( CNN ) According to a new study released by Oxfam , the rich have made tremendous gains in the past several years -- to the point where , analysts predict , by 2016 the world 's wealthiest 1 % will control more than 50 % of the world 's wealth . The 80 wealthiest people in the world , alone , own $ 1.9 trillion . In the United States , the top 1 % control more than one third of the nation 's resources . Two out of three Americans disapprove of the current distribution of income and wealth . They believe that our economy and government unfairly favor the rich . One of the major contributors to rising inequality is our tax system . Raising taxes on the very wealthy is an idea that appeals to many Americans , including the middle class and poor . In his State of the Union Address on Tuesday night , President Barack Obama will attempt to address this serious issue . He will propose a set of policies to increase taxes paid by big business and the wealthiest Americans and provide tax cuts and credits for America 's middle class . Prominent economists think that the government needs to raise taxes on corporations and top earners to benefit the nation as a whole . Republicans , meanwhile , are already apoplectic about President Obama 's plan . One of the more curious phenomena about Republicans is that their economic agenda is entirely independent of the facts of the moment . So when the economy is strong , Republicans demand tax cuts for the rich . When the economy is weak , Republicans demand tax cuts for the rich . When the economy is recovering , Republicans demand tax cuts for the rich . But the massive tax cuts for the wealthy under President George W. Bush did n't stave off the recession and arguably precipitated or worsened the fall . Moreover , the nonpartisan Congressional Research Service has conclusively determined that tax cuts for the rich do not spur economic growth . To the contrary , there 's evidence that tax cuts hurt growth . In fact , the only thing tax cuts unequivocally do , according to the study ? Tax cuts increase economic inequality . President Obama is also proposing fees to make it more costly for the biggest financial companies to excessively borrow money . Post-recession , corporate profits have soared , but wages for Americans workers have not . Once upon a time , corporate profits used to correlate more closely with economic growth and wage prosperity for average Americans . In other words , we used to do well all together . But increasingly , especially in the past decade thanks to Republican tax cuts and deregulations , corporations have succeeded while ordinary Americans have fallen behind . How else do we explain the stock market hitting record highs while many Americans are still out of work ? This runaway train of inequality wo n't solve itself . We need government action -- action the majority of Americans strongly support . In his State of the Union address , President Obama will argue for closing the `` trust fund loophole , '' which , according to the White House , is one of the biggest tax loopholes plaguing our economy and lets the wealthiest Americans avoid hundreds of billions in taxes every year , money that should be helping build roads and schools that help us all . President Obama will also propose raising the top capital gains and dividend rates back to what they were under President Ronald Reagan , which clearly Republicans once agreed was a sufficient level . And to hedge the sort of gambling that puts our entire economy at risk , President Obama will propose a fee on the nation 's largest financial firms in proportion to how heavily they borrow and leverage . These modest measures will help us reinvest in America 's middle class and strengthen our economy for everyone 's benefit . Among the President 's proposals is a $ 500 tax credit for second earners in families where both spouses work , a proposal that will benefit 24 million American families . The President will endorse tripling the child care tax benefit , to help 5.1 million American families cover the cost of child care . President Obama will provide students with up to $ 2,500 a year toward the cost of college and make the first two years of community college free . And President Obama 's plan includes giving 30 million more workers the opportunity to easily and automatically save for retirement through their employers . While American voters across the board think that Democrats help the poor , middle class and rich fairly equally , 69 % think Republican Party policies favor the rich . Even conservative voters are concerned about rising inequality . The political pressure is on the GOP to prove they 're not just the party of the 1 % . There are some encouraging signs that Republicans believe tax reform should include increasing the share paid by the wealthiest Americans . President Obama 's plan is a modest and effective set of policies that sensible Republicans can support . The definition of insanity is doing the same thing over and over again and expecting different results . We 've cut taxes on big businesses and the rich to near historic lows . Those tax cuts have only helped corporate profits and yacht sales . It 's time that our economic policy helps all Americans . In this economic and political climate , not supporting basic tax fairness is insane .
New study indicates that by 2016 , the world 's wealthiest 1 % will control more than 50 % of the world 's wealth . Comment: The rich aren't getting richer because they're better at making money Republicans need to recognize that they ca n't just be the party of the 1 % and support Obama 's modest proposals .