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.