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Income Inequality Media Articles
Excerpts of Key Income Inequality Media Articles in Major Media


Below are key excerpts of highly revealing income inequality articles reported in the major media. Links are provided to the full articles on major media websites. If any link fails to function, read this webpage. These income inequality articles are listed by article date. You can also explore the articles listed by order of importance or by date posted. By choosing to educate ourselves on these important issues and to spread the word, we can and will build a brighter future.


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.


Myrtle Beach homeowner, appliance technician share eye-opening discussion about racism
2020-06-03, MSN News
https://www.msn.com/en-us/news/us/myrtle-beach-homeowner-appliance-technician...

An inspiring discussion about racism between a white woman and black man ... has captured the attention of [millions]. Caroline Brock and Ernest Skelton share a special relationship. It all started with Skelton coming over to fix one of her appliances. “People judge me before I even come in the door, so that’s the reason why I ask, ‘Is it OK for me to come in?’” said Skelton. The question caught Brock completely off guard. Over the weekend, Skelton went back over to Brock’s home for second appliance repair appointment. That’s when Brock asked him a question that was a little more personal. “How are you doing right now given the current climate?” Brock wanted to know what the day-to-day life of a black man is like. Skelton opened up and told her some stories about how racism has affected him. He gets pulled over in his work vehicle at least half a dozen times a year. “I don’t even remember the last time I was pulled over,” Brock said. “Sometimes I have customers that need me after 5 o’clock and I have to reschedule for another day. I’m afraid that I’ll wind up getting pulled over, and this time, I won’t make it home," Skelton said. Brock asked Ernest if she could post their interaction on Facebook. He thought it would be a great idea. A few days later, they had more than 100,000 shares. “In the comments ... a lot of white people say, ‘I’d love to have these conversations, but I’m scared ... I’m going to offend someone,’" Brock explained. But Skelton said he wasn’t offended. “If we want to change the world and make our country stronger, we have to be willing to step into the uncomfortableness," Brock said. The two hope that their interaction can inspire others to open up the conversation.

Note: Don't miss this highly inspiring and educational facebook post. This is how we change the world for the better. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.


Watchdog report says IRS is allowing hundreds of thousands of high-income individuals to duck paying taxes
2020-06-01, Washington Post
https://www.washingtonpost.com/business/economy/2020/06/01/3e872e1a-a425-11ea...

The Internal Revenue Service is letting hundreds of thousands of high-income individuals duck tax obligations, according to a government watchdog report. The Treasury inspector general for tax administration found that 879,415 high-income individuals who didn’t file returns cumulatively failed to pay $45.7 billion in taxes from 2014 to 2016 and that the agency hasn’t tried to collect from many of those taxpayers. The IRS didn’t input 326,579 of the cases into its enforcement system, and it closed 42,601 of the cases without ever working on them. “In addition, the remaining 510,235 high-income nonfilers, totaling estimated tax due of $24.9 billion, are sitting in one of the Collection function’s inventory streams and will likely not be pursued as resources decline,” the report, released Monday, found. The report defines high-income taxpayers as those earning at least $100,000. The IRS didn’t immediately respond to a request for comment, but agency management in the report agreed with a recommendation to prioritize collecting from people who didn’t file tax returns.

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.


What Life Is Like for Millions of Americans Facing Financial Ruin Because of the Pandemic
2020-05-07, Time Magazine
https://time.com/5833008/us-unemployment-coronavirus/

