Income inequality—shrinking

As government transfer payments to low-income households exploded in the last 50 years, their labor-force participation collapsed and the percentage of income in the bottom quintile coming from government payments rose above 90%.   WSJ Incredible Shrinking Income Inequality – WSJ

"Nobody making under 400,000 bucks would have their taxes raised. Period. Bingo." – Joe Biden, May 22, 2020

Of course, that doesn't tell the whole story. An increase in the federal corporate tax rate to 28 percent as proposed would raise the U.S. federal-state combined tax rate to 32.34 percent, highest in the OECD and among Group of Seven (G7) countries, harming U.S. economic competitiveness and increasing the cost of investment in America. When businesses are taxed more they either move to another country or raise our prices. So who is Biden kidding?

Few people could get elected promising to raise your taxes, but Biden isn't few people. He's just Barack Obama 2.0.