Increased Gap in Wealth Distribution between Rich & Poor under Trump Admin.
The growth in income in recent decades has tilted to upper-income households. At the same time, the , which once comprised the clear majority of Americans, is shrinking. Thus, a greater share of the nationís aggregate income is now going to upper-income households and the share going to middle- and lower-income households is falling. The share of American adults who live in middle-income households has decreased from 61% in 1971 to 51% in 2019.
Pew Research Center- Trends in Wealth Inequality .
Federal tax and spending policies are worsening the problem of economic inequality. But the tax breaks that overwhelmingly benefit the wealthy are only part of the problem . The increasing diversion of government spending toward income supports and away from opportunity-building programs also is undermining wealth inequality.
In 2018, households in the top fifth of earners (with incomes of $130,001 or more that year) brought in 52% of all U.S. income, more than the lower four-fifths combined, according to Census Bureau data.
Income inequality in the U.S. is the highest of all the G7 nations , according to data from the Organization for Economic Cooperation and Development .
The black-white income gap in the U.S. has grown over time
Overall, 61% of Americans say there is too
much economic inequality in the country today, but views differ by political party and household income level.