All income groups received tax cuts, but Bush-era provisions ensured the well-off gained more than others. Some progressive tax changes under Obama reduced the share of tax cuts to the wealthiest, but they continued to benefit most.
A new report shows that the richest 1% now own 40% of this country’s wealth. That’s an astounding figure. The wealth gap has been widening for decades and it has now hit an all-time high.
In this Washington Post article, the author compares the wealth distribution that most Americans would choose, compared to the reality. The contrast is striking. When surveyed, Americans said they would be comfortable with the wealthiest 20% getting nearly one-third of the wealth. In reality, that group of wealthy Americans holds 90% of the wealth.