Income Inequality Media ArticlesExcerpts of Key Income Inequality Media Articles in Major Media
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More than 10 years after the housing crash that devastated the economy, people are still debating just what happened. Although the economy and the housing market have made a comeback, homeownership remains low. Aaron Glantz, a prize-winning investigative journalist ... set out to explain why, in "Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream." Eight million Americans lost their homes in the bust. Where did those homes go? Those houses didnt just disappear. Who won, when everyone else lost? The people who won - a small group of businessmen who pounced to seize thousands of homes and made billions of dollars - theyre the homewreckers. But even though the housing bust is over, the nations homeownership rate is at its lowest in 50 years, and continues to go down. It helps explain why people feel so uneasy. As long as the unemployment rate is low and people have jobs and they can afford rents, the financial market is secure. If people lose their jobs, whats going to happen? We could be back in another housing bust. Right now theres a real crisis of affordability. People think we dont have enough inventory because we havent built enough houses. Only 10 years ago, our country was awash in real estate. We have to ask ourselves if we really have a housing shortage, or if we have rigged the market so it only benefits a few of the players.
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A new book-length study on the tax burden of the ultrarich begins with a startling finding: In 2018, for the first time in history, Americas richest billionaires paid a lower effective tax rate than the working class. The Triumph of Injustice, by economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley, presents a first-of-its kind analysis of Americans effective tax rates since the 1960s. It finds that in 2018, the average effective tax rate paid by the richest 400 families in the country was 23 percent, a full percentage point lower than the 24.2 percent rate paid by the bottom half of American households. In 1980, by contrast, the 400 richest had an effective tax rate of 47 percent. In 1960, that rate was as high as 56 percent. The effective tax rate paid by the bottom 50 percent, by contrast, has changed little over time. The tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. The legislation, championed by President Trump and then-House Speaker Paul D. Ryan (R-Wis.), was a windfall for the wealthy: It lowered the top income tax bracket and slashed the corporate tax rate. By 2018, according to Saez and Zucman, the rich were already enjoying the fruits of that legislation: The average effective tax rate paid by the top 0.1 percent of households dropped by 2.5 percentage points. The benefits promised by the bills supporters higher rates of growth and business investment and a shrinking deficit have largely failed to materialize.
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For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate spanning federal, state and local taxes than any other income group, according to newly released data. Thats a sharp change from the 1950s and 1960s, when the wealthy paid vastly higher tax rates than the middle class or poor. Since then, taxes that hit the wealthiest the hardest like the estate tax and corporate tax have plummeted, while tax avoidance has become more common. President Trumps 2017 tax cut, which was largely a handout to the rich, plays a role, too. It helped push the tax rate on the 400 wealthiest households below the rates for almost everyone else. The overall tax rate on the richest 400 households last year was only 23 percent, meaning that their combined tax payments equaled less than one quarter of their total income. This overall rate was 70 percent in 1950 and 47 percent in 1980. For middle-class and poor families, the picture is different. Federal income taxes have also declined modestly for these families, but they havent benefited much if at all from the decline in the corporate tax or estate tax. And they now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. Over all, their taxes have remained fairly flat. The combined result is that over the last 75 years the United States tax system has become radically less progressive.
Since the Reagan administration, Republicans have fervently claimed lower taxes will unleash the "makers" incentivizing them to work harder and invest more, thereby trickling down to benefit ordinary Americans. Moreover, they have consistently claimed that their tax cuts would create such dramatic economic growth that theyd literally pay for themselves. Instead, the national debt is at a record high, and the gap between the richest and the poorest U.S. households is now the largest it has been in the 52 years the Census Bureau has been tracking it. And that inequality gap started to expand dramatically about the same time the Republican Party started cutting taxes. The American economy since 1950 offers a chance to consider the impact of these tax cuts. From 1950 to 1980, the top federal marginal tax rates ... were as high as 92% and never below 70%. Republicans have been slashing the top tax bracket for annual earned income since the early 1980s, and it is now 37%. Further, in 2003 the GOP shrank the tax rate on unearned income (such as dividends) to 15%, resulting (for example) in the billionaire Warren Buffett having a lower tax rate than his secretary. With such dramatic tax cuts, GOP dogma predicted a booming U.S. economy. But it turns out U.S. economic growth was substantially higher during the period of high taxes. From 1950 to 1980, average annual growth in real (inflation-adjusted gross domestic product) was 3.9%, while from 1981 to 2018 the comparable number was 2.7%.
