Comment on Housing prices

BarneyPiccolo@lemmy.today ⁨2⁩ ⁨days⁩ ago

The 1974 Tax Code re-write, that baked Trickle Down Economics into our tax code, created the Oligarch class, giving them the disposable income to manipulate political policy to their further benefit.

The Rand Corp issued a report on income inequality, and the situation is far worse than most people think.

Chart

The median salary of $43K in 1975 has increased to only $50K today, 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.

Read more about it :

New York Mag: nymag.com/…/rand-study-how-high-is-inequality-us.…

Fast Money: fastcompany.com/…/we-were-shocked-rand-study-unco…

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