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The Program on Inequality and the Common Good periodically releases a “data chart pack” with summary charts that look at inequality trends. Our latest edition includes the most recent data available on income and wealth distribution. We’ve just published an updated version, which you can review here online. It’s a great tool for educators, activists and journalists. Please share with others!
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©2008 Working Group on Extreme Inequality
May 20th, 2010 at 4:35 pm
TAX FACTS
2008–
Top 20% Incomes paid —30% of Total Income— in Federal-State-Local Taxes.
Top 400 Incomes in 2008 paid an average of 16% in Federal Individual Income Taxes
Corporations in 2008 paid an average income tax of 16% on profits in a top 35% tax rate.
In 1980 we had 10 Billionaires—51 in 1989—403 in 2008
Bea.Gov report on 2009 Incomes shows this:
Federal-State-Local taxes including property, sales and other taxes
took 9.2% of Total Personal Income in 2009.
That is the lowest rate since 1950 and far below average of 12% over that time.
Yet! Most think we are highest taxed in world .We are one of lowest taxed people.
What has happened?
1980-2009=Years of Big Redistribution to Top
1945-1% owned 30% of Total Financial Wealth
1980-20%
1989-36%
–Status as of 2008–
1%=43%
10%=70%
20%=93%
80%= 7^% =120,000,000 worker s= shafted
Sources:BEA.GOV + CTJ.ORG
Reagan began Redistribution
60% Tax Cut for top 1%
47% Tax Cut for Rich Unearned Income. A big big upoward movement of Income-Wealth to Wall Streeters.
Big Reduction in Estate Tax on few very rich estates
Transferred Revenue Sharing costs off upper incomes to middle class property taxes.
Huge Payroll Tax Increase on Middle Class
Tax On Social Security Income
Tax increase of five cents on gallon of gas
Reagan-Bush spending increases on Defense enriched rich stockholders of defense industry stocks
Reagan submitted 8 budgets which totaled over 7000B.
Reagan spent more in 8 years than prior 50 years (6066) is not fiscal conservatism.
No Tax Cuts and Reagan would have gotten a surplus..
Bush completed Redistribution with Tax Cuts for richest 2.7% of income earners.
Plus big Defense spendings. .
Bush debt increase of 6100B was more than we had (5700B)after 220 years.
No Tax cuts by Bush and he would have had a surplus
Had Reagan + Bush used Clinton-Newt “Pay Your Way” policies
we would enjoy surpluses as far as the eye can see.
Much Wealth where was the Jobs Creation?
Three Conservative presidents created 99,000 Net New Jobs per month since 1980.
Compare to Carter + Clinton 222,000 per month over 12 years.
In Bush 8 years Wall Street sent 2,300,000 of our jobs to China.
I ask one favor. Prove me wrong with Numbers and Facts.
Solution will require a redistribution of Wealth-Income to Middle Class
clarence swinney