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How can it be that you pay more to the IRS than General Electric?
2010-04-01, Forbes magazine
http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corpora...

Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all. The most egregious example is General Electric. Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion. How did this happen? It's complicated. GE in effect consists of two divisions: General Electric Capital and everything else. The everything else--maker of engines, power plants, TV shows and the like--would have paid a 22% tax rate if it was a standalone company. It's GE Capital that keeps the overall tax bill so low. Over the last two years, GE Capital has displayed an uncanny ability to lose lots of money in the U.S. (posting a $6.5 billion loss in 2009), and make lots of money overseas (a $4.3 billion gain). Not only do the U.S. losses balance out the overseas gains, but GE can defer taxes on that overseas income indefinitely. It's the tax benefit of overseas operations that is the biggest reason why multinationals end up with lower tax rates than the rest of us.

Note: Can you believe that GE not only pays no taxes, they actually get credit from the US government? They ship US jobs overseas and then reap huge tax benefits as a result. What's wrong with this picture? For a wealth of media news articles on the hidden manipulations of major financial corporations, click here.

IRS: 400 richest averaged $345M in '07 income, 16% tax rate
2010-02-18, USA Today
http://content.usatoday.com/communities/ondeadline/post/2010/02/irs-400-riche...

The [IRS] reports that the nation's 400 highest-earning households reported an average income of $345 million in 2007 — up 31% from 2006 — and that their average tax bill fell to a 15-year low. Bloomberg writes that the elite 400's average income more than doubled that year from $131.1 million in 2001, the year Congress adopted tax cuts urged by then-President George W. Bush. Each household in the top 400 of earners paid an average tax rate of 16.6 percent, the lowest since the agency began tracking the data in 1992. Their average effective tax rate was about half the 29.4 percent in 1993, the first year of President Bill Clinton's administration. The top 400 earners received a total $138 billion in 2007, up from $105.3 billion a year earlier. On an inflation-adjusted basis, their average income grew almost fivefold since 1992. Almost three-quarters of the highest earners' income was in capital gains and dividends taxed at a 15 percent rate set as part of Bush-backed tax cuts in 2003.

Note: For key reports from major media sources on income inequality, click here. And for a powerful summary of 10 top corporations which avoided taxes in most egregious ways, see the excellent list compiled by independent U.S. Senator Bernie Sanders at this link.

The rich get richer, then buy elections
2010-10-24, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/10/24/IN7R1FV3LE.DTL

It's a perfect storm. I'm talking about the dangers facing our democracy. First, income in America is now more concentrated in fewer hands than it has been in 80 years. Almost a quarter of total income generated in the United States is going to the top 1 percent of Americans. The top one-tenth of 1 percent of Americans now earn as much as the bottom 120 million of us. Who are these people? They're top executives of big corporations and Wall Street, hedge-fund managers and private equity managers. Hundreds of millions of dollars are pouring into advertisements for and against candidates - without a trace of where the dollars are coming from. They're laundered through a handful of groups. Most Americans are in trouble. Their jobs, incomes, savings and even homes are on the line. They need a government that's working for them, not for the privileged and the powerful. Yet their state and local taxes are rising. And their services are being cut. There's no jobs bill to speak of. Washington says nothing can be done. There's no money left. No money? The marginal income tax rate on the very rich is the lowest it has been in more than 80 years. Under President Dwight Eisenhower ... it was 91 percent. Now it's 36 percent. We're losing our democracy to a different system. It's called plutocracy.

Note: Whether you are on the left or right of the political spectrum, this incisive article by former US Sect. of Labor Robert Reich is well worth reading in its entirety. For more in income inequality, click here.

