Income Inequality Media Articles
Excerpts of Key Income Inequality Media Articles from Major Media
Below are many highly revealing excerpts of important income inequality articles reported in the mainstream media suggesting a cover-up. Links are provided to the full articles on major media websites. If any link should fail to function,
click here. These income inequality articles are listed by article date. For the same list by order of importance,
click here. For the list by date posted,
click here. By choosing to educate ourselves on these important issues and to
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build a brighter future.
Note: For an index to revealing excerpts of media articles on several dozen engaging topics,
click here.
When sluggishness isn't OK
2005-09-04, Chicago Tribune
http://www.chicagotribune.com/news/columnists/chi-0509040406sep04,1,3926343.c...
E-mailers sent me copies of two news photos that revealed an apparent double standard regarding black and white flood victims in New Orleans. One of the images, shot by photographer Dave Martin for The Associated Press, shows a young black man wading through chest-deep waters after "looting" a grocery store, according to the caption. In the other, taken by photographer Chris Graythen for AFP/Getty Images, a white man and a similarly light-skinned woman also waded through chest-deep water after "finding" goods that included bread and soda in a local grocery store, according to the caption. Apparently, quipped a cynical blogger at Daily Kos, "It's not looting if you're white."
Note: For both photos and more on this disturbing story, click here.
Richest Are Leaving Even the Rich Far Behind
2005-06-05, New York Times
http://www.nytimes.com/2005/06/05/national/class/HYPER-FINAL.html?ex=12756240...
It is no secret that the gap between the rich and the poor has grown, but the extent to which the richest are leaving everyone else behind is not widely known. The people at the top of America's money pyramid have so prospered in recent years that they have pulled far ahead of the rest of the population. They have even left behind people making hundreds of thousands of dollars a year. The share of the nation's income earned by those in this uppermost category has more than doubled since 1980, to 7.4 percent in 2002. The share of income earned by the rest of the top 10 percent rose far less, and the share earned by the bottom 90 percent fell. Under the Bush tax cuts, the 400 taxpayers with the highest incomes - a minimum of $87 million in 2000, the last year for which the government will release such data - now pay ... taxes amounting to virtually the same percentage of their incomes as people making $50,000 to $75,000. From 1950 to 1970 ... for every additional dollar earned by the bottom 90 percent, those in the top 0.01 percent earned an additional $162. From 1990 to 2002, for every extra dollar earned by those in the bottom 90 percent, each taxpayer at the top brought in an extra $18,000. An Internal Revenue Service study found that the only taxpayers whose share of taxes declined in 2001 and 2002 were those in the top 0.1 percent. Some of the wealthiest Americans, including Warren E. Buffett, George Soros and Ted Turner, have warned that such a concentration of wealth can turn a meritocracy into an aristocracy and ultimately stifle economic growth.
Gulf Between Top, Bottom Gets Wider
2005-05-31, Los Angeles Times
http://www.latimes.com/business/careers/work/la-fi-execpay31may31,1,7406992.s...
A Times survey of the state's largest companies shows that CEOs' pay is growing at a much faster pace than that of rank-and-file employees. The difference is even sharper at the top rungs of the ladder. The 10 highest-paid executives on this year's list earned 36.7% more than last year's top 10 — garnering a collective $467.5 million. That's enough to buy about 275 homes in Malibu or 1.5 million sets of golf clubs or two 747 jumbo jets. Although limited to California companies, the survey reflects a national trend: a widening chasm between the pay of chief executives and rank-and-file employees. CEOs at California's largest 100 public companies took home a collective $1.1 billion in 2004, up almost 20% from 2003. That compares with the 2.9% raise that the average California worker saw last year. The average CEO made 42 times the average worker's pay in 1980. That increased to 85 times in 1990 and is now over 300 times. Sometimes, executive pay soars even in bad years. Sanmina-SCI Corp., a San Jose telecommunications company with $12 billion in sales, lost money in 2003 and 2004. Yet Chief Executive Jure Sola scored a 1,500% hike in total pay during 2004, according to The Times survey. Sola was paid $19.8 million last year, while the company lost $14.9 million.
Secretly, tiny nations hold much wealth
2005-04-25, Christian Science Monitor
http://www.csmonitor.com/2005/0425/p17s01-cogn.html
They're tax havens: 70 mostly tiny nations that offer no-tax or low-tax status to the wealthy so they can stash their money. Usually, the process is so secret that it draws little attention. But the sums - and lost tax revenues - are growing so large that the havens are getting new and unaccustomed scrutiny. There are about 3 million shell companies (set up largely to duck taxes) in offshore tax havens, Komisar reckons. These tiny tax havens hold 31 percent of total world assets and 26 percent of the stock of US multinationals.
U.S. corporations paying less in taxes
2004-09-23, MSNBC/Forbes
http://msnbc.msn.com/id/6080561/
The effective tax rate for America's largest and most profitable corporations has sharply declined in recent years, and one third of such companies paid zero taxes -- or less -- in at least one of the last three years. In 2003 alone, 46 of the 275 companies...paid no taxes at all in 2003, despite reporting a total of $42.6 billion in pre-tax profits. Indeed, these companies received $5.4 billion in tax rebates that year. Half of the "tax-break dollars" over the three-year period went to just 25 companies. All told, 82 companies paid zero or negative taxes in at least one of the last three years and 28, including Boeing, paid negative taxes for the entire period. The largest beneficiaries were some of the most profitable companies: General Electric, SBC Communications, Citigroup, IBM and Microsoft. Of the 10 most profitable U.S.-based companies on the Forbes 2000, only Wal-Mart and Freddie Mac do not appear on the study's list of top 25 tax break beneficiaries. At the same time, IRS data indicates that the overall share of federal taxes paid by corporations in now less than 10 percent, down from nearly 13 percent in 1997. This trend occurred against a backdrop of rising corporate earnings. The study attributes the trend to the widening availability of offshore tax shelters and other lawful avoidance techniques.
