Tag Archives: inequality

Economists Say We Should Tax The Rich At 90 Percent

Economists Say We Should Tax The Rich At 90 Percent
Above: Members and supporters of Welfare Rights Committee stand in front of banner after April 15 “tax the rich” protest. (Fight Back! News/Kim DeFranco) Kindermann and Krueger say that a top marginal tax rate in the range of 90 percent would decrease both income and wealth inequality, bring in more money for the government and increase everyone’s well-being — even those subject to the new, much higher income tax rate. ... Read more

The Bottom 90 Percent: Poorer Today Than They Were In 1987

The Bottom 90 Percent: Poorer Today Than They Were In 1987
The Federal Reserve has already told us that the median households is worth less now than it was in 1989 — that’s the household right in the middle — it turns out that everybody but the richest 10 percent of Americans are worst off. That includes the poor, the entire middle class, and even what we would consider much of the upper class. You can see this troubling finding in the chart above, based on data from Emmanuel Saez ... Read more

World’s richest man tries to defend wealth inequality

World’s richest man tries to defend wealth inequality
Gates gives us a textbook example of the problems. While he is undoubtedly smart and hardworking, the key to his incredible wealth was the decision by the Justice Department largely to ignore antitrust law. Gates used classic anti-competitive practices to gain and protect a near monopoly in the market for personal computer operating systems. When the Justice Department finally brought suit in 1998, Bill Gates and the Microsoft team were so ... Read more

Key Inequality Measure The Highest Since The Great Depression

Key Inequality Measure The Highest Since The Great Depression
The ratio of wealth to household income in the U.S., a measure of inequality, is the highest it has been since just before the Great Depression, Credit Suisse noted in a 64-page report on global wealth released on Monday. The bank also warned that this was not good news for the health of the economy: “This is a worrying signal given that abnormally high wealth income ratios have always signaled recession in the past,” the bank ... Read more

14 People Made More Money Than the Entire Food Stamp Budget for 50,000,000 People

14 People Made More Money Than the Entire Food Stamp Budget for 50,000,000 People
Above: Billionaire investor Warren Buffett.  (Photo: Fortune Live Media / flickr / cc) For the second year in a row, America’s richest 14 individuals made more from their annual investments than the $80 billion provided for people in need of food. Nearly half of the food-deprived are children. The fruits of American productivity go to the richest Americans, who can afford to hold onto their fortunes, defer taxes indefinitely, and then ... Read more

Global Inequality Reaches Levels Not Seen in Nearly 200 Years

Global Inequality Reaches Levels Not Seen in Nearly 200 Years
Photo: Dean Chahim/flickr/cc) “It is hard not to notice the sharp increase in income inequality experienced by the vast majority of countries from the 1980s,” the OECD report says.  Global income inequality has returned to levels recorded in the 1820s—when the Industrial Revolution produced sizable wealth gaps between the rich and poor—according to a new report released Thursday by the Organization for Economic Cooperation and ... Read more

Average Americans Grow Poorer As U.S. Per Capita Wealth Reaches New High

Average Americans Grow Poorer As U.S. Per Capita Wealth Reaches New High
Despite a near doubling of total wealth in America over the past ten years, the typical American’s net worth has actually fallen by over a third. American total wealth per person soared to over $309,000 by September 2014, up over 38% from its post-crisis low in 2009. The median American household saw its total assets fall by 36% from 2003. Over the same time period, the total wealth in the United States grew by over 80%.  With total wealth ... Read more

Number of Children Living in Poverty Drops Sharply, Census Bureau Reports

Number of Children Living in Poverty Drops Sharply, Census Bureau Reports
Median household income was 8 percent lower last year than in 2007, and the poverty rate was two percentage points higher By Robert Pear The New York Times, September 16, 2014 WASHINGTON — The poverty rate declined last year for the first time since 2006, the Census Bureau reported on Tuesday. But at the same time, it said, there was no statistically significant change in the number of poor people or in income for the typical American ... Read more

The Typical Household, Now Worth a Third Less

The Typical Household, Now Worth a Third Less
Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too. The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at ... Read more