The buzzword of the 2026 U.S. midterm elections may be affordability, but growing anger over inequality is behind the sentiment.

A Pew Research survey released in October 2026 found that roughly 6 in 10 Americans – including 4 in 10 Republicans – believe there’s too much inequality in the U.S. And a growing share from both major political parties state that the economy needs to be fundamentally rebuilt to address this.

This sentiment has, however, been difficult to convert into political results. Public support for California’s proposed wealth tax on billionaires has been waning ahead of the midterms, for example, and in 2025, Republicans passed President Donald Trump’s sweeping legislation that included tax cuts for the wealthy while cutting safety net programs.

I’m an economist who has been studying inequality for about two decades. My research confirms the trend of rising inequality since 1980, driven by the wealthiest pulling away not just from the middle class, but also from the “merely wealthy.” Overall, recent research underscores how policy choices – including taxation and public spending – enabled this 40-year rise in inequality.

Some policies enacted more recently appear to be accelerating this trend. An analysis by the Institute on Taxation and Economic Policy, a nonpartisan research organization, concluded that policy changes since the start of 2025 have imposed higher costs on everyone except the top 1%.

Inequality by the numbers

Recent federal data shows that wealth inequality continues to grow. The top 1% saw their share of wealth increase from 31.7% to 32.5% just between the first and second quarters of 2026, a jump of........

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