Tax cuts enacted under President Donald Trump have allowed rich to become richer while national debt has soared.
The benefits of the growing economy have largely accrued to the richest Americans, according to the new report.than the bottom half of the population. On a dollar basis, that means $37 of every $100 has gone to the top 1%, while the bottom 50% received $2, it found.
While the report focuses on the fortunes of wealthy individuals, corporations have also benefited during the past several years due to the tax cuts enacted by former President Trump. About 7 in 10 economists believe inequality is rising across the globe due to tax cuts for the rich, according to the new report, which surveyed 135 economists in 40 nations. About the same proportion believe the rich pay lower taxes in relation to their income compared with the average citizen in their country, the report added.
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