The election of President Joe Biden has led to a turn in US government policy. This paper explores income and wealth inequality in the United States and President Biden’s policies aimed at addressing this issue, including his proposal of a corporate tax hike.
We assess the likelihood of long-term success and, finally, the potential inflationary consequences. We believe the Fed’s accommodative policies may have had unintended consequences of increasing wealth inequality, especially the top 1%. The rise in income and wealth inequality is not as obvious as it seems, but quite nuanced.
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