Rep. Keith Ellison wants U.S. prosperity to include all Americans

As the Federal Reserve Bank cites a revitalized economy as a reason to raise interest rates, many everyday Americans have yet to share in the benefits of a recovering U.S. economy. Wealth inequality in America is still a serious problem which has continued to grow worst despite a booming stock market and rapidly rising real estate valuations. The U.S. falls well behind most other industrialized nations in income equality and even fares worst than some third-world countries, such as Kenya. Congressman Keith Ellison (D-MN) understands this dynamic and has proposed legislation aimed at addressing this issue.

Wall Street on the rise, Main Street not so much

President Trump is quick to tout the rising stock market as evidence of his success, despite having been unable to pass any major legislation to address the American economy. However, it hardly matters whether Trump has anything to do with stock market prices, since most everyday Americans do not have a significant amount of their wealth in the stock market. In fact only a little more than half of Americans, a record low, currently own any stocks at all, according to a recent Gallup poll. Therefore, with stagnant wages that fail to keep up with the cost of living, the vast majority of the financial gains of the recent economic recovery skipped over the middle-class and impoverished communities.

U.S. prosperity should be for all Americans, not just the wealthy

Congressman Ellison has vowed to address wealth inequality in America and has taken action by introducing the Inclusive Prosperity Act of 2017 (H.R. 1144) in the House. If it becomes law, the bill would impose a tax on transfer of ownership of certain securities, including stocks, bonds and other derivative financial instruments. It would also provide a tax credit for those earning $50,000 or less annually which would fully cover the new securities excise tax. The collected taxes would allow for the funding of infrastructure and community investments which would help middle-class and impoverished communities receive more of the gains from a recovering American economy.

The bill currently has 23 Democratic co-sponsors in Congress. As of now, no Republicans have supported the proposed legislation. Those who believe that all Americans should enjoy the benefits of an improved U.S. economy should take the time to contact their representatives in Congress and urge them to support H.R. 1144.