Read an excerpt from Senior Editor Timothy Noah’s upcoming book, The Great Divergence: America’s Growing Inequality Crisis and What We Can Do About It, published in the March 1, 2012 issue of the magazine.
“Most of Western Europe today is both more equal in income and more econmically mobile than the United States. And it isn’t just Western Europe. Countries as varied as Japan, New Zealand, Singapore, and Pakistan all have higher degrees of income mobility than we do. A nation that prides itself on its lack of class rigidity has, in short, become significantly more economically rigid than many other developed countries. How did our perception of ourselves end up so far out of sync with reality?”
Posts tagged inequality
Feudalism by the corporation; that is today’s society.
#ThatAwkwardMoment when you realize that Kim Kardashians failed marriage could have paid your college tuition for 2,833 years.
Or.. Could help 2,833 graduated pay back their education debt.
Or could help pay the medical bills of 2,833 families who can’t afford treatment
Or could have fed countless number of homeless.
Or could have built a homeless shelter in every state.
Or could fix up at least 10 impoverished schools.
Or.. Or.. Or..
We’re dismayed at the injustice that nearly half of all Americans don’t even pay any income tax.
Rick Perry, announcing his candidacy for the Republican nomination for President.
Sorry for letting facts get in the way, Rick, but here goes:
“As the Tax Policy Center’s Roberton Williams has explained, “a couple with two children earning less than $26,400 will pay no federal income tax this year because their $11,600 standard deduction and four exemptions of $3,700 each reduce their taxable income to zero. The basic structure of the income tax simply exempts subsistence levels of income from tax.’…
Of those households that do not owe income taxes, about a third earn $10,000 a year and a slightly smaller share earn between $10,000 and $20,000. More than three-fourths earn $30,000 or less….
Two-thirds of the households that pay no federal income tax still ante up for payroll taxes. Fewer than one in five — 18 percent of all households — pay neither income nor payroll taxes. Nearly all of these are elderly (10 percent) or have incomes below $20,000 (7 percent.)…
Examining the total tax burden — state, federal and local — Citizens for Tax Justice calculated that the top 1 percent of households (average income, $1.3 million) earned 20.3 percent of income and paid 21.5 percent of taxes in 2010.”
Politicalprof: Boy those non-tax paying lucky-duckies, as the Wall Street Journal once called them. They have it so easy! It’s just so unfair! (Please note the sarcasm.)
From Ruth Marcus, The Washington Post.
I can just see it, people all over choosing to lower their income so that they can avoid paying income taxes.
And she didn’t even include sales tax. Which is one of the most difficult things to avoid throughout our entire taxation structure.
As of 2007, income inequality in the United States was at an all-time high for the past 95 years, with the top 0.01% — that’s one-hundredth of one percent — receiving 6% of all U.S. wages, which is double what it was for that tiny slice in 2000.