COVID-19 may have pushed us to boiling point. For decades, people have been dissatisfied with the wealth gap in the United States, but inequalities between rich and poor have become increasingly evident. Integration lawyer James Gutierrez has used his work to discover these differences and create a platform to bridge the gap between poor and rich.
Currently, the Federal Reserve reports that 1% of the wealthiest Americans account for about one-third (29%) of total wealth. If another 9% expands the group, the gap will be much larger. The income of the 10% richest Americans is almost double the 90% lower combined. The minimum 50% is less than 5.6% of the total wealth of the United States combined.
According to James Gutierrez, the numbers are shocking and are backed up by a problem system that puts them in place. According to the American Economic Association, in 2018, the tariff system slowly recovered; 400 rich Americans paid an average tax rate below 29% of the economy.
People are tired of finding a huge gap between rich and poor. Some leaders, such as James Gutierrez, believe the situation can be addressed from the middle upwards rather than waiting for angry citizens and victims to be handed over to the government.
Responsible companies can assist improve the living conditions of low-income families by persuading them to support these changes in government regulations and to put them in a more stable environment. According to James Gutierrez, founder of several joint venture FinTech companies, including Oportun and Aura, most people targeting a wide range of financial services, including loans, banking, and loans, are in the top 50% to 90%.
James Gutierrez noted how poverty is expensive. For example, if you buy car insurance, most people don’t know there are two sectors in auto insurance. People seeking to get loans without a good credit history will face high interest rates. People who start businesses in economically insecure areas can lead to higher levels of stress and more problems.
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