NEW STUDY: Nearly $80 Trillion Redistributed from the Bottom 90% to the Top 1% Since 1975

WASHINGTON, March 4 – As Republicans prepare legislation to provide more tax breaks to billionaires with massive cuts to programs working families need, Senator Bernie Sanders (I-Vt.) today highlighted anew reportfrom the nonpartisan RAND Corporation, which found that nearly $80 trillion in wealth in the United States has been redistributed from the bottom 90 percent of Americans to the top 1% over the past 50 years.
“Over and over again, my Republican colleagues have expressed their deep concern about the redistribution of wealth in America, and they are right,”said Sanders.“The problem is that it has gone in precisely the wrong direction. Since 1975, nearly $80 trillion in wealth has been redistributed from the bottom 90% of Americans to the top 1%. The massive income and wealth inequality in America today is not only morally unjust, it is profoundly damaging to our democracy. Given this reality, we cannot provide another $1.1 trillion tax break to the top 1% by making massive cuts to healthcare, housing, education and nutrition assistance as President Trump and Republicans in Congress want to do. We must do the exact opposite.”
Here are the key highlights from the RAND Corporation report:
Read the full reporthere.