Public Policy, Income Distribution, and Class Warfare

G. Ross Stephens

Poverty & Public Policy, 2009, vol. 1, issue 1, 1-23

Abstract: As the result of accumulated public policy, the distribution of personal income in the United States has been drastically altered over the last twenty‐five to thirty years. Over the same period, there have been massive increases in both private and public debt. These changes are important factors behind an unprecedented redistribution of income. While the causes are multiple, one major driving force behind the altered distribution of income is change in the revenue structure of our three levels of government: a) in terms of who pays the taxes and other revenue sources (and who does not), and b) change in emphasis, rates, and revenue sources collected. This presentation and analysis focuses on a) personal income, b) revenue collection across the range personal of income, and c) the incidence of revenue as it relates to business versus personal income and wealth by federal and sub‐national (state and local) governments. Over time, the revenue structure of the federal system has been downloaded on the personal income of middle‐ and low‐income residents. The class war is over. It has already been won ‐ by the very wealthy, the corporate elites, and the multinationals.

Date: 2009
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https://doi.org/10.2202/1944-2858.1002

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Persistent link: https://EconPapers.repec.org/RePEc:wly:povpop:v:1:y:2009:i:1:p:1-23

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