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(USGovernment-News.Com, June 23, 2013 ) San Francisco, CA -- Income for the top one percent of wealthy income earners raised over 240 percent between 4 decades, 1979 to 2009, even including benefits provided by the employer and government transfers. For the middle class however, which accounts between 95 and 99 percent of Americans, income only raised 79 percent.
Tax cuts have given bigger breaks to the top one percent margin, but only at the expense of the worker’s wages being compromised. Shareholders also lose out on the tax cuts to the wealthy. According to the report, higher top tax rates reduce the payoff to bargaining for bigger salaries for company executives. Heightening those top rates does not help against the income gap and policy changes are not enough to close it as a whole.
The progressive income tax code sees most of its money from the top 5 percent money makers in the U.S, especially within the top one percent, but unfortunately, loopholes in the system allow them to keep their money in overseas banks and keep from having to pay taxes at all, placing the burden on middle class and poverty-stricken workers.
A weak middle class will never be able to help the economy grow. Joseph Stiglitz says the government needs to focus more on that sector of the United States and propose ways to help them get out of the recession, so they can begin spending and creating education for themselves and their children.
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