The gap between the haves and have-nots in the United States grew last year to its highest level in more than 50 years. Income inequality in the United States expanded from 2017 to 2018, with several heartland states among the leaders of the increase, even though several wealthy coastal states still had the most inequality overall, according to figures released Thursday by the U.S. Census Bureau. The nation's Gini Index, which measures income inequality, has been rising steadily over the past five decades. The Gini Index grew from 0.482 in 2017 to 0.485 last year, according to the bureau's 1-year American Community Survey data. The Gini Index is on a scale of 0 to 1; a score of "0" indicates perfect equality, while a score of "1" indicates perfect inequality, where one household has all the income. The inequality expansion last year took place at the same time median household income nationwide increased to almost $62,000 last year, the highest ever measured by the American Community Survey. But the 0.8% income increase from 2017 to 2018 was much smaller compared to increases in the previous three years, according to the bureau. Even though household income increased, it was distributed unevenly, with the wealthiest helped out possibly by a tax cut passed by Congress in 2017, said Hector Sandoval, an economist at the University of Florida.
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In the fields of south Texas Mexican women work long hours in dangerous conditions under the ever-present threat of deportation. Many of them are paid on a contract basis, by the box. A box of cilantro will earn a worker $3; experienced farmworkers say they can fill one within an hour, which means a typical 5am to 6pm work day would earn them $39 total. The work can vary from physically uncomfortable and mundane (cilantro, lettuce, beets) to outright painful and dangerous (watermelon, parsley, grapefruit). The few women who work in the fields face even more hardships. Instances of workplace sexual harassment and rape are rampant and are both underreported and under-prosecuted. It is common for women to relent to a supervisors advances because she cant risk losing her job or deportation. Most of these women are supporting children as well. [They] represent a diverse cross-section of lives upturned by drug-related and domestic violence in Mexico. Under new US immigration protocols, these are extraordinarily tense times for immigrants. A report by Human Rights Watch notes that although US law entitles undocumented workers to workplace protections, the US governments interest in protecting unauthorized workers from abuse conflicts with its interest in deporting them. That report was written in 2015, but President Trumps heightened drive for deportation and border closure has only made things more impossible for undocumented farmworkers attempting to protect their labor rights.
Note: For more along these lines, see concise summaries of deeply revealing news articles on civil liberties from reliable major media sources.
Los Angeles has sentenced more people to death than any other county in the US, and only people of color have received the death penalty under the regions current prosecutor, a new report shows. LA countys district attorney, Jackie Lacey, has won death sentences for a total of 22 defendants, all people of color, and eight of them were represented by lawyers with serious misconduct charges prior or after their cases, according to a new analysis by the American Civil Liberties Union (ACLU). Lacey has also faced intense scrutiny for her refusal to prosecute police officers who kill civilians, even in the most egregious circumstances. Some key findings: In California, 222 people currently sentenced to death are from LA county. LA is one of only three counties in the country to have more than 10 death sentences from 2014 to 2018. Under Laceys tenure, which began in 2012, zero white defendants have been sentenced to death, and her capital punishment sentences disproportionately targeted cases involving white victims. Although 12% of homicide victims in LA county are white, 36% of Laceys death penalty wins involved white victims. 737 inmates [are] currently awaiting execution in California. Defense lawyers in five of the 22 cases under Lacey were suspended or disbarred, which is the most serious discipline for ethics violations, the ACLU said. The ACLU, which reviewed lawyer misconduct records, cited one particularly egregious case in which an attorney declined to make an opening statement offering no defense at all and then repeatedly fell asleep during the trial.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in the courts from reliable major media sources.
