The U.S. is #1 in wealth inequality.
Most folks who keep up with economic news that income inequality has been increasing in the US and wages for average Joe workers has been stagnant for about 3 decades. The wage increase for workers in 2017 was at its highest in years at a whopping 2.5%.
Our income inequality in the USA is higher than other developed countries. Rich countries tend to have less income income inequality than developing countries with the exception of the USA.
One reason for the high income inequality in the U.S. can be explained by its redistribution and imperfect tax system. According to a 2013 research paper, top tax rates in the U.S. have moved in the opposite direction from top pre-tax income shares for a few decades, supported by the belief that rewarding top earners might spur more growth and entrepreneurship. I bet this “trickle down economics” sounds familiar. The republicans passed…
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