The growing gap between America’s rich and everyone else is hardly new. But the extra-ordinarily rapid economic collapse catalyzed by COVID-19 has made the chasm deeper and wider. Since mid-March, more than 30 million people have filed for unemployment. Meanwhile, after a steep but brief dip in March, the stock market rallied. The richest and most well–connected are seeing their wealth reaccumulate, as if by magic, while middle- and working–class families drown in debt that deepens with every passing week. The contrast isn’t just between low-wage workers and billionaire bosses. Bills are mounting for small restaurants and retailers as their applications for the federal Paycheck Protection Program go unanswered. Small retailers closed to comply with social–distancing orders while e-commerce sales, especially from the biggest online platforms, have spiked. Assistance is most readily available to those with lawyers and lobbyists on the payroll. It’s not an exaggeration to say that inequality has the potential to undermine democratic society and threaten global stability. Only about 1 in 4 adults in lower-income households say they have enough money to cover expenses for three months in the case of an emergency. The majority of people laid off are working–class and disproportionately women and people of color. One lost job or missed rent payment threatens to tip them into an economic abyss. More businesses will fail, creating more unemployment and further diminishing consumer demand. About 12.7 million Americans have likely lost employer–provided health insurance since the pandemic began. The richest are steadily climbing ever higher while workers without stable jobs, incomes or savings are sent plummeting downward.

Note: Note that the financial ruin is not caused by the virus, but by the severe lockdown policies being implemented. These policies have no scientific basis. Meanwhile in Sweden with no lockdown policies, no one is being arrested, the country has not spiraled out of control as predicted, and the economy is fairing well. Is it worth saving thousand of lives with these severe policies at the cost of hundreds of millions being plunged into poverty worldwide? For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.


"Capital in the 21st Century": Finally, a Movie That Tells the Story of How We Got Into This Mess
2020-05-05, The Intercept
https://theintercept.com/2020/05/05/capital-21st-century-documentary-thomas-p...

"Capital in the 21st Century" is based on the bestselling 2013 book by Thomas Piketty, a French economist. The film, directed by Justin Pemberton, undermines that core power of the world's elites – shaping how we think – in a particularly wise, sneaky way. The movie starts by going back to the ... Industrial Revolution. Both the American and French revolutions were in part fights between old feudal elites and a new business elite struggling to be born. And while the old and new elites disagreed on who should be in charge, they both agreed that regular people shouldn't be. By 1914 in Paris, the top 1 percent owned 70 percent of all wealth, and two-thirds of the population died with nothing. In the face of this raw brutality, all kinds of alternatives, from communism to socialism to Georgism, gained adherents across Europe. Capitalists were petrified. What could they do that wouldn't require them to share any wealth or power? "You have this rise in nationalism and competition between European countries," Piketty says. "Nationalism is often used by elites to make people forget class conflict and instead focus on national identity." It was only with the worldwide slaughter of the Second World War that capitalism was willing to make some changes. But as World War II receded into the distance, capitalism mounted a counterattack with the elections of Ronald Reagan in the U.S. and Margaret Thatcher in the U.K.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.


Covid-19 pandemic shines a light on a new kind of class divide and its inequalities
2020-04-26, The Guardian (One of the UK's leading newspapers)
https://www.theguardian.com/commentisfree/2020/apr/25/covid-19-pandemic-shine...

The Covid-19 pandemic is putting the deepening class divide in America into stark relief. Four new classes are emerging. The Remotes: These are professional, managerial, and technical workers – an estimated 35% of the workforce – who are putting in long hours at their laptops ... and collecting about the same pay as before the crisis. The Essentials: They’re about 30% of workers, including nurses, homecare and childcare workers, farm workers, food processors, truck drivers, warehouse and transit workers, drugstore employees, sanitation workers, police officers, firefighters, and the military. Too many Essentials lack adequate protective gear, paid sick leave, health insurance, and childcare. They also deserve hazard pay. The Unpaid: They’re an even larger group than the unemployed – whose ranks could soon reach 25%, the same as in the Great Depression. 43% of adults report they or someone in their household has lost jobs or pay. The unpaid most need cash to feed their families and pay the rent. Fewer than half say they have enough emergency funds to cover three months of expenses. The Forgotten: This group includes everyone ... packed tightly into places most Americans don’t see: prisons, jails for undocumented immigrants, camps for migrant farmworkers, Native American reservations, homeless shelters, and nursing homes. The Essentials, the Unpaid, and the Forgotten are disproportionately poor, black, and Latino and they are disproportionately becoming infected.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus pandemic and income inequality from reliable major media sources.