Some Democratic presidential candidates say that Americas economic system is badly broken and in need of sweeping, structural change. In its new Distributive Financial Accounts data series, the central bank offers a granular picture of how American capitalism has been distributing the gains of economic growth over the past three decades. Matt Bruenig of the Peoples Policy Project took the Feds data and calculated how much the respective net worth of Americas top one percent and its bottom 50 percent has changed since 1989. He found that Americas superrich have grown about $21 trillion richer ... while those in the bottom half of the wealth distribution have grown $900 billion poorer. Notably, this measure of wealth includes liabilities. And it does not include consumer goods. But if one did include the Feds data on the distribution of consumer goods, the wealth gap between the top one percent and bottom 50 would actually be even larger. In 2011, Michael Norton of Harvard Business School and Dan Ariely of Duke University published a study on Americans views of how wealth was distributed in their society, and how they felt it should be distributed. They found that, in the average Americans ideal world, the richest 20 percent would own 32 percent of national wealth. In reality, the top quintile owned 84 percent as of 2011. And that share has grown in the intervening years. Today, the one percent alone commands roughly 40 percent of all Americas wealth.
Gabriel Zucman started his first real job the Monday after the collapse of Lehman Brothers. A decade later, Zucman, 32, is an assistant professor at the University of California at Berkeley and the worlds foremost expert on where the wealthy hide their money. His doctoral thesis ... exposed trillions of dollars worth of tax evasion by the global rich. For his most influential work, he teamed up with his Berkeley colleague Emmanuel Saez. Their 2016 paper, Wealth Inequality in the United States Since 1913, distilled a century of data to answer one of modern capitalisms murkiest mysteries: How rich are the rich in the worlds wealthiest nation? The answer - far richer than previously imagined - thrust the pair deep into the American debate over inequality. Zucman and Saezs latest estimates show that the top 0.1% of taxpayers - about 170,000 families in a country of 330 million people - control 20% of American wealth, the highest share since 1929. The top 1% control 39% of U.S. wealth, and the bottom 90% have only 26%. The bottom half of Americans combined have a negative net worth. The shift in wealth concentration over time charts as a U, dropping rapidly through the Great Depression and World War II, staying low through the 1960s and 70s, and surging after the 80s as middle-class wealth rolled in the opposite direction. Zucman has also found that multinational corporations move 40% of their foreign profits, about $600 billion a year, out of the countries where their money was made and into lower-tax jurisdictions.
Why the audit rate for the rich is falling: Congressional Republicans cut IRS spending after the party took control of the House in 2011 in an effort to reduce wasteful spending. The agency also drew criticism from Republicans after the IRS said it targeted some conservative nonprofit groups in 2013. Adjusted for inflation, the 2019 IRS budget is 19% below its funding in 2010, according to the Government Accountability Office, which means fewer auditors. While most audits are done via computer, the process is far more complex for big earners, which involves more people with specialized knowledge, said Julie Roin ... at the University of Chicago. Most people with $10 million or more are running businesses or have business interests on the side, so their income is coming from sources that are harder to audit and their deductions are coming from sources that are harder to audit, Roin said. Why isnt the audit rate for poorer Americans falling at the same rate? Concerned with fraud, Congress has made it a priority to audit filers claiming the Earned Income Tax Credit, an anti-poverty program that gives low-to-moderate working Americans money back on their taxes. In 2018, 25% of taxpayers who received EITC money didnt actually qualify. Although, ProPublica reported, the law is so complex that many erroneous EITC claims are mistakes rather than outright fraud. More than a third of all audits are of EITC recipients, according to ProPublica. And now, the counties with the highest audit rates are predominantly poor.
