questionall:

1. Only THREE PERCENT of the very rich are entrepreneurs.

According to both Marketwatch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were classified as entrepreneurs based on 2004 tax returns. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds.

2. Only FOUR OUT OF 150 countries have more wealth inequality than us.

In a world listing compiled by a reputable research team (which nevertheless prompted double-checking), the U.S. has greater wealth inequality than every measured country in the world except for Namibia, Zimbabwe, Denmark, and Switzerland.

3. An amount equal to ONE-HALF the GDP is held untaxed overseas by rich Americans.

The Tax Justice Network estimated that between $21 and $32 trillion is hidden offshore, untaxed. With Americans making up 40% of the world’s Ultra High Net Worth Individuals, that’s $8 to $12 trillion in U.S. money stashed in far-off hiding places.

Based on a historical stock market return of 6%, up to $750 billion of income is lost to the U.S. every year, resulting in a tax loss of about $260 billion.

4. Corporations stopped paying HALF OF THEIR TAXES after the recession.

After paying an average of 22.5% from 1987 to 2008, corporations have paid an annual rate of 10% since. This represents a sudden $250 billion annual loss in taxes.

U.S. corporations have shown a pattern of tax reluctance for more than 50 years, despite building their businesses with American research and infrastructure. They’ve passed the responsibility on to their workers. For every dollar of workers’ payroll tax paid in the 1950s, corporations paid three dollars. Now it’s 22 cents.

5. Just TEN Americans made a total of FIFTY BILLION DOLLARS in one year.

That’s enough to pay the salaries of over a million nurses or teachers or emergency responders.

That’s enough, according to 2008 estimates by the Food and Agriculture Organization and the UN’s World Food Program, to feed the 870 million people in the world who are lacking sufficient food.

For the free-market advocates who say “they’ve earned it”: Point #1 above makes it clear how the wealthy make their money.

6. Tax deductions for the rich could pay off 100 PERCENT of the deficit.

Another stat that required a double-check. Based on research by the Tax Policy Center, tax deferrals and deductions and other forms of tax expenditures (tax subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes), which largely benefit the rich, are worth about 7.4% of the GDP, or about $1.1 trillion.

Other sources have estimated that about two-thirds of the annual $850 billion in tax expenditures goes to the top quintile of taxpayers.

7. The average single black or Hispanic woman has about $100 IN NET WORTH.

The Insight Center for Community Economic Development reported that median wealth for black and Hispanic women is a little over $100. That’s much less than one percent of the median wealth for single white women ($41,500).

Other studies confirm the racially-charged economic inequality in our country. For every dollar of NON-HOME wealth owned by white families, people of color have only one cent.

8. Elderly and disabled food stamp recipients get $4.30 A DAY FOR FOOD.

Temporary Assistance for Needy Families (TANF) has dropped significantly over the past 15 years, serving only about a quarter of the families in poverty, and paying less than $400 per month for a family of three for housing and other necessities. Ninety percent of the available benefits go to the elderly, the disabled, or working households.

Food stamp recipients get $4.30 a day.

9. Young adults have lost TWO-THIRDS OF THEIR NET WORTH since 1984.

21- to 35-year-olds: Your median net worth has dropped 68% since 1984. It’s now less than $4,000.

That $4,000 has to pay for student loans that average $27,200. Or, if you’re still in school, for $12,700 in credit card debt.

With an unemployment rate for 16- to 24-year-olds of almost 50%, two out of every five recent college graduates are living with their parents. But your favorite company may be hiring. Apple, which makes a profit of $420,000 per employee, can pay you about $12 per hour.

10. The American public paid about FOUR TRILLION DOLLARS to bail out the banks.

That’s about the same amount of money made by America’s richest 10% in one year. But we all paid for the bailout. And because of it, we lost the opportunity for jobs, mortgage relief, and educational funding.

Bonus for the super-rich: A QUADRILLION DOLLARS in securities trading nets ZERO sales tax revenue for the U.S.

The world derivatives market is estimated to be worth over a quadrillion dollars (a thousand trillion). At least $200 trillion of that is in the United States. In 2011 the Chicago Mercantile Exchange reported a trading volume of over $1 quadrillion on 3.4 billion annual contracts.

A quadrillion dollars. A sales tax of ONE-TENTH OF A PENNY on a quadrillion dollars could pay off the deficit. But the total sales tax was ZERO.

It’s not surprising that the very rich would like to fudge the numbers, as they have the nation.

(via resmc)

mapsontheweb:

Cartogram of the World’s Billionaires , Forbes

This illustrates how perverse the notions of unavoidable poverty and austerity are.

(via thenationmagazine)

azspot:

M. Wuerker

(Source: mattbors.com, via political-cartoons)

smdxn:

“The wealth gap between blacks and whites has nearly tripled over the past 25 years, due largely to inequality in home ownership, income, education and inheritances, according to a new study by Brandeis University”

(via other-stuff)

azspot:

The U.S. is Now More Unequal than Much of Latin America

(Source: icametothewoods, via fuckyeahthoreau)

highclasshomelessman:

thehausofzonni:

jonesydaking:

cruci4l:

real fucking talk

See conservative people call what Pac is saying Communism or Socialism

Preach Pac!!!!

