![]() An analysis from the Tax Policy Center finds that the top 1% would see their taxes go up by around $160,000 if Democrats' tax plan passes the top 0.1% would pay $1.1 million more. They've laid out a number of tax increases aimed at the highest-earners, with revenue meant to offset spending on a $3.5 trillion infrastructure package. Some of that inequality could be addressed if progressives get their way. "We are in an absolute crisis of inequality," Representative Alexandria Ocasio-Cortez wrote on Twitter of Furman's findings, which he testified about in front of the Select Committee on Economic Disparity and Fairness in Growth. But over the past five decades, that amount of time has lengthened to 100 years. ![]() Jason Furman, a former top economist to President Barack Obama, found that from 1943 to 1973, the typical American family would double their income around every 23 years. Wealth accumulation has become increasingly harder for the typical American family over the past five decades. Since the pandemic began, American billionaires added $1.8 trillion to their collective net worths, according to a report from the left-leaning Institute for Policy Studies and Americans for Tax Fairness. It often indicates a user profile.Īt the same time, stock markets have been on a wild tear after their initial dip last March, greatly adding to the wealth of those at the top In 2020 the top 1% of Americans added around $4 trillion to their wealth - more than the total amount of wealth that the bottom 5o% of Americans held that year. ![]() ![]() About half of that group’s wealth is tied up in their own home although investment properties (with a net value of 104,000 on average) and superannuation also make substantial contributions. Account icon An icon in the shape of a person's head and shoulders. The next wealth rung the comfortable middle had average household net worth of just under 1.3 million. ![]()
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