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Editorial/Opinion/Blogs / The Wealth Gap: An Existential Threat
« Last post by mystery-ak on Today at 03:37:00 pm »May 15, 2024
The Wealth Gap: An Existential Threat
By Robert A. Taft
Since 1970 the value of the dollar has steadily declined. The lower 80% of Americans have lost income and purchasing power, largely due to the exodus of manufacturing by global corporations. As a result, the wealth gap between the global rich and the rest has widened.
From 2007-2016 the net worth of the richest Americans increased by 20% while the lower 80% decreased by the same percentage, widening the wealth gap considerably. The Federal Reserve sparked this change using quantitative easing to boost the sagging stock market. The rich could invest in this wealth explosion but the rest could not as much.
Increasingly wealthy globalists pressured the government and now the top 1% own over half of U.S. wealth while the top quintile owns about 94% of the wealth. The bottom 80% have their wealth tied up in their homes or vehicles and most suffer from chronic debt.
Not only does the Fed-backed stock market favor the super-rich, but the U.S. tax system does too. The average American pays an effective tax rate of 13% while the very rich pay 18%. But when wealth gains are included, the effective tax rate on the very wealthy averages a mere 4.8%.
more
https://www.americanthinker.com/articles/2024/05/the_wealth_gap_an_existential_threat.html
The Wealth Gap: An Existential Threat
By Robert A. Taft
Since 1970 the value of the dollar has steadily declined. The lower 80% of Americans have lost income and purchasing power, largely due to the exodus of manufacturing by global corporations. As a result, the wealth gap between the global rich and the rest has widened.
From 2007-2016 the net worth of the richest Americans increased by 20% while the lower 80% decreased by the same percentage, widening the wealth gap considerably. The Federal Reserve sparked this change using quantitative easing to boost the sagging stock market. The rich could invest in this wealth explosion but the rest could not as much.
Increasingly wealthy globalists pressured the government and now the top 1% own over half of U.S. wealth while the top quintile owns about 94% of the wealth. The bottom 80% have their wealth tied up in their homes or vehicles and most suffer from chronic debt.
Not only does the Fed-backed stock market favor the super-rich, but the U.S. tax system does too. The average American pays an effective tax rate of 13% while the very rich pay 18%. But when wealth gains are included, the effective tax rate on the very wealthy averages a mere 4.8%.
more
https://www.americanthinker.com/articles/2024/05/the_wealth_gap_an_existential_threat.html