‘Instead of Coronavirus, the Hunger Will Kill Us.’ A Global Food Crisis Looms.
2020-04-22, New York Times
https://www.nytimes.com/2020/04/22/world/africa/coronavirus-hunger-crisis.html

The coronavirus pandemic has brought hunger to millions of people around the world. National lockdowns and social distancing measures are drying up work and incomes, and are likely to disrupt agricultural production and supply routes — leaving millions to worry how they will get enough to eat. Already, 135 million people had been facing acute food shortages, but now with the pandemic, 130 million more could go hungry in 2020, said Arif Husain, chief economist at the World Food Program, a United Nations agency. Altogether, an estimated 265 million people could be pushed to the brink of starvation by year’s end. “We’ve never seen anything like this before,” Mr. Husain said. “It wasn’t a pretty picture to begin with, but this makes it truly unprecedented and uncharted territory.” This hunger crisis, experts say, is global and caused by a multitude of factors linked to the coronavirus pandemic and the ensuing interruption of the economic order: the sudden loss in income for countless millions who were already living hand-to-mouth; the collapse in oil prices; widespread shortages of hard currency from tourism drying up; overseas workers not having earnings to send home; and ongoing problems like climate change, violence ... and humanitarian disasters. The curfews and restrictions on movement are already devastating the meager incomes of displaced people. The effects of the restrictions “may cause more suffering than the disease itself,” said Kurt Tjossem ... at the International Rescue Committee.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality and the coronavirus pandemic from reliable major media sources.


American billionaires have gotten $280 billion richer since the start of the COVID-19 pandemic
2020-04-22, MSN News
https://www.msn.com/en-us/money/markets/american-billionaires-have-gotten-280...

The COVID-19 pandemic is far from a great equalizer. In the same month that 22 million Americans lost their jobs, the American billionaire class's total wealth increased about 10%–or $282 billion more than it was at the beginning of March. They now have a combined net worth of $3.229 trillion. The initial stock market crash may have dented some net worths at first–for instance, that of Jeff Bezos, which dropped down to a mere $105 billion on March 12. But his riches have rebounded: As of April 15, his net worth has increased by $25 billion. These "pandemic profiteers," as a new report from the Institute for Policy Studies, a progressive think tank, calls them, is just one piece of the wealth inequality puzzle in America. In the background is the fact that since 1980, the taxes paid by billionaires, measured as a percentage of their wealth, dropped 79%. "We're reading about benevolent billionaires sharing .0001% of their wealth with their fellow humans in this crisis, but in fact they've been rigging the tax rules to reduce their taxes for decades–money that could have been spent building a better public health infrastructure," says Chuck Collins [of] the Institute for Policy Studies and coauthor of the new report, titled "Billionaire Bonanza 2020: Wealth Windfalls, Tumbling Taxes, and Pandemic Profiteers." Another key finding of the report is that after the 2008 financial crisis, it took less than 30 months for billionaire wealth to return to its pre-meltdown levels. That wealth then quickly exceeded pre-2008 levels. But as of 2019, the middle class in America has not even yet recovered to the level of its 2007 net worth.

Note: This New York Post article shows how 43,000 millionaires in the U.S. will receive a "stimulus" gift averaging $1.6 million each. At the same time, this Reuters article claims that the coronavirus lockdown could plunge half a billion worldwide into poverty. And this BBC article warns of potential massive famines. So who is this lockdown really serving? For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.


Over 43,000 US millionaires will get ‘stimulus’ averaging $1.6 million each
2020-04-16, New York Post
https://nypost.com/2020/04/16/43k-us-millionaires-will-get-stimulus-averaging...

