On this episode, we discussed the book: The Privileges of Wealth, defining the distinction between wealth & income inequality and compared these to the most recent tax cut proposals in Congress.

Head of Department (Economics) & Author Bob Williams defined "income" as the money a person or household earns to purchase monthly resources. Bob defined "wealth" as the accumulation of assets that give a person access to power and the ability to advance.  He described that the growing inequality experienced by Americans would worsen if the legislation (as currently presented) passes the Senate.  Bob gave the example of the elimination of estate taxes on the wealthiest 1% and the lowering of taxes on billion dollar corporations as items in this legislation that would further worsen the already widened divide.

Natalya Shelkova offered an insightful discussion on how Americans separate themselves (by their choices of home location) economically, thereby eliminating their understanding of the experiences of those around them from lower socioeconomic experiences.

Bob gave a brief history of the elimination of CEO salary taxes on extremely high income/salary amounts.  He recalled from historical context that President Kennedy first lowered these taxes (90%) on extremely high incomes in 1963 to about 75%.  Ronald Reagan then lowered this tax to about 50% and steadily the tax on extremely wealth went to its current rate of 39% where it sits now - and Congress is trying to lower once again. 

Dr. Williams further described the history of racial, cultural and economic privilege in America - going back to the original settlement of North American by Whites, who slowly took the land and resources from the American Indians and enslaved African citizens.  He highlighted that this structural power imbalance continues to perpetuate itself.  I highlighted how such structural inequalities often are both direct and indirect causes of conflict.