The Federal Reserve recently reported that about half of Americans have virtually no wealth at all, with four in 10 unable to afford a $400 emergency expense. That means that if their car breaks down or their child gets sick, they have to charge those expenses to a credit card. And when they do that, they get ripped off big time. Despite the fact that banks can borrow money from the Fed at less than 2.5%, the median credit card interest rate ... is now over 21%. Last year, Wall Street banks made $113 billion in credit card interest alone, up by nearly 50% in just five years. In other words, while working class Americans pay outrageously high interest rates, Wall Street banks get rich. And if you live in a low-income community without a bank or cannot get a credit card, what do you do when you need to borrow money? You may have to turn to a predatory payday lender where the average interest rate on an annual basis is a jaw-dropping 391%. When banks and payday lenders charge these unconscionably high interest rates, they are not engaged in the business of making credit available. They are involved in extortion. We need a national usury law that caps interest rates ... at 15%. And that's exactly what the legislation I introduced with Representative Alexandria Ocasio-Cortez would do. Under our Loan Shark Prevention Act, we would make sure that no bank or store in America could charge an interest rate higher than 15%. 88% of Americans support a cap on credit card interest rates.
Mark Zuckerberg has had plenty of difficult days in the past year, but this past week was a good one for him. The Facebook CEOs net worth jumped $5.5 billion in the week through Thursday April 25. The 34-year-old is worth $71.3 billion, $20 billion more than at the beginning of 2019. He is now the 5th richest person in the world, up from No. 8 in March. The positive quarterly earnings report overshadowed news that Facebook is setting aside as much as $5 billion to pay a fine to the Federal Trade Commission over privacy issues. Zuckerbergs gain was by far the biggest of the week, but he is in good company. The fortunes of Zuckerberg and four other tech billionaires, including Amazons Jeff Bezos, rose by a collective $13 billion in seven days. A day after Facebook released its first-quarter earnings report, Amazon announced a quarterly profit of $3.6 billion, an all-time record for the e-commerce giant. Amazons share price rose 2.2% in the week through Thursday, causing Bezos net worth to surge by $3.2 billion. The net worth of Steve Ballmer, Microsofts former CEO, rose $1.7 billion in the week through Thursday as the software giants share price increased by 4.7%. Michael Dell, chairman and CEO of Dell Technologies, is now worth $40 billion after gaining $1.4 billion in a week due to a 6.6% stock uptick. Larry Page, the cofounder of Google and CEO of its parent company Alphabet, got $1.1 billion richer, with an estimated fortune of $57.6 billion.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
American billionaires are calling for changes to the system that enabled them to get rich. Warren Buffett, Jamie Dimon, Ray Dalio, Bill Gates and a list of others say that capitalism in its current form simply doesnt work for the rest of the United States. Some of their remedies involve higher taxes. Hedge fund titan Ray Dalio is the most recent to criticize the current economic system. On Monday, the Bridgewater founder told CNBC that while it doesnt need to be destroyed, capitalism does need to present an equal opportunity, which Dalio said he received through public education. The issue chafing billionaires and politicians alike is a growing income gap. The inequality between rich and poor Americans is as high as it was in late 1930s, Dalio pointed out in a paper posted online. The wealth of the top 1 percent of the population is now more than that of the bottom 90 percent of the population combined. Dalio called growing inequality and lack of investment in public education an existential risk for the U.S. Berkshire Hathaway CEO Warren Buffett - third on Forbes 2019 billionaires list - has repeatedly said the wealthy should be taxed more. In 2006, the CEO committed to give all of his Berkshire Hathaway stock to philanthropic foundations. He and Bill and Melinda Gates have asked hundreds of wealthy Americans to pledge at least 50 percent of their wealth to charity in the so-called the Giving Pledge. There are now 190 people signed on, including Facebook CEO Mark Zuckerberg and Netflix CEO Reed Hastings.
