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US income gap quadrupled over 40 Y: Should Biden tax the rich？
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Aiming at reducing the federal budget deficit, on Monday U.S. President Biden proposed raising taxes on the rich. Specifically, the proposal Show More
Aiming at reducing the federal budget deficit, on Monday U.S. President Biden proposed raising taxes on the rich. Specifically, the proposal calls for a tax applied to the top one-100th of 1% of American households, requiring them to pay a rate of at least 20% on their income and unrealized gains of liquid assets such as stocks. According to the White House, the new tax would raise around $360 billion over a decade.
As a background, the U.S. income inequality is worsening over time. According to the data of the Federal Reserve System, the richest 1% possessed about 8% of total income in 1976. This percentage has been on the rise ever since, peaking at about 32% at the end of 2021.
Do you support Biden's new tax proposal? Is a growing income gap good for society?

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