Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Recent nonpartisan analyses have consistently found that the Republican tax plan, expected to hit the Senate floor for a vote as early as Thursday, would deliver even more wealth to the richest Americans. (Photo: vishpool/Flickr/cc)

Latest Evidence Rich Don't Need Tax Cut: Top 1% $4.9 Million Wealthier Since 2007 While Everyone Else $4,500 Poorer

The GOP tax plan would widen the already massive gap between the wealthiest Americans and everyone else

Jake Johnson, staff writer

If any more evidence were needed to show that the wealthiest Americans really don't need a tax cut, here it is: Between 2007 and 2016, the average wealth of those in the top one percent grew by a whopping $4.9 million.

What about everyone else? In that same period, the average wealth of the bottom 99 percent declined by $4,500.

This is according to an analysis put out Wednesday by Matt Bruenig of the People's Policy Project, based on data from the Federal Reserve's Survey of Consumer Finances

Recent nonpartisan analyses have consistently found that the Republican tax plan, expected to hit the Senate floor for a vote as early as Thursday, would deliver even more wealth to the richest Americans. And contrary to GOP rhetoric, the plan would also hike taxes on millions of low-income and middle class families.

As tax analyst Hunter Blair of the Economic Policy Institute noted on Wednesday, the top one percent of households would on average see a $32,500 tax cut per year under the GOP plan. The bottom 20 percent of earners, by contrast, would pay $10 more annually.

Further undermining Republicans' "trickle down" selling points, numerous business leaders have already conceded that they are not planning to invest any of the extra cash they are set to receive into raising wages for workers, but will instead shower the windfall to their investors and stockholders.


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
We need your help.

Support progressive journalism.

Common Dreams is not your average news site. We don't survive on clicks or advertising dollars. We rely entirely on your support. And without it, our independent progressive journalism simply wouldn’t exist. Every gift of every amount matters.

Join the fight and support our common dreams today.

Key Senate Democrat Applauded for Manifesto on Reducing Drug Costs

"Sen. Wyden's drug pricing principles are a road map for taking on the greed of pharmaceutical corporations and lowering drug prices for all Americans."

Jessica Corbett, staff writer ·


Coalition of 200+ Groups Call for Permanent End to 'Neocolonialist' Global Gag Rule

"The global community deserves true partnership from the U.S., but the threat that this destructive policy could reemerge undermines relationships and harms people around the globe."

Julia Conley, staff writer ·


Social Cost of Emissions: 'One of the Most Important Numbers That No One Has Ever Heard Of'

An analysis for Friends of the Earth finds the social cost of CO2 calculates to at least 15 times the Biden administration's current figure, which is set to be finalized by early next year.

Jessica Corbett, staff writer ·


Biden Urged to Pressure EU to End 'Outrageous' Opposition to Vaccine Patent Waiver

"As citizens of the world, we cannot sit and watch a repeat of the horror during the AIDS pandemic, when millions of people died while countries and companies refused to share life-saving antiretrovirals."

Jake Johnson, staff writer ·


'The Zapatistas Have Invaded': Indigenous Activists Sail From Mexico to Spain

"They did not conquer us; we are still here resisting," the group said following their seven-week trans-Atlantic voyage marking the 500th anniversary of the conquest of the Aztec capital Tenochtitlán.

Brett Wilkins, staff writer ·