Note: For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
Taxpayers in rural, poor parts of the U.S. are more likely be audited by the Internal Revenue Service than those living in wealthier counties, according to a new analysis. The county where residents are most likely to face an audit: tiny Humphreys County, Mississippi, where the median household income is less than $24,000 a year, or less than half the income of a typical U.S. family. The higher audit rates in poor regions comes down to an IRS policy of scrutinizing taxpayers who claim the Earned Income Tax Credit, or EITC, a refundable tax credit aimed at low- and moderate-income Americans. Counties with higher-than-average audit rates tend to be located in the South, the northern Plains, Mountain and Western states. The upper Midwest, Mid-Atlantic and New England states have lower audit rates. Many of the counties with the highest IRS audit rates have larger minority populations. That includes Humphreys, where 3 of every 4 residents is black. By comparison ... Denali, Alaska, with the lowest audit rate of all U.S. counties, is 84 percent white and has a median household income of more than $83,000. Audit rates for millionaires have declined by half since 2010. Corporate audits are also on the wane. But the audit rates for people who claim the EITC hasn't fallen as sharply as for the rich and corporations, ProPublica reported in December. That means a typical EITC claimant, who earns less than $20,000 per year, is more likely to face an audit than a millionaire.
Amazon hasn't paid any taxes to the US government in the past two years. Actually, Amazon received hundreds of millions of dollars in federal tax credits in 2017 and 2018. That might seem nuts, considering Amazon is the third-most valuable company in the world and earned a record $10 billion last year. But critics of Amazon's tax bill aren't accusing Amazon of doing anything improper. "This is tax avoidance, not tax evasion. There's no indication of any wrongdoing, except on the part of Congress," said Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy. US tax code allows money-losing companies to reduce their future taxable income. Amazon's total earnings have easily topped its losses many times over. But some of Amazon's earnings came from sales outside the United States, on which Amazon paid either lower or no US taxes. Many companies that lose money pay little or no federal income taxes. For example, General Motors (GM) has paid little federal tax money since emerging from bankruptcy in 2009, despite posting record profits for several years. Amazon declined to comment on its federal tax payments.
Note: Read how former tax lobbyists now run the tax-writing committees. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
Filing for bankruptcy is often considered a worst-case scenario. And for many Americans who do pursue that last-ditch effort to rescue their finances, it is because of one reason: health-care costs. A new study from academic researchers found that 66.5 percent of all bankruptcies were tied to medical issues — either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, the research found. Other reasons include unaffordable mortgages or foreclosure, at 45 percent; followed by spending or living beyond one’s means, 44.4 percent; providing help to friends or relatives, 28.4 percent; student loans, 25.4 percent; or divorce or separation, 24.4 percent. The culprit ... was inadequate health-care insurance, according to a co-author of the research, Dr. David U. Himmelstein, a distinguished professor at Hunter College. Most families do not have enough saved for a simple emergency, let alone thousands of dollars in unexpected medical costs. A recent study ... found that only 40 percent of Americans have enough saved to cover a $1,000 emergency expense. To help combat this problem, Physicians for a National Health Program is advocating for a national Medicare for All program that would broaden insurance coverage for Americans.
Rutger Bregman had not really intended to stick it to the global elite. But when the Dutch historian decided to go off-piste at the World Economic Forum and tell the assembled billionaires they should stop avoiding paying tax, he became an overnight social media sensation. Its been a crazy week and just for stating the obvious, said Bregman, when asked about a panel discussion at the WEF last month in which he said the issue was taxes, taxes, taxes, and all the rest is bullshit in my opinion. Bregman had not been to Davos before. He was invited on the basis of the book Utopia for Realists, which argued for a basic income and a shorter working week. But he grew more irritated as the week wore on. He was surprised and maddened by the pushback when he mentioned tax. As a result, Bregman decided to change his plan for a panel on inequality. What Bregman said, put simply, was the Davos emperors have no clothes. They talk a lot about how something must be done about inequality and the need to address social unrest, but cavil at the idea they might be a big part of the problem. He told his audience that people in Davos talked about participation, justice, equality and transparency, but nobody raises the issue of tax avoidance and the rich not paying their share. It is like going to a firefighters conference and not talking about water. As a historian, Bregman noted the most successful period for capitalism occurred in the years after the second world war, when the top rate of tax in the US was above 90%.
Note: This historian later confronted Tucker Carlson of Fox News, who had a few choice dirty words for him. For more along these lines, see concise summaries of deeply revealing news articles on income inequality and corporate corruption.