Money's stranglehold on government is key issue
2011-12-25, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/12/23/INL31ME08J.DTL

Americans have never much liked government. After all, the nation was conceived in a revolution against government. But the surge of cynicism engulfing America isn't about how big government has become. It's a growing perception that our government is no longer working for average people. It's for big business, Wall Street and the very rich. The richest Americans are taking home a bigger share of total income than at any other time since the 1920s. Their tax payments are down because the Bush tax cuts reduced their top rates to the lowest level in more than half a century, and cut capital gains taxes to 15 percent. Congress hasn't even closed a loophole that allows mutual-fund and private-equity managers to treat their incomes as capital gains. So the 400 richest Americans, whose total wealth exceeds the combined wealth of the bottom 150 million Americans put together, pay an average of 17 percent of their income in taxes. That's lower than the tax rates of most day laborers. And the share of revenues coming from corporations has been dropping. The biggest, like GE, find ways to pay no federal taxes at all. Many shelter their income abroad, and every few years Congress grants them a tax amnesty to bring the money home. Get it? "Big government" isn't the problem. The problem is the big money that's taking over government. Government is doing less of the things most of us want it to do ... and more of the things big corporations, Wall Street and the wealthy want it to do.

Note: The author of this analysis, Robert Reich, is a former U.S. secretary of labor, is professor of public policy at UC Berkeley and the author of Aftershock: The Next Economy and America's Future. He blogs at www.robertreich.org.

Soaring Poverty Casts Spotlight on ‘Lost Decade’
2011-09-14, New York Times
http://www.nytimes.com/2011/09/14/us/14census.html

Another 2.6 million people slipped into poverty in the United States last year, the Census Bureau reported [on Sep. 13], and the number of Americans living below the official poverty line, 46.2 million people, was the highest number in the 52 years the bureau has been publishing figures on it. And in new signs of distress among the middle class, median household incomes fell last year to levels last seen in 1996. Economists pointed to a telling statistic: It was the first time since the Great Depression that median household income, adjusted for inflation, had not risen over such a long period, said Lawrence Katz, an economics professor at Harvard. “This is truly a lost decade,” Mr. Katz said. The bureau’s findings were worse than many economists expected, and brought into sharp relief the toll the past decade — including the painful declines of the financial crisis and recession — had taken on Americans at the middle and lower parts of the income ladder. It is also fresh evidence that the disappointing economic recovery has done nothing for the country’s poorest citizens. The report said the percentage of Americans living below the poverty line last year, 15.1 percent, was the highest level since 1993. (The poverty line in 2010 for a family of four was $22,314.)

Note: For key reports from reliable sources on income inequality, click here.

What if growth had been equal?
2010-09-13, Washington Post
http://voices.washingtonpost.com/ezra-klein/2010/09/what_if_growth_had_been_e...

"The Conehead economy" [is] the idea that if the economy were a person, its growth over the past few decades would've turned it from a normal-looking individual into a conehead. Jacob Hacker and Paul Pierson get at this idea slightly differently [in their book Winner-Take-All Politics]. They've got a table showing how incomes would look if growth had been equally shared from 1979 to 2006 -- much as it was in the decades before 1979. If growth had been equally shared, the middle quintile would be making $64,395 today. Instead, they're making $52,100. That's a 23 percent raise those folks didn't get -- and that I'm sure they would've noticed. The top 1 percent ... made, on average, $1,200,300 in 2006. If growth had been equally shared in the three decades before that, however, their incomes would've been cut by more than half, down to $506,002. That's real, serious money we're talking about. The top 1 percent now accounts for 23.5 percent of the national income if you include capital gains. In 1979, they only had 9.8 percent of the nation's earnings. During that same period, tax rates on the richest Americans have actually dropped. So as the economy went one way -- toward more money going to the rich -- the tax system went the other.

Note: For lots more on income inequality from reliable sources, click here.

America's poor are its most generous donors
2009-05-23, Seattle Times/McClatchy News
http://seattletimes.nwsource.com/html/nationworld/2009253657_charity23.html

