The wealth gap in America refers to the lopsided distribution of assets and net worth between the super rich and those of less financial means. With all the advantages of living in America, one apparent flaw is the wealth gap that has continued to mushroom in favor of the affluent over the past few decades.
A significant gap accelerator is Trump’s “One Big Beautiful Bill Act” (OBBB) providing millionaires and billionaires with an excessive tax cut; an unjustifiable low-rate ballooning their already extravagant lifestyles. Meanwhile, low and lower middle-income Americans have found it difficult to maintain the standard of living they once benefitted from.
When I was 12 years old in 1955, the tax rate for yearly net-earnings of a billion dollars was 91%, leaving only $90 million to suffer through. How sad! Now, with a 37% rate, that leaves $630 million. An extra $540 million to buy more extravagant mansions and yachts. How about splitting the difference half way to 65%. That would still leave $350 million/year to indulge in. “The life of Riley.”
What has helped cause the massive gap? In the case, “Citizens United v. Federal Election Commission,” the Supreme Court made it possible for billionaires and corporations to funnel vast sums of money to finance legislators running for office. In turn, those same legislators have voted to return the favor by providing reduced government regulation and low taxes.
The OBBB at the same time cut SNAP/Food Stamps, Medicaid coverage, and other needed governmental financial assistance for the less prosperous lower and middle classes.
Democrats need to regain control of the presidency and Congress to initiate the process of reducing the wealth chasm; a good first step being to reverse gap-widening legislation like the OBBB.
Raymond A. Hult, Bountiful