Crossposted from https://lemmy.today/post/59724884
this post was submitted on 09 Sep 2026
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It was actually 1974, when Congress retooled the tax code to bake in Trickle Down Economics, which started to gain traction by 1980.
The Rand Corp issued a report on income inequality, and the situation is far worse than most people think.
Salary Comparison Chart
The median salary of $43K in 1975 has increased to only $50K by 2020, while they would have been making $92K if the tax code hadn't been steadily re-written to enrich the wealthy at the cost of the middle class and poor.
In that same time period, the mean income for the top 1% went from $289K to $1.384 million, while they would have been making $630K under the old tax codes.
Thats a 17.4% increase in the lower median, and an increase of 321.6% in the 1% median. Clearly there has been an upwards distribution of wealth at the expense of the middle class since the tax codes started to be re-written in 1974 to favor the top economic tier.
This was done in 2020, and the situation has only gotten much worse since.
Read more about it :
New York Mag: http://nymag.com/intelligencer/amp/2020/09/rand-study-how-high-is-inequality-us.html
Fast Money: https://www.fastcompany.com/90550015/we-were-shocked-rand-study-uncovers-massive-income-shift-to-the-top-1
tax code was retooled in 1984, not 1974. major legislation, tax act of 1984