Essay On Connecting The Present And The Past

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Research Proposal: Connecting the Present and the Past The rising income inequality between the wealthy and the rest of the population gave rise to the Occupy Wall Street movement of 2011. The idea behind the movement is the discomfort by the middle and lower class that a minority control the majority of the wealth in the nation. The richest 1% of the U.S. total population own a total of one-third of the U.S. net worth. From an economist’s perspective, one can see the gradual trends which got the American people to this point. The U.S. economy saw a boom during Bill Clinton’s era from 1993-2000. Average U.S. incomes went up on average 4%, but the rich experienced a much larger increase of 10.3%. The rich accounted for nearly half, 45%,…show more content…
The next explanation that lead to such a wide gap in income inequality is related to the tax disparity. If someone makes between $100,000 and $200,000, they pay up to 25% effective tax rate, that is before payroll taxes kick in. The 400 richest people surveyed in 2008 paid only 18.1% in taxes, and this rate has only gotten better for them since 2001 when they paid 23%. At the beginning of the Gilded Age marked a landmark movement for American history known as the Great Railroad Strike of 1877. The Gilded Age, beginning in the 1870s, marked a time of high economic growth through industrialization, and railroads being the major growth industry along with the factory system, mining, and finance. America saw a high influx of immigrants from Europe as well as the eastern states led to growth and expansion in the West which was largely based on farming, ranching, and mining. This era marked an era of abject poverty as well as inequality for millions of these immigrants, as the high concentration of wealth and income disparity became more visible and contentious. In 1877, Baltimore & Ohio Railroad cut wages for the third time in a year, causing a protest to take place on July 14 in Martinsburg, West Virginia. Workers in various other cities in New York, Pennsylvania, Maryland, Illinois, and Missouri went on strike due to harsh economic problems and pressure on wages by the railroad industry. Not represented by trade unions, the
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