Monday, October 1, 2018

Trump Tax Plan 2.0 Cements the Worst Economic Policy in a Generation

https://truthout.org/articles/trump-tax-plan-2-0-cements-the-worst-economic-policy-in-a-generation/
"Consolidating wealth at the top of the income spectrum is not a stated goal of the tax plan, but it is the effect. Taken together with decades of compounding income and wealth inequality, tax plan 2.0 deals a serious blow to the possibility of economic mobility in this country. The richest one percent of Americans now take home an average of 26 times as much income as the bottom 99 percent. In 2016, it would have taken a middle-income worker 347 years at a large corporation to earn as much as the CEO earned in a single year. It didn’t used to be that way: In 1980, it would have taken that worker 40 years to earn as much as the CEO. And average wages for the lowest income workers have actually declined, after adjusting for inflation, since 1979."