Enact policies to cut income inequality

first_imgThe impact of U.S. tax policy over the past several decades suggests that any version of the Republican tax reform plan will ultimately result in benefits to the wealthiest Americans at the expense of less-fortunate Americans. Consider the following facts regarding recent historical trends in income inequality, wealth concentration and poverty levels. Categories: Letters to the Editor, Opinion Congressional Budget Office data show that income inequality in America has increased steadily over the past four decades. During this time span, income gains by the top 1 percent of Americans have been about five times greater than the income gains of the remaining 99 percent. Moreover, during this period, wealth concentration for the top 1 percent has risen from 25 percent to 39 percent of the country’s total wealth.Our status in the context of economic equity on the international level is a reason for embarrassment. A report by the World Economic Forum ranked the United States 23rd out of 30 developed nations in terms of economic equity, a reflection of our high levels of income inequality and wealth  concentration. Over the past two decades, the number of Americans living in poverty has increased from about 36 million to about 41 million. An analysis by the Organization for Economic Co-operation and Development (OECD) showed that our poverty rate placed us among developed nations with the highest poverty rates such as Turkey and Mexico. Moreover, a recent UNICEF (United Nations Children’s Fund) report ranked the United States 36th out 41 developed countries regarding childhood poverty and wellbeing. We are a country of enormous wealth and resources, and if we truly desire to “make America great again,” we should enact policies to reduce income inequality, wealth concentration, and poverty levels.Don SteinerNiskayunaMore from The Daily Gazette:Niskayuna girls’ cross country wins over BethlehemEDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Find a way to get family members into nursing homesPuccioni’s two goals help Niskayuna boys’ soccer top Shaker, remain perfectEDITORIAL: Beware of voter intimidationlast_img

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