Capitalism, economy & financial well-being in America, Government & Law, Other (abstracted) Views

Excerpts From NYT’s 12/17/2017 Editorial – The Tax Bill That Inequality Created

December 17, 2017

Excerpts:  The Tax Bill That Inequality Created – The New York Times

As a smaller and smaller group of people cornered an ever-larger share of the nation’s wealth, so too did they gain an ever-larger share of political power.

As things stand now, the top 1 percent of the population by wealth — the group that would primarily benefit from the tax bill — controls nearly 40 percent of the country’s wealth.

…rich families have supported candidates who share their hostility to progressive taxation, welfare programs and government regulation of any kind.

The power of donors has contributed to political polarization and made the federal government less responsive to the needs of most voters.

About 40 percent of contributions to campaigns during the 2016 federal election came from an elite group of 24,949 donors, equivalent to 0.01 percent of the adult population.

 

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