaires.
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The growth of the number of people who need secondary jobs to pay the bill, and the growth of the Top0.01% Income look eerily similar.

theguardian.com
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"typical household, amazingly, has a net worth 14 percent lower than the typical one did in 1984, according to a Russell Sage Foundation publication."
nytimes.com

TWO SEX CRIMINALS ...