Dear editor,
Shortly before his 100th birthday, former Secretary of State Henry Kissinger gave an interview in which he said the greatest threat to our democracy is the wide difference in wealth among US citizens. Yes, we are the richest nation on earth and have the greatest number of billionaires (Forbes data listed the number as 734 in 2024). However, among OECD nations we also have the second highest number of people living in poverty. One in five US children are considered to be “income poor” (OECD Library)
In a recent analysis the US ranked 62nd in income equality among all nations. That was lower than Canada, Australia, all of Europe, and especially the Scandinavian countries. Among the OECD nations, often considered the most developed nations in the world, we ranked 37th in equality, with only a few nations lower than us.
The top one percent of US citizens receive 20 percent of all income; the bottom 50 percent get only 10 percent. The median salary of S&P 500 CEOs was $16.3 million (Associated Press). Illinois is more unequal than the US as a whole. Average income of the top five percent in Illinois was $503,970, and the lowest 20 percent was $16,165.
Those who crafted the tax cuts of 2017 claimed that each household would enjoy a $4,000 tax reduction. Most of the tax reductions went to large corporations and the wealthy individuals that own stock in those companies. (The top 10 percent own 89 percent of stocks.) Joint Committee on Taxation (JCT) stated that workers whose corporate salaries were below the 90th percentile saw no change in earnings, neither did those earning less than $114,000.
The 2017 tax reform had a considerable number of less publicized loopholes such as eliminating tax on foreign income of multinational corporations, and doubling from 11 to 22 million the amount the wealthy could pass on to their heir’s tax free. The tax cuts initiated in 2017, and previous cuts by the Bush administration, have already caused considerable increase in our national debt. The increase is being suggested as a reason to cut Social Security and medical benefits.
Those whose occupations increase the health and welfare of others, whose training is lengthy and costly, and whose skill level is very high, deserve higher salaries. On the other hand, some of the super wealthy have been able to buy influence in our democracy that serves primarily their own selfish interests. The facts listed above seem to prove that our tolerance for such behavior is greater than in many other nations. Those facts may also help you decide whom to vote for in November.
-Delmar Lohr, Forreston