When Jody Richards saw a homeless man begging outside a downtown McDonald's recently, he bought the man a cheeseburger. There's nothing unusual about that, except that Richards is homeless, too, and the 99-cent cheeseburger was an outsize chunk of the $9.50 he'd earned that day panhandling. The generosity of poor people isn't so much rare as rarely noticed, however. In fact, the nation's poor donate more, in percentage terms, than higher-income groups do, surveys of charitable giving show. What's more, their generosity declines less in hard times than the generosity of richer givers does. "The lowest-income fifth [of the population] always give at more than their capacity," said Virginia Hodgkinson, former vice president for research at Independent Sector, a Washington, D.C.-based association of nonprofit agencies. "The next two-fifths give at capacity, and those above that are capable of giving two or three times more than they give." The Bureau of Labor Statistics' latest survey of consumer expenditure found that the poorest fifth of U.S. households contributed an average of 4.3 percent of their incomes to charitable organizations in 2007. The richest fifth gave at less than half that rate, 2.1 percent. The figures probably undercount remittances by legal and illegal immigrants to family and friends back home, a multibillion-dollar outlay to which the poor contribute disproportionally. None of the middle fifths of U.S. households, in contrast, gave away as much as 3 percent of their incomes. What makes poor people's generosity even more impressive is that their giving generally isn't tax deductible, because they don't earn enough to itemize their charitable tax deductions.

American inequality highlighted by 30-year gap in life expectancy
2008-07-17, The Independent (One of the U.K.'s leading newspapers)
http://www.independent.co.uk/news/world/americas/american-inequality-highligh...

The United States of America is becoming less united by the day. A 30-year gap now exists in the average life expectancy between Mississippi, in the Deep South, and Connecticut, in prosperous New England. Huge disparities have also opened up in income, health and education depending on where people live in the US, according to a report published yesterday. The American Human Development Index has [issued a report] measuring well-being ... with shocking results. The US finds itself ranked 42nd in global life expectancy and 34th in survival of infants to age. Suicide and murder are among the top 15 causes of death and although the US is home to just 5 per cent of the global population it accounts for 24 per cent of the world's prisoners. The report points to a rigged system that does little to lessen inequalities. "The report shows that although America is one of the richest nations in the world, it is woefully behind when it comes to providing opportunity and choices to all Americans to build a better life," the authors said. Some of its more shocking findings reveal that ... Asian-American males have the best quality of life and black Americans the lowest, with a staggering 50-year life expectancy gap between the two groups. Using official government statistics, the study points out that because American schools are funded primarily from local property taxes, rich districts get the best state education. The US has no federally mandated sick pay, paternity leave or annual paid vacation.

Note: For lots more on health issues from reliable, verifiable sources, click here.

Got $2,200? In this world, you're rich
2006-12-13, MSN
http://articles.moneycentral.msn.com/News/StudyRevealsOverwhelmingWealthGap.aspx

A global study reveals an overwhelming wealth gap, with the world's three richest people having more money than the poorest 48 nations combined. The richest 2% of the world's population owns more than half of the world's household wealth. For the first time, personal wealth -- not income -- has been measured around the world. The findings may be surprising, for what makes people "wealthy" across the world spectrum is a relatively low bar. The research indicates that assets of just $2,200 per adult place a household in the top half of the world's wealthiest. To be among the richest 10% of adults in the world, just $61,000 in assets is needed. If you have more than $500,000, you're part of the richest 1%, the United Nations study says. If it takes just a couple of thousand dollars to qualify as rich in this world, imagine what it means to be poor. Half the world, nearly 3 billion people, live on less than $2 a day. The three richest people in the world –- Microsoft Chairman Bill Gates, investor Warren Buffett and Mexican telecom mogul Carlos Slim Helú -- have more money than the poorest 48 nations combined.

Note: For key reports from reliable sources on income inequality, click here.

Class Struggle
2006-11-15, Wall Street Journal
http://www.opinionjournal.com/editorial/feature.html?id=110009246

The most important--and unfortunately the least debated--issue in politics today is our society's steady drift toward a class-based system, the likes of which we have not seen since the 19th century. America's top tier has grown infinitely richer and more removed over the past 25 years. Few among them send their children to public schools; fewer still send their loved ones to fight our wars. They own most of our stocks, making the stock market an unreliable indicator of the economic health of working people. The top 1% now takes in an astounding 16% of national income, up from 8% in 1980. The tax codes protect them, just as they protect corporate America, through a vast system of loopholes. Incestuous corporate boards regularly approve compensation packages for chief executives and others that are out of logic's range. As this newspaper has reported, the average CEO of a sizeable corporation makes more than $10 million a year, while the minimum wage for workers amounts to about $10,000 a year, and has not been raised in nearly a decade. When I graduated from college in the 1960s, the average CEO made 20 times what the average worker made. Today, that CEO makes 400 times as much. Trickle-down economics didn't happen. Wages and salaries are at all-time lows as a percentage of the national wealth. This ever-widening divide is too often ignored or downplayed by its beneficiaries. A sense of entitlement has set in among elites, bordering on hubris.

