If only this were true. The tax cuts from 2018 that increased the deficit rewarded companies but ultimately, they didn't move a lot of manufacturing domestically. Trickle down doesn't really trickle down because prices moved. up.
I asked AI to analyze the income economic data...
Source data:
The Federal Reserve Board of Governors in Washington DC.
www.federalreserve.gov
Key Insights from 2018–2024 Tax Changes and Wealth Distribution:
1.
Top 0.1% Growth Outpaces Other Groups
• The
Top 0.1% saw the most
rapid growth in wealth, increasing from
$12.24 trillion in 2018-Q1 to $22.13 trillion in 2024-Q3, an
80% increase.
• The biggest surge happened between
2020-2021, likely due to
stock market booms and tax incentives favoring high-net-worth individuals.
2.
Middle 90-99% Grew but at a Slower Rate
• The
90-99% group rose from
$38.9 trillion in 2018 to $58.33 trillion in 2024, a
50% increase.
• Their gains were
less dramatic than the Top 0.1%, suggesting they benefitted from economic recovery but at a more moderate pace.
3.
Bottom 50% Saw Growth but Still Holds Minimal Wealth
• The
Bottom 50% increased their net worth from
$1.51 trillion in 2018 to $3.89 trillion in 2024, more than
doubling in six years.
• Despite this growth, their total share of wealth remains
significantly lower than higher brackets.
4.
2020 Dip & Rapid Post-Pandemic Rebound
•
2020-Q1 shows a decline across all wealth groups due to
pandemic-related market crashes.
• The
wealthiest groups rebounded fastest after stimulus programs and tax benefits in 2020-2021, particularly the
Top 0.1% and 99-99.9% groups.
5.
Post-2022 Flattening for Middle Groups
• While the
Top 0.1% continued growing, the
99-99.9% and 90-99% groups saw a slowdown post-2022, possibly due to
interest rate hikes and slower economic expansion.
Conclusions & Trends
• The
Top 0.1% and ultra-wealthy benefitted most from post-2018 tax cuts and economic shifts
• The
Bottom 50% saw some improvements but remain far behind in wealth accumulation.
•
Mid-tier groups (90-99%) experienced solid but slower growth, showing that wealth concentration continues to favor the highest earners.