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Tuesday, November 30, 2010

Why The Super-Rich Deserve A Tax Cut

Or 15 Mind-Blowing Facts About Wealth And Inequality In America.

1. The gap between the top 0.01% and everyone else hasn't been this big since the Roaring Twenties.
2. Half of America owns 2.5% of country's wealth. The top 1% owns a third of it.
3. Half of America owns only 0.5% of America's stocks and bonds. The top 1% owns more than 50%!
4. The share of capital income earned by the top 1% and the bottom 80% Is wider than ever.
5. The last two decades were great...if you were a CEO or business owner or banker or trader. Not if you were anyone else.
6, Real average earnings have not increased in 50 years. That's HALF A CENTURY!
7. Savings rates have sunk, as Americans borrow money to keep up (though they're rising now).
8. Despite the myth of social mobility, poor Americans have a SLIM CHANCE of rising to the upper middle class.
9. Republican tax cuts significantly increased the wealth gap.
10. Income tax just keeps getting lower and lower for the rich.
11. America redistributes its wealth FAR LESS than other developed countries (via government transfers).
12. America's income spread is nearly twice the OECD average.
13. The income gap is NOT growing in other countries, like France
14. Inequality is worst around Wall Street and Oil Land.
15. If you aren't in the top 1% of America's earners, you're pretty much screwed.

For more on this appalling trend, don't miss...22 Stats That Show How America's Middle Class Is Being Wiped Out Of Existence

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