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Increasing Taxes to 40%
This rate would produce $55 billion in extra revenue.
Increasing Taxes to 45%
This will raise $109 billion more in revenue.
Increased taxed revenue could pay for the first year of a new $2,500 child tax credit.
Increasing Taxes to 35%
This rate in the 95th to 99th percentile will produce $176 billion in extra revenue.
Who Would Most Benefit?

college students

citizens using the highway

How Should the U.S. Reduce Economic Inequality?
The U.S. should increase tax on the 1% because it is easier for them to afford this.

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The Brookings Institute is a "think tank" examining the effect of raising income taxes on the super-rich.
3 Tax Schedule Scenarios

1. raise top individual income tax rate from 39.6% to 45%

2. from 39.6% to 50%

3. to 50% for income greater than $1 million

What Happens to Income Inequality?
A limited reduction in overall income inequality will occur.
How Should the U.S. Reduce Economic Inequality?
The U.S. can reduce inequality by collecting more tax from those with higher income.

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Marginal U.S. Income Tax Rates
These rates refer to taxes paid on income above a certain amount.
EX: a person earning $90,000 was in the 25% tax bracket
U.S. Income Taxes in 1960 and 2004

highest-earning .01% decreased between 1980 and 1990

highest-earning 20% remained constant and increased in 2000

lowest-earning 40% remained constant and decreased by 2004

Highest Income Tax Paying Countries

Belgium

Germany

Same Rate as U.S.

U.K.

New Zealand

How Should the U.S. Reduce Economic Inequality?
The U.S. could expand the earned income tax.

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Constant Dollars are represented by the inflation of $10.56 in 2016 dollars.
Current Dollars are represented by $1.60 in 1968 dollars
Inflation Between 1968 and 2016
The inflation- adjusted minimum wage increased by about $8.96. I would prefer being a minimum wage worker in 2016
Minimum Wage (other countries vs. the U.S.)
HIGHER

Australia

France

LOWER

Mexico

Hungary

It is surprising to know that  that minimum wage in the U.S. is far less than other countries.
How Should the U.S. Reduce Economic Inequality?
The U.S. should not increase inflation where citizens can't afford.

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ACTUAL DISTRIBUTION OF WEALTH IN THE U.S.

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ACTUAL DISTRIBUTION OF WEALTH IN THE U.S.

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Each person represents 1% of the population with each stack representing the amount they own of the total wealth of the U.S.
The Nation's Wealth
40% of America's wealth is owned by the top 1%
12% is owned by the bottom 80%
Being Middle Class in the U.S.
Barely distinguishable from the poor, the bottom 50% of Americans only own 0.5% of wealth
The Poorest Americans
This group doesn't even register because they have no stocks, bonds, or funds
The U.S. should reduce economic inequality because it is just outrageous that the poor seems to own nothing compared to the wealthy.

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A quintile is one of five equal groups which divide a population.
The 5 quintiles represent the divided percentages of the population from the poorest to the wealthiest.
Presumed Wealth of the Wealthiest:
About 45%
Ideal Wealth of the Wealthiest: About 25%
Actual Wealth of the Wealthiest:
About 80%

Wealth of the Poorest:
About 2%

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Effects of Higher M inimum Wage

the quantity of labor demanded by owners decreases

the quantity of labor supplied by workers increases

Unemployment
With higher minimum wage, unemployment rises.
Negative Effects

profits decrease

difficult for low-skilled workers to find jobs

How Should the U.S. Reduce Economic Inequality?
Businesses should maintain a minimum wage that works out for workers of any skill.

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THE BEST WAY TO TACKLE ECONOMIC INEQUALITY 

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THE BEST WAY TO TACKLE ECONOMIC INEQUALITY 

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I believe that increasing taxes on the wealthiest top 1% and providing welfare benefits for lower income individuals gives everyone the same fair shot at what they can and can't afford.

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Characteristics of a Minimum Wage Earner

average over the age of 35

55% work full-time jobs

Stereotypes vs. Reality

Assumed to work part-time, but really work full-time

Assumed to be teenagers living with parents, but really are adults with children of their own

11.1 million workers will see their wage increase through the ripple-effect.
Low-Wage Earners
This group is more likely to spend their additional earnings because they must meet their basic needs immediately, adjusting inflation.
How Should the U.S. Reduce Economic Inequality?
By raising minimum wage, inflation will return to the value it had in the 1960s.