The wealth gap is certainly an issue. Typically, Americans are more prosperous under Democratic presidents and while that may be true on paper in select areas, it’s apparent that most people are still hurting. On paper, Biden has been a remarkable president and has saved Americans billions if not trillions. Saving money is different than putting money in their pockets though. To say, yeah - but it could have been so much worse, means nothing to most people.
A study by the liberal Institute of Taxation and Public Policy predicts Mr. Biden’s plan would increase by more than $100,000 a year what someone in the top 1% of earners pays Uncle Sam. President Obama in 2013 raised taxes on that same group by $83,000. President Trump in 2017 cut their taxes by about $50,000 a year.
The top 1% of Americans earn about 20% of all income in the U.S., but they pay nearly 40% of all federal income taxes. The Biden plan will put even more of the tax burden on the wealthy. “It’s time for corporate America and the wealthiest 1% of Americans to just begin to pay their fair share,” he said Wednesday in his speech to Congress.
And wages are up compared to inflation for the past year. But eventhough inflation is still at a comfortable-ish sub 4%, the future looks questionable. www.statista.com/…/wage-growth-vs-inflation-us/
But to the greater point, when people are struggling to put food on the table and upgrade appliances or save for the future, they’re going to get stressed. They’re going to become afraid and they’re going to search for answers - even if those answers are wrong, it’s what they want to hear. Keeping this wage gap wide, keeping the middle class down, gives politicians power.