The bottom 50% of U.S. Society have seen their incomes increase by 40% in fifty years.
The "middle" (?) 50-90% have increased their incomes by 72%.
(I'm not gloating - it's no different in the UK...)
The "top" 1% of U.S. Society have seen their incomes increase by 250% over the same period.
How long can this sort of "Progress" be sustained?
I don't care if the top .01 percent of people are filthy rich.
Are you bent out of shape because all of your favorite actors in the Marvel movies make millions of dollars on a single movie? Did they work any harder than a coal miner or taxi driver? How about professional athletes, musicians, Youtubers and artists? Are they really working harder than anyone else, or are they simply bringing and creating value to their professions?
Most of the .1 and .01 percenters are using their money to create more wealth. It is not a zero sum game where they are taking money away from the bottom 50%. In fact, our Federal Income Tax system is very progressive where the top 1% pay the majority of Federal Income taxes. Just because they still have a ton of money left over after paying taxes should not be seen as a bad thing and a problem for our government to try and solve.
- In 2016, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.https://taxfoundation.org/summary-lates ... 18-update/
- The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent).
- The top 1 percent of taxpayers paid a 26.9 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.7 percent).