The median salary of $43K in 1975 has increased to only $50K by 2020, while they would have been making $92K if the tax code hadn’t been steadily re-written to enrich the wealthy at the cost of the middle class and poor.
In that same time period, the mean income for the top 1% went from $289K to $1.384 million, while they would have been making $630K under the old tax codes.
Thats a 17.4% increase in the lower median, and an increase of 321.6% in the 1% median. Clearly there has been an upwards distribution of wealth at the expense of the middle class since the tax codes started to be re-written in 1974 to favor the top economic tier.
This was done in 2020, and the situation has only gotten much worse since.
It was actually 1974, when Congress retooled the tax code to bake in Trickle Down Economics, which started to gain traction by 1980.
The Rand Corp issued a report on income inequality, and the situation is far worse than most people think.
Salary Comparison Chart
The median salary of $43K in 1975 has increased to only $50K by 2020, while they would have been making $92K if the tax code hadn’t been steadily re-written to enrich the wealthy at the cost of the middle class and poor.
In that same time period, the mean income for the top 1% went from $289K to $1.384 million, while they would have been making $630K under the old tax codes.
Thats a 17.4% increase in the lower median, and an increase of 321.6% in the 1% median. Clearly there has been an upwards distribution of wealth at the expense of the middle class since the tax codes started to be re-written in 1974 to favor the top economic tier.
This was done in 2020, and the situation has only gotten much worse since.
Read more about it :
New York Mag: http://nymag.com/intelligencer/amp/2020/09/rand-study-how-high-is-inequality-us.html
Fast Money: https://www.fastcompany.com/90550015/we-were-shocked-rand-study-uncovers-massive-income-shift-to-the-top-1
tax code was retooled in 1984, not 1974. major legislation, tax act of 1984