Note: For some reason the Wall Street Journal has removed this article. You can read it on the website of the article's author at this link.

Top 1 Percent's Income Grew 275 Percent From 1979 to 2007
2011-10-26, ABC News
http://abcnews.go.com/Business/income-doubles-top-percent-1979/story?id=14817561

The income of the richest 1 percent in the U.S. soared 275 percent from 1979 to 2007, but the bottom 20 percent grew by just 18 percent, new government data shows. The Congressional Budget Office (CBO) released a study this week that compared real after-tax household income between 1979 and 2007, which were both after recessions and had similar overall economic activity. While the income of the richest 1 percent nearly tripled, increases were smaller down the economic ladder. After the 1 percent, income for the next highest 20 percent grew by 65 percent, much faster than it did for the remaining 80 percent of the population but still lagging well behind the top percentile. The changes illustrate how the better off have captured the bulk of income gains over the past three decades. The top quintile has seen its share of income rise while the other four quintiles have suffered declines in their shares, according to John Bowler, director of country risk service with the Economist Intelligence Unit. The role of globalization, he added, is "controversial." "Even some policymakers who would traditionally be in the free trade camp are now questioning the benefits of globalization to the middle and lower-income U.S. households, even if they have benefited from cheaper imported manufactured goods," he said.

Note: For key reports on income inequality from reliable sources, click here.

Top Earners Averaged $345 Million in 2007, IRS Says
2010-02-18, Bloomberg/BusinessWeek
http://www.businessweek.com/news/2010-02-18/top-400-earners-in-u-s-averaged-3...

The 400 highest-earning U.S. households reported an average of $345 million in income in 2007, up 31 percent from a year earlier, IRS statistics show. The average tax rate for the households fell to the lowest in almost 20 years. The figures for 2007, the last year of an economic expansion, show that the average income reported by the top 400 earners more than doubled from $131.1 million in 2001. That year, Congress adopted tax cuts urged by then-President George W. Bush that Democrats say disproportionately benefit the wealthy. Each household in the top 400 of earners paid an average tax rate of 16.6 percent, the lowest since the agency began tracking the data in 1992. The statistics underscore “two long-term trends: that income at the very top has exploded and their taxes have been cut dramatically,” said Chuck Marr, director of federal tax policy at the Center on Budget and Policy Priorities, a Washington-based research group that supports increasing taxes on high-income individuals. The top 400 earners received a total $138 billion in 2007, up from $105.3 billion a year earlier. On an inflation-adjusted basis, their average income grew almost fivefold since 1992.

Note: BusinessWeek for some reason removed this article, though it is still available on the Bloomberg website at this link. For lots more on income inequality from reliable sources, click here.

World's richest 1% own 40% of all wealth, UN report discovers
2006-12-06, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/money/2006/dec/06/business.internationalnews

The richest 1% of adults in the world own 40% of the planet's wealth, according to the largest study yet of wealth distribution. The report also finds that those in financial services and the internet sectors predominate among the super rich. Europe, the US and some Asia Pacific nations account for most of the extremely wealthy. More than a third live in the US. Japan accounts for 27% of the total, the UK for 6% and France for 5%. The global study - from the World Institute for Development Economics Research of the United Nations - is the first to chart wealth distribution in every country as opposed to just income, for which more comprehensive date is available. It included all the most significant components of household wealth, including financial assets and debts, land, buildings and other tangible property. Together these total $125 trillion globally. The report found the richest 10% of adults accounted for 85% of the world total of global assets. Half the world's adult population, however, owned barely 1% of global wealth. "These levels of inequality are grotesque," said Duncan Green, head of research at Oxfam. "It is impossible to justify such vast wealth when 800 million people go to bed hungry every night."

Note: For highly informative graphs showing the details of rising wealth inequality in the United States, click here.