I agree…..

(Source: amidnightmarauder, via asthepoemsgo)

stfuconservatives:

thisisjamesj:

Employees make around $13,650 a year.

But remember: we can’t pay employees any more because it would hurt business. But we can’t pay the CEO any less because then they won’t work hard enough, and it would hurt business.

(via other-stuff)

redflagflying:

“Of all the preposterous assumptions of humanity over humanity, nothing exceeds most of the criticisms made on the habits of the poor by the well-housed, well-warmed, and well-fed.” — Herman Melville

(via azspot)

thepeoplesrecord:

U.S. – spending slightly up; income drastically down with austerity on its way means tragic economy for working-class Americans
March 2, 2013

U.S. consumer spending rose in January as Americans spent more on utilities, with savings providing a cushion after income recorded its biggest drop in 20 years.

The Commerce Department said on Friday consumer spending increased 0.2 percent in January after a revised 0.1 percent rise the prior month. Spending had previously been estimated to have increased 0.2 percent in December.

January’s increase was in line with economists’ expectations. Consumer spending accounts for about 70 percent of U.S. economic activity and when adjusted for inflation, it gained 0.1 percent after a similar increase in December.

Though spending rose in January, it was supported by a rise in services, probably related to utilities consumption after a cold snap during the month.

Spending on goods fell, suggesting some hit from the expiration at the end of 2012 of a 2 percent payroll tax cut. Tax rates for wealthy Americans also increased.

The impact is expected to be larger in February’s spending data and possibly extend through the first half of the year as households adjust to smaller paychecks, which are also being strained by rising gasoline prices.

“We expect a significant decrease in real consumer spending in the first half of the year,” said Yelena Shulyatyeva, U.S. economist at BNP Paribas, New York.

“We are looking for a very subdued Q1 reading, and that’s the effect from the fiscal tightening. That will weigh significantly on first-quarter GDP, which we expect at 1.2 percent.

GDP advanced at a 0.1 percent rate in the last three months of 2012, with consumer spending rising at a healthy 2.1 percent annual pace.

Income tumbled 3.6 percent, the largest drop since January 1993. Part of the decline was payback for a 2.6 percent surge in December as businesses, anxious about higher taxes, rushed to pay dividends and bonuses before the new year.

Taking into account the higher taxes that went into effect at the start of the year, the squeeze on households was even greater. The income at the disposal of households after inflation and taxes plunged a 4.0 percent in January after advancing 2.7 percent in December.

Excluding the unwinding of the dividend and bonus boost, disposable income increased 0.3 percent in January.

With income dropping sharply and spending rising, the saving rate - the percentage of disposable income households are socking away - fell to 2.4 percent, the lowest level since November 2007. The rate had jumped to 6.4 percent in December.

Savings were the smallest since December 2007.

Inflation was largely contained, even though gasoline prices pushed higher. A price index for consumer spending was flat for a second straight month.

That left its increase over the past 12 months at 1.2 percent, the smallest since October 2009. It increased 1.4 percent in December.

So-called core prices, which strip out food and energy costs, edged up 0.1 percent after being flat the prior month. The year-on-year gain was 1.3 percent, the smallest since April 2011 and well below the Federal Reserve’s 2 percent target.

The U.S. central bank last year embarked on an open-ended bond buying program and said it would keep it up until it saw a substantial improvement in the outlook for the labor market. It hopes the purchases will drive down borrowing costs.

Weak growth and benign inflation could compel the Fed to maintain it’s very easy monetary policy stance.

Source

(via other-stuff)

The Conservative Party-led destruction of the welfare state will deprive us of future J.K. Rowlings. And tax revenue.

(via ansia)

The chairman of Goldman Sachs was awarded $21 million in total pay for 2012 according to the Wall Street Journal.

From 1978 to 2011, compensation for workers grew by 5.7 percent. During the same time, CEO compensation grew by 725 percent. In 1965 CEO earned about 20 times the typical worker. In 2011, the typical CEO “earned” over 200 times the typical worker.

The top 1% of earners took home 93% of the growth in incomes in 2010, while middle income household have lower incomes than they did in 1996, according to Nobel Laureate Joseph Stiglitz.

People in the US spent $52 billion on pets in 2012, according to the American Pet Products Association. The latest figures from the Census Bureau indicate the US spends less than $50 billion per year in non-military foreign aid.

Student loan debt is now higher than total credit card debt and total auto loan debt.

Over 2.8 million children in the US live in homes of extreme poverty, less than $2 per person per day before government benefits. This is double what it was 15 years ago.

Nearly one in six people in the US live in poverty according to the Census. One in five children live in poverty. Latest information shows 17% of white children in poverty, 32% of Hispanic children and 35% of black children.

(Source: azspot)

(Source: oneheadtoanother, via other-stuff)