Income gap

Wealth and income inequality in the US is increasing and many feel this must change. Several approaches at attacking the wealth problem have come and gone because they are too difficult to calculate but income is a different story. The new NYC mayor candidate has proposed a surtax on income. This is easy to calculate and enforce. He is recommending 2% surtax on all income over one million. Massachusetts enacted a similar plan in 2023 using four percent. This kind of tax could be used to slow the growth in the income gap. It could be raised year by year until the gap stops increasing. Between 2020 and 2022, the number of tax returns in the U.S. with a gross adjusted income of at least $1 million increased by about 30%.