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The US top one percent have more wealth than the US middle class

John F. Kennedy once remarked, "If a free society cannot help the many who are poor, it cannot save the few who are rich".

This sentiment, echoing through the decades, finds a sobering resonance in today’s economic landscape of the United States. The stark reality of the country's wealth distribution has come to reflect a situation where the top one percent have accumulated more wealth than the entire US middle class.

Such circumstances stand in stark contrast to the ideals of a society that prides itself on democratic access to opportunity and prosperity.

The tax system in the US is often highlighted as a contributing factor to this wealth concentration. Complexities within the tax code are leveraged by the wealthy, sometimes allowing them to significantly minimise or outright avoid taxes.

Billionaires like Jeff Bezos and Elon Musk, who, in certain years, paid no federal income taxes, point to the use of legal tax avoidance strategies that are not accessible to the average citizen.

Reacting to these developments, progressive lawmakers are pushing for reforms. They argue for a tax system overhaul to close loopholes and ensure that the wealthiest individuals and corporations pay their fair share.

This effort includes scrutinising the relationship between accounting firms and government agencies, such as the US Treasury Department and the IRS, to prevent the enactment of policies that disproportionately benefit the rich at the expense of the wider population.

Source: Game of Trades

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