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.
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 |
