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Rich Getting Richer Via Tax Policies
Scorse, Gerald E. http://dissidentvoice.org/2019/09/rich-getting-richer-via-tax-policies/
Publisher: Dissident Voice
Date Written: 10/09/2019
Year Published: 2019
Resource Type: Article
Marginal income tax rates plunged starting in the 1980s, hitting their modern-day lows under President George W. Bush. After rising modestly during the Obama Administration, they fell again under President Trump. Rate cuts generate only part of the current bonanza. Tax breaks passed by various Congresses account for the rest, hugely increasing the billions that flow to the haves.
Abstract:
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Excerpt:
So, insanely, taxes really are making the rich richer. With inequality soaring, they're widening the income gap instead of making it smaller.
All taxpayers get at least modest breaks, but the big money goes to those who need it the least: income is redistributed upward, with disproportionate shares going to the top percentiles.
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