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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 ]
The United States has the highest level of income inequality in the Western world, according to a 2018 study by the United Nations Special Rapporteur on extreme poverty and human rights. The United States has forty million people living in poverty, and more than half of these people live in "extreme" or "absolute" poverty.
Together, the top 20% of households owned 93% of the financial wealth in the United States. Financial wealth is defined as "net worth minus net equity in owner-occupied housing." [30] In real money terms and not just percentage share of wealth, the wealth gap between the top 1% and other portions of the population is immense. The average wealth ...
But not only is America getting richer, the CBO found, inequality became all the more pronounced over those three decades. In 2022, families in America's top 10% held 60% of all wealth, up from 56 ...
Wealth in America grew at a rapid pace during the pandemic, ... exacerbating income inequality. U.S. household net worth increased by $19 trillion (16%) from the end of 2019 to the first quarter ...
Again, when compared to the 2013 wealth distribution pyramid, a decrease of 1.7% can be observed. In conclusion, this comparison shows a substantial worldwide increase in wealth inequality over these years. One of the main explanations for the ongoing increase of wealth inequality are the repercussions of the COVID-19 pandemic.
The pandemic induced a significant economic toll on Americans, per a recent report, which indicated income inequality increased by 1.2% — as measured by the so-called Gini index — between 2020 ...
Wealth in the United States is commonly measured in terms of net worth, which is the sum of all assets, including the market value of real estate, like a home, minus all liabilities. [20] The United States is the wealthiest country in the world. [21] U.S. Household and non-profit Net Worth 1959 – 2016, nominal and real (2016 dollars).