World's wealth gap grows; poorest half has 1% of assets
2006-12-05, Denver Post (Denver's leading newspaper)
http://www.denverpost.com/headlines/ci_4785148

The richest 2 percent of adults still own more than half of the world's household wealth, perpetuating a yawning global gap between rich and poor, according to research published Tuesday. The report from the Helsinki-based World Institute for Development Economics Research shows that in 2000 the richest 1 percent of adults - most of whom live in Europe or the United States - owned 40 percent of global assets. The richest 10 percent of adults accounted for 85 percent of assets. By contrast, the bottom 50 percent of the world's adult population owned barely 1 percent of the world's wealth. "Income inequality has been rising for the past 20 to 25 years, and we think that is true for inequality in the distribution of wealth," said James Davies, a professor of economics at the University of Western Ontario, one of the report's authors. But ... there are some hopeful signs: China and India, which are developing rapidly, are gaining wealth, and in countries such as Bangladesh, the spread of microcredit institutions is helping people increase their personal wealth.

Note: If you are interested in a secure vehicle in which to place your investments which helps to directly pull families out of poverty in a big way through microcredit and microloans, click here.

Land of the Free, Home of the Poor
2011-08-16, PBS Newshour
http://www.pbs.org/newshour/bb/business/july-dec11/makingsense_08-16.html

Inequality in America. It's a subject that's getting more attention in light of the weak economy and the ongoing debate around budget cuts and raising revenues. Billionaire businessman ... Warren Buffett, who has argued in favor of higher taxes on the wealthiest, [discusses] the growing disparity. WARREN BUFFETT: It should be a land of opportunity. But the ... market system has led to extremes. Everybody in this country owes their good fortune in some way to the rest of the country. DAN ARIELY: People don't understand how much wealth the top 20 percent have. They actually have 84 percent of the wealth. And more disturbingly, people don't understand how little wealth the bottom of the distribution have. The bottom 40 percent of the U.S. have about 0.3 percent of the wealth, basically zero. RICHARD FREEMAN: In the last 30 years or so, the share of national [income] -- of income that has gone to the upper 0.1 percent -- not to the upper 1.0 percent -- 0.1 percent -- rose by 10 percentage points. That is one of the most astounding patterns I have ever seen in data. People sometimes say, oh, the rich, it's the upper 10 percent, it's the upper 5 percent. No, no, this is the 0.1 percent. Warren Buffett has this wonderful statement where he says: Yes, there's been a class war in the United States. And my class, namely the super rich people, have won.

Note: For key articles from major media sources on the extreme income inequality in the US, click here.

Winning the Class War
2010-11-27, The New York Times
http://www.nytimes.com/2010/11/27/opinion/27herbert.html

The class war that no one wants to talk about continues unabated. Even as millions of out-of-work and otherwise struggling Americans are tightening their belts for the holidays, the nation’s elite are lacing up their dancing shoes and partying like royalty as the millions and billions keep rolling in. Recessions are for the little people, not for the corporate chiefs and the titans of Wall Street who are at the heart of the American aristocracy. They have waged economic warfare against everybody else and are winning big time. The ranks of the poor may be swelling and families forced out of their foreclosed homes may be enduring a nightmarish holiday season, but American companies have just experienced their most profitable quarter ever. The corporate fat cats are becoming alarmingly rotund. Their profits have surged over the past seven quarters at a pace that is among the fastest ever seen, and they can barely contain their glee. On the same day that The Times ran its article about [record corporate] profits, it ran a piece on the front page that carried the headline: “With a Swagger, Wallets Out, Wall Street Dares to Celebrate.” Anyone who thinks there is something beneficial in this vast disconnect between the fortunes of the American elite and those of the struggling masses is just silly. It’s not even good for the elite. The rich may think that the public won’t ever turn against them. But to hold that belief, you have to ignore the turbulent history of the 1930s.

Note: For many reports from reliable souces on corporate profiteering, click here.

Jamie Johnson On ''The One Percent''
2008-02-20, Forbes magazine
http://www.forbes.com/2008/02/20/wealth-jamie-johnson-biz-cx_lr_0219johnson1....

