The GOP's recent tax bill, criticized as the 'reverse Robin Hood,' disproportionately favors the wealthy while cutting social programs affecting middle and working-class Americans. Although it provides some tax relief of $815 on average for middle-class individuals earning between $51K and $92K, the top 1% is expected to gain over $44K in tax cuts. Income inequality has worsened, with rising wealth concentration among the richest, and the middle class has seen a significant decline in share from 61% in 1971 to 50% in 2021, influenced by globalization and automation.
The GOP's recent tax bill has been labeled the 'reverse Robin Hood' for benefitting millionaires while harming working and middle-class Americans.
While the bill offers an average tax cut of $815 to middle-class citizens, it disproportionately favors the wealthy, with the top 1% set to gain over $44,000.
The share of income controlled by the wealthiest 5% of households climbed from 23.3% in 2015 to 23.6% in 2022, while the poorest 20% saw their share fall.
Factors like globalization and technological advancements have led to the decline of middle-income Americans, with middle-class representation dropping from 61% in 1971 to just 50% in 2021.
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