As survey data continues to show that raising taxes on the wealthy is extremely popular among the U.S. public, new research by inequality expert and University of California, Berkeley economist Gabriel Zucman found that the richest 0.00025 percent of the American population now owns more wealth than the 150 million adults in the bottom 60 percent.
It’s not just the worst wealth concentration since the Roaring Twenties, iit’s worse than the Roaring Twenties, and it’s rivaling the worst wealth concentrations ever in history. Some economists are saying it is now the worst ever.
Which typically, have not ended well, for the concentrators…
“Rep. Alexandria Ocasio-Cortez (D-N.Y.) has suggested imposing a top marginal tax rate of 70 percent on those who make over $10 million.”
This should be for ALL forms of income / increase in wealth, including investments and capital gains.
And seriously, we need a global system for tracking, taxing, and redistributing this looted wealth. No tax havens.
And frankly, it should be higher than 70%, and should approach 100% for an effective income cap.
I suspect the numbers massaged and that the GINI in fact much higher. My understanding of GINI is it only measures income and does not factor in DEBT or negative income. One could have a lower income and zero debt and be better off than a person with higher income and higher debt.
US Citizens have a high debt load and this is coupled with things like no Universal Health Care coverage which other Countries might enjoy. A poor person in Cuba might have less income than one in the USA but may not have debt and has free health care access.
Capital gains is one of the great scams fosited on the American people. We have those that continue to laud one Bill Clinton as a “progressive” because he raised taxes on the rich. What he did was raise the highest marginal tax rate on the top 1 percent of wage earners by 3 percent. He then followed that up by dropping Capital gains taxes from 28 percent to 20 percent.
The gap between the tax rate on income derived from wages , versus capital gains continues to widen which why so many of the unerrich take salaries via stock options. This gap also leads to manipulation of those stock prices via stock buybacks.
This same scam goes on in Canada as well with Capital gains taxed at a lower rate then wages.
It a scam and it a bi-partisan one.
Since the 80’s subsidies and tax policies/loopholes have increasingly benefited the top 1% so tax them at 90% and then the top 5% at 80% earning over 10 million at 77%. These dynasties need to be broken up, that was the intention of we the people who left the British Empire to come to America. Our taxation was built on he fact we did not want Kings/Queens/Prince/Pincess in this country. We wanted leaders and investors who should be rewarded for their leadership and investing and providing jobs for the rest of the people. That is not happening in todays world or not since 80’s and it was dropping in 70’s. Take back our democracy and making goods here in America especially things that protect our own security. Bombs do not protect us, Amazon, Google and Facebook do not protect us. Why are these people billionaires? They are not worth 1% of that which I cannot calculate in my head. 10% would be 100 million, so 1% of that would be 10 million $$$$$$$ a year so if they make over that they are taxed at 77%, 5 million annually at 50%, 1 million at 40% and stop all the subsidizing of the all ready altra rich and take away their tax loopholes over 10 million. They can expense their legitimate expenses
Old News. We were told about Income Inequality years ago by Robert Reich who did a movie about it. This was also one of Bernie’s main campaign issues in 2016. Those who are shocked by this article have not been paying attention. So what have we done about it? Nothing… They all got Richer!
As proven with the graphs in this story, what a success “Trickle Down” economics has been…For the 1%. Raygun really was a saint.
If you’re working in the “gig” economy, say dog-sitting to earn money, and you work your ass off, and you almost cover your bills… First, you pay the “self-employment tax” (your share of Social Security / Medicare / Medicaid), 15% on ALL your puny earnings, no exemption (if you’re “employed,” the “employer” pays half this tax) (the rich exempt income ABOVE $125,000 from this tax, so you pay a higher percentage than they do). Then, you’re supposed to set aside enough to pay income tax, which applies to your puny income (only a few thousand dollars are exempt from income, income taxes are taken from the rest). Actually those are second and third, because First, the corporation that developed the dog-sitting app takes 20% off the top. Taxes come after that. And, you’re supposed to keep records of every transaction.
The system has been so assiduously gamed, in every possible aspect, by and for the wealthy (technically enacted by representatives owned by the wealthy), who (on top of every other form of colonization) pave the world of commercial and social transactions with debt traps, so that there is almost nothing left to squeeze, from any sector including “the masses” who are dis-included from wealth yet still face these outrageous reductions in their earnings while the rich skate.
Like i said, situations like this, historically, have not ended well for the looters.
Understanding concentration of wealth implications and what it means is important to articulate for distributed intelligence of humanity and the collective intelligence of our nation.
For example; Current ideology presents seniority of an elected public official is important for developing a power center that can direct advantages toward home district and bring wisdom of experience to complex issues.
Yes, you probably guessed, regular people will get jobs as wage slaves with weakened unions and public education being privatized. Being a piggy bringing pork home to the upper class job providers is a seniority position. As for wars, people are still writing book after book about war as a cash cow for war mongers.
Look who voted in the house to nix a regime change war in Venezuela. Three brilliant women representatives voted against the regime change war in Venezuela. What good is seniority that has worked years to weaken the Venezuelan democracy and now wants to help the people there repair their democracy?
Venezuela was building the most modern democracy on Earth under the guidance of a poor indigenous soldier that passed an army test and went to college; That student went on to become President Hugo Chavez, inventor of the hack-proof ballot and the seven branch government.
The gift of grateful Hugo Chavez is being destroyed by the united states government. This barbaric united states government destructive effort has been going on for seventeen years. Relentless pressure and cash from the united states is causing regime change havoc.
Only three united states representatives voted against criminal regime change interference in Venezuela by the united states.
Notice the core is environmentally and politically weak, corrupt and gradually imposing austerity, elsewhere as much as possible; Australia, Belgium, Brazil, Canada, England, France, Germany, Portugal and Spain.
Who gives courage to Venezuela? China, Mexico, India, Iran, Russia, Turkey and many more.
How weak is the US? China has a colony there building railroad cars for the Boston subway and successfully rebuilt the San Fransisco Bay Bridge for Californians.
We are ruled by an Australian Oligarch.
Debt makes today’s slavery possible.
Where is Teddy Roosevelt now that we REALLY Need Him??
And since Rayguzap, this statistic has just gotten worse no matter what parties in power.
I wouldn’t doubt if Uncle Scam had something to do with Chavez’ death.
I have often commented on this sleazy Secretary of Treasury, the cosmically stupid looking Steven Mnuchin and his wife, Louise Linton, but I had never come up with a good caption for this photo, and her smirking bitch face, and now I have it from Marie Antoinette:
“Let them buy leather gloves with their pennies at Dollar Tree”
Two real effin rich rose thorns. (Think about it)
Webwalk, while AOC’s suggestion would be marginally helpful, it’s nowhere near enough to compensate and correct for 40 years of exploiting, looting, hoarding, monopolizing, and taking-out of productive use all the ‘surplus value’ that the productive economy and the ‘negative externality cost’ dumping faux-profits created and pumped up to the < 0.1% ruling-elite UHNWI’s stole, so here are the two words that will scare the sheet out of these ‘rose thorns’ —
“Ben, are you listening?”
“Yes, Mr. McQuire.”
When is more not enough for these pieces of crap?
If the simplest solution works best, what is simpler than a Wealth Cap?
Hello Jake Johnson and Everyone, TWO CHINS and the SKANK HO deserve the Benny the Moose I Leen eye and MissTresses TREATMENT!!! Good riddance to white trash! May all the rest soon follow. Show us the way!