There was a time when leading American politicians were proud to proclaim their willingness to tax the wealthy, not just to raise revenue, but to limit excessive concentration of economic power. It is important, said Theodore Roosevelt in 1906, to grapple with the problems connected with the amassing of enormous fortunes some of them, he declared, swollen beyond all healthy limits. Today we are once again living in an era of extraordinary wealth concentrated in the hands of a few people, with the net worth of the wealthiest 0.1 percent of Americans almost equal to that of the bottom 90 percent combined. Elizabeth Warren has released an impressive proposal for taxing extreme wealth. The Warren proposal would impose a 2 percent annual tax on an individual households net worth in excess of $50 million, and an additional 1 percent on wealth in excess of $1 billion. The proposal was released along with an analysis by Emmanuel Saez and Gabriel Zucman of Berkeley, two of the worlds leading experts on inequality. Saez and Zucman found that this tax would affect only a small number of very wealthy people around 75,000 households. But because these households are so wealthy, it would raise a lot of revenue, around $2.75 trillion over the next decade. The usual suspects are ... already comparing Warren to Nicols Maduro or even Joseph Stalin, despite her actually being more like Teddy Roosevelt or, for that matter, Dwight Eisenhower. But public opinion surveys show overwhelming support for raising taxes on the rich. One recent poll even found that 45 percent of self-identified Republicans support Alexandria Ocasio-Cortezs suggestion of a top rate of 70 percent.
Note: For more on Warren's proposal, see this Boston Globe article. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
While the executives who presided over the bankruptcy of Sears and Kmart will ring out 2018 with news of $25.3 million in bonuses, laid-off worker Ondrea Patrick will be using her unemployment check to pay for new brakes on her 2000 Dodge Durango. Patrick, who lost her job when the Kmart she worked at in Rockford, Illinois, closed in October, had been hoping to use the money to buy her kids ... something new for Christmas. Theyll be getting hand-me-downs and relying on charity this Christmas while the people in charge are handsomely rewarded. Those top people and (Sears CEO Eddie) Lampert are having a wonderful Christmas, Patrick [said]. They got $25 million in bonuses. Me? Im late on my bills. The electric company is threatening to shut me off. And I dont have anything left to spend on the kids this Christmas. Patrick, who worked part-time for Kmart for nine years, is one of the thousands of workers whose lives were upended in October when Sears Holdings ... declared bankruptcy. A U.S. bankruptcy court judge allowed Sears Holdings to hand out the bonuses after the company successfully argued that it would lose its top people if theres nothing in their stockings this Christmas. Meanwhile, Patricks former co-worker Sheila Brewer, 47, has cancelled Christmas for herself and her husband. The eight weeks of severance she was supposed to get ended after four weeks when the bankruptcy court stopped the rest of the payments to laid-off Sears Holdings workers.
[California] Gov. Jerry Brown has issued more than 1,100 pardons and commuted more than 150 sentences since taking office in 2011 - far more than have his recent predecessors. The governors intervention creates a new pathway to justice for people serving long prison sentences under some of the nations harshest sentencing laws. His action moves California away from the brutality of mass incarceration and toward a renewed focus on rehabilitation and redemption. I know well the power of hope in the darkness behind prison walls. In 2012, I was released after serving 24 years of a life sentence. Now I lead the Hope and Redemption Team, an initiative funded by the California Department of Corrections and Rehabilitation to provide rehabilitative programming inside seven state prisons. Our model is unique. Every member of our full-time staff is a former lifer who has served decades of time and is now a living example of redemption. Success stories rarely make the news, but I see them every day. Graduates of our program and job-readiness training offered by the Anti-Recidivism Coalition have earned their release and built careers in the building and construction trades, prison ministry, higher education, entertainment and tech. Trained in violence prevention, they go into juvenile halls and work with youth to break the cycle of incarceration before it begins. They are contributing to society and making communities stronger and safer - things that prison can never accomplish.
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Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.