For too many decades, Congress has ignored the needs of the working class
For too many years the people on top have been doing phenomenally well, while working families continue to struggle. The time is long overdue for Congress to address the long-neglected needs of ordinary Americans, and not just the 1% and wealthy campaign contributors. And that is precisely what we’re trying to do right now in Congress through an historic $3.5 trillion “reconciliation” bill.
It is unacceptable that the United States has more income and wealth inequality now than at any time in the last hundred years. Today, the two wealthiest people in this country own more wealth than the bottom 40% and the top 1% own more wealth than the bottom 92 percent.
Since 2009, 45% of all new income has gone into the hands of the 1 percent.
Meanwhile, because of tax policy written by corporate lobbyists, some of the very richest people in this country and largest corporations pay nothing in federal income taxes in a given year – not a penny. And, as Warren Buffett often reminds us, the effective tax rate for billionaires is actually lower than that of the average worker.
Meanwhile, while the rich become much richer, real inflation accounted-for weekly wages for the average worker has not risen in 50 years, over half of our people live paycheck to paycheck and millions work for starvation wages.