For most of the moneyed class, an inquiry into their wealth elicits silence and cringes. Not so with 28-year-old Jamie Johnson, heir to the Johnson & Johnson pharmaceutical fortune. For the Emmy-nominated documentary filmmaker, wealth is the focus of his life's work. In Johnson's first documentary, Born Rich, he exposed how 10 children from families like the Trumps and the Newhouses spent their time – and their fortunes. Now he turns the camera on his own family in The One Percent. Johnson's documentary ... offers a rarefied view of the scandalously secretive world of "the one percent," a small segment of the U.S. population that owns roughly 40% of the country's wealth. Through a series of interviews with high-profile figures like Bill Gates Sr., U.S. Secretary of Labor Robert Reich and economist Milton Friedman, Johnson explores the disparity of wealth in America. Forbes.com: You got your own father, as well as other phenomenally wealthy people, to talk to you. How did you get these folks to open up about such an intensely private topic? Johnson: It wasn't easy. A lot of patience – there was a lot of waiting around. Forbes: I imagine you'll have critics who will call this "rich boy's guilt." What do you say to them? Johnson: That both liberal and conservative economists agree that there is a growing wealth gap, and that it's a problem. It's important to get wealthy people to think about this and think about solving this problem. They are the most influential people in our society and therefore, they should be working on treating this and coming up with a solution.

Note: The films of Jamie Johnson give very rare views into the lives of the upper crust that are incredibly revealing. For another article at CNN on his excellent documentary Born Rich, click here. To see revealing video clips, 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.

A medieval oligarchy - America's real occupiers
2012-01-13, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/01/12/EDUT1MOLI4.DTL

[The US is now] a country whose patrician overlords are regularly conjuring the feudalism of Europe circa the Middle Ages. Today, our mayors deploy police against homeless people and protesters; our governors demand crushing budget cuts from the confines of their taxpayer-funded mansions; our Congress exempts itself from insider-trading laws and requires the government to offer lawmakers the good health benefits so many Americans have no access to ; and our nation's capital has become one of the world's wealthiest cities, despite the recession. Taken together, we see that there really are "Two Americas," as the saying goes - and that's no accident. It's the result of a permanent elite that is removing itself from the rest of the nation. Nowhere is this more obvious than in education - a realm in which this elite physically separates itself from us mere serfs. The Washington Post, for instance, notes that it has become an unquestioned "tradition among Washington's power elite" - read: elected officials - to send their kids to the ultra-expensive private school Sidwell Friends. At the same time, many of these officials have backed budget policies that weaken public education. In many cases, these aristocrats aren't even required to publicly explain themselves. Worse, on the rare occasions that questions are posed, privacy is the oft-used excuse to not answer. This might be a convincing argument about ordinary citizens' personal education choices, but it's an insult coming from public officials.

Note: For a treasure trove of reliable reports on social inequality in the US, click here and here.

Revealed: huge increase in executive pay for America's top bosses
2011-12-14, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/business/2011/dec/14/executive-pay-increase-america...

Chief executive pay has roared back after two years of stagnation and decline. America's top bosses enjoyed pay hikes of between 27 and 40% last year, according to the largest survey of US CEO pay. The dramatic bounceback comes as the latest government figures show wages for the majority of Americans are failing to keep up with inflation. America's highest paid executive took home more than $145.2m, and as stock prices recovered across the board, the median value of bosses' profits on stock options rose 70% in 2010, from $950,400 to $1.3m. The news comes against the backdrop of an Occupy Wall Street movement that has focused Washington's attention on the pay packages of America's highest paid. The survey, the most extensive in the US, covered 2,647 companies, and offers a comprehensive assessment of all the data now available relating to 2010 pay. This year's survey shows CEO pay packages have boomed: the top 10 earners took home more than $770m between them in 2010. As stock prices began to recover last year, the increase in CEO pay outstripped the rise in share value. The Russell 3000 measure of US stock prices was up by 16.93% in 2010, but CEO pay went up by 27.19% overall. For S&P 500 CEOs, the largest companies in the sample, total realised compensation – including perks and pensions and stock awards – increased by a median of 36.47%. Total pay at midcap companies, which are slightly smaller than the top firms, rose 40.2%.

Note: For key reports on income inequality from reliable sources, click here.

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