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Participation inequality usually helps political theorists determine where democracies fail or when political institutions are not democratically responsive. When political systems are too unequal in terms of political participation, it most generally means that there is a breakdown in the ability of all citizens to politically deliberate to ...
Wealth_Inequality_in_America_by_politizane.webm (WebM audio/video file, VP8/Vorbis, length 6 min 24 s, 640 × 360 pixels, 229 kbps overall, file size: 10.46 MB) This is a file from the Wikimedia Commons .
There is a political debate over the estate tax in the United States, which reduces inequality by taxing the estate of large quantities of wealth. The Tax Cuts and Jobs Act of 2017 doubled the exemption of estates by increasing the exemption from $5.49 million in 2017 to $11.18 million in 2018. [ 103 ]
For much of the past decade, policymakers and analysts have decried America's incredibly low savings rate, noting that U.S. households save a fraction of the money of the rest of the world.
Aristotle's Politics points out the same dilemma but proposes a different solution: instead of 'reducing democracy', he suggests to reduce inequalities with what we nowadays call a welfare state. The United States has seen an ongoing clash between pressure for more freedom and democracy (coming from below) and elite control (coming from above).
In fact, the collective net worth of the bottom one-fifth of earners rose 27% to $4.2 trillion at the end of the 2023 second quarter from $3.3 trillion four years earlier, Reuters reported.
75) ("An imbalance between rich and poor is the oldest and most fatal ailment of all republics"), and even the father of the free market, Adam Smith (who warned of "great inequality" where "civil government" is "instituted for the defence of the rich against the poor") (p. 82).
The economic and political impacts of inequality may include slower GDP growth, reduced income mobility, higher poverty rates, greater usage of household debt leading to increased risk of financial crises, and political polarization. [3] [4] Causes of inequality may include executive compensation increasing relative to the average worker ...