PressTV-Lawmakers driving income gap wider in US: Study

The US tax bill under consideration by Republican lawmakers in Congress is likely to drive income disparities even wider in the US, through generous tax cuts to corporations and the wealthiest Americans, according to a massive new study on global inequality.

The tax overhaul would provide a massive corporate tax cut and further reductions in the estate tax and the income-tax rate for the rich and more modest tax cuts to middle- and low-income families.

Under the tax proposal, the top rate of income tax will drop from 39.6 percent to 37 percent, in a move that will intensify criticism of the deal as overly generous to the wealthy and big business.

The rise of income inequality in the United States is “largely due to massive educational inequalities, combined with a tax system that grew less progressive,” according to the 2018 World Inequality Report, written by a team of leading international economists including Thomas Piketty.

The study…

Read more