At least 43,000 American millionaires who are too rich to get coronavirus stimulus checks are getting a far bigger boost — averaging $1.6 million each, according to a congressional committee. The Coronavirus Aid, Relief, and Economic Security (CARES) Act trumpeted its assistance for working families and small businesses, but it apparently contains an even bigger benefit for wealthy business owners, the committee found. The act allows pass-through businesses — ones taxed under individual income, rather than corporate — an unlimited amount of deductions against their non-business income, such as capital gains. They can also use losses to avoid paying taxes in other years. That gives the roughly 43,000 individual tax filers who make at least $1 million a year a savings of $70.3 billion — or about $1.6 million apiece, according to the Joint Committee on Taxation. Hedge-fund investors and real estate business owners are “far and away” the ones who will benefit the most, tax expert Steve Rosenthal [said]. Rep. Lloyd Doggett (D-Texas) claimed that “someone wrongly seized on this health emergency to reward ultrarich beneficiaries.” “For those earning $1 million annually, a tax break buried in the recent coronavirus relief legislation is so generous that its total cost is more than total new funding for all hospitals in America and more than the total provided to all state and local governments,” he stressed in a statement.

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus pandemic from reliable major media sources.


Millionaires receive $1.7m in coronavirus relief as most taxpayers get $1,200 payments thanks to hidden Republican loophole
2020-04-15, The Independent (One of the UK's leading newspapers)
https://www.independent.co.uk/news/world/americas/coronavirus-stimulus-checks...

As millions of Americans woke up to $1,200 checks in their bank accounts, some of the nation's richest taxpayers learned they were about to receive a bit of relief as well – about $1.7m each, to be exact. Nearly 43,000 millionaires across the country would soon profit off a loophole adapted from the Republican tax code overhaul of 2017, which allows certain business owners to significantly reduce their tax liability by temporarily suspending the limit of deductions they can place against non-business income. The loophole was included as a provision in the sweeping $2.2tn Coronavirus Aid, Relief and Economic Security (CARES) Act, according to a report published by the Joint Commission on Taxation. Democrats who ordered the report have since accused Republicans of having "wrongly seized on this health emergency to reward ultrarich beneficiaries", and called for the tax break to be immediately repealed. The Joint Commission on Taxation said that a staggering "82 per cent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1m annually". Those 43,000 taxpayers eligible for the loophole would receive an average windfall of nearly $1.7m. Rep. Lloyd Doggett (D-TX) ... slammed his Republican colleagues over the tax break in a statement alleging the loophole was "so generous that its total cost is more than total new funding for all hospitals in America and more than the total provided to all state and local governments".

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality from reliable sources.


With working Americans' survival at stake, the US is bailing out the richest
2020-04-13, The Guardian (One of the UK's leading newspapers)
https://www.theguardian.com/commentisfree/2020/apr/13/with-working-americans-...

Amid a humanitarian crisis compounded by mass layoffs and collapsing economic activity, the last course our legislators should be following is the one they appear to be on right now: bailing out shareholders and executives who, while enriching themselves, spent the past decade pushing business corporations to the edge of insolvency. The $500bn dollars of public money that Congress’s relief bill provides will be used for a corporate bailout, with the only oversight in the hands of an independent council similar to the one used in the 2008 financial crisis. While that body was able to report misuses of taxpayer money, it could do nothing to stop them. As currently structured, there is nothing to keep this bailout from, like its predecessor, putting cash directly into the hands of those at the top rather than into the hands of workers. Without strong regulation and accountability, asking corporations to preserve jobs with these funds will be nothing more than a simple suggestion, leaving millions of everyday Americans in financial peril. If not properly managed, this economic disaster has the potential to be the worst in American history. Our country cannot allow a small number of executives and shareholders to profit from taxpayer funds that we have injected into these corporations for reasons of pure emergency. We need to stop this rot at the core of our economic system and realign the priorities of government with those of workers and consumers.

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus pandemic from reliable major media sources.


Coronavirus Crisis Could Plunge Half a Billion People Into Poverty: Oxfam
2020-04-09, New York Times/Reuters
https://www.nytimes.com/reuters/2020/04/09/us/09reuters-health-coronavirus-po...

The fallout from the coronavirus spread that has killed more than 83,000 people and wreaked havoc on economies around the world could push around half a billion people into poverty, Oxfam said on Thursday. The report released by the Nairobi-based charity ahead of next week's International Monetary Fund (IMF)/World Bank annual meeting calculated the impact of the crisis on global poverty due to shrinking household incomes or consumption. "The economic crisis that is rapidly unfolding is deeper than the 2008 global financial crisis," the report found. "The estimates show that, regardless of the scenario, global poverty could increase for the first time since 1990," it said, adding that this could throw some countries back to poverty levels last seen some three decades ago. Under the most serious scenario - a 20% contraction in income - the number of people living in extreme poverty would rise by 434 million people to nearly 1.2 billion worldwide. Women are at more risk than men, as they are more likely to work in the informal economy with little or no employment rights. "Living day to day, the poorest people do not have the ability to take time off work, or to stockpile provisions," the report warned, adding that more than 2 billion informal sector workers worldwide had no access to sick pay. To help mitigate the impact, Oxfam proposed a six point action plan that would deliver cash grants and bailouts to people and businesses in need, and also called for debt cancellation, more IMF support, and increased aid.

Note: The New York Times strangely removed this article. Yet it is also available on the Reuters website. For more along these lines, see concise summaries of deeply revealing news articles on income inequality and the coronavirus pandemic from reliable major media sources.


Coronavirus: India's pandemic lockdown turns into a human tragedy
2020-03-30, BBC News
https://www.bbc.com/news/world-asia-india-52086274

India declared a 21-day lockdown with four hours notice on the midnight of 24 March to prevent the spread of coronavirus. All over India, millions of migrant workers are fleeing its shuttered cities and trekking home to their villages. These informal workers are the backbone of the big city economy. Escaping poverty in their villages, most of the estimated 100 million of them live in squalid housing in congested urban ghettos. Last week's lockdown turned them into refugees overnight. Their workplaces were shut, and most employees and contractors who paid them vanished. Sprawled together, men, women and children began their journeys at all hours of the day last week. When the children were too tired to walk, their parents carried them on their shoulders. Clearly, a lockdown to stave off a pandemic is turning into a humanitarian crisis. In the end, India is facing daunting and predictable challenges in enforcing the lockdown and also making sure the poor and homeless are not fatally hurt. India has already announced a $22bn relief package for those affected by the lockdown. The next few days will determine whether the states are able to transport the workers home or keep them in the cities and provide them with food and money. "People are forgetting the big stakes amid the drama of the consequences of the lockdown: the risk of millions of people dying," says Nitin Pai of Takshashila Institution, a prominent think tank. "There too, likely the worst affected will be the poor."

Note: In how many countries besides India is this scenario playing out? For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus pandemic from reliable major media sources.


Need a Coronavirus Test? Being Rich and Famous May Help
2020-03-18, New York Times
https://www.nytimes.com/2020/03/18/us/coronavirus-testing-elite.html

Politicians, celebrities, social media influencers and even N.B.A. teams have been tested for the new coronavirus. But as that list of rich, famous and powerful people grows by the day, so do questions about whether they are getting access to testing that is denied to other Americans. With testing still in short supply in areas of the country, leaving health care workers and many sick people unable to get diagnoses, some prominent personalities have obtained tests without exhibiting symptoms or having known contact with someone who has the virus. In areas of the country where the virus has been slow to appear, people have been able to obtain tests easily. But in New York, California, Washington State and Massachusetts, where the virus has spread rapidly and demand for tests is most high, it is very difficult. The New York City Health Department has directed doctors only to order tests for patients in need of hospitalization. People with mild symptoms are being told to quarantine themselves at home. Even health care workers, at high risk of contracting the virus and transmitting it, have struggled to get tested. Police chiefs across the country are growing concerned that they cannot get their hands on tests. “What’s frustrating is to continue to hear that there aren’t testing kits available, and my rank and file have to continue to answer calls for service while professional athletes and movie stars are getting tested without even showing any symptoms,” said Eddie Garcia, the police chief of San Jose, Calif..

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus pandemic from reliable major media sources.


Education Dept. to Cut Off Federal Funding for Some Rural Schools
2020-02-28, New York Times
https://www.nytimes.com/2020/02/28/us/politics/rural-schools-funding-cut.html

A bookkeeping change at the Education Department will kick hundreds of rural school districts out of a federal program that for nearly two decades has funneled funding to some of the most geographically isolated and cash-strapped schools in the United States. More than 800 schools stand to lose thousands of dollars from the Rural and Low-Income School Program because the department has abruptly changed how districts are to report how many of their students live in poverty. The change ... comes after the Education Department said a review of the program revealed that districts had “erroneously” received funding because they had not met eligibility requirements outlined in the federal education law since 2002. The department said it was simply following the law, which requires that in order to get funding, districts must use data from the Census Bureau’s Small Area Income and Poverty Estimates to determine whether 20 percent of their area’s school-age children live below the poverty line. For about 17 years though, the department has allowed schools to use the percentage of students who qualify for federally subsidized free and reduced-price meals, a common proxy for school poverty rates. In its latest report, “Why Rural Matters,” the Rural School and Community Trust found that ... nearly one in six students living in rural areas lives below the poverty line, one in seven qualifies for special education services, and one in nine has changed residence in the previous 12 months.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.


How Healthcare Costs Hurt American Workers and Benefit the Wealthy
2020-02-20, Time
https://time.com/5785945/health-care-problems-america/

The percentage of national income that is absorbed by health care has grown over the past half-century, from 5% in 1960 to 18% in 2017, reducing what is available for anything else from 95% in 1960 to 82% today. The costs of health care contribute to the long-term stagnation in wages; to fewer good jobs, especially for less educated workers; and to rising income inequality. American health care is the most expensive in the world, and yet American health is among the worst among rich countries. The U.S. has lower life expectancy than the other wealthy countries but vastly higher expenditures per person. In 2017, the Swiss lived 5.1 years longer than Americans but spent 30% less per person; other countries achieved a similar length of life for still fewer health dollars. How is it possible that Americans pay so much and get so little? The money is certainly going somewhere. What is waste to a patient is income to a provider. The industry is not very good at promoting health, but it excels at promoting wealth among health care providers. Employer-based coverage is a huge barrier to reform. So is the way that the health care industry is protected in Washington by its lobbyists—five for every member of Congress. Our government is complicit in an extortion that is an important contributor to income inequality. Through pharma companies that get rich by addicting people, and through excessive costs that lower wages and eliminate good jobs, the industry that is supposed to improve our health is undermining it.

Note: For more along these lines, see concise summaries of deeply revealing news articles on health from reliable major media sources.


We Tried to Find the Most Equal Place in America. It Got Complicated
2020-02-20, Time
https://time.com/5783981/most-equal-place-united-states/

For nearly 20 years, Dolores Acevedo-Garcia has been collecting data on the access—and lack thereof—that children in neighborhoods across the U.S. have to necessities like healthy food and a good education. She and her team ... manage diversitydatakids.org, a data project designed to guide the high-level policy decisions that affect childhood and equality. In January, Acevedo-Garcia and her team published the latest edition of the Child Opportunity Index, an ambitious project that takes a deep look at 47,000 neighborhoods across the 100 largest U.S. metro areas, scoring them from 1 to 100, where a higher number means more childhood opportunity based on 29 key measures. Many of the more diverse metro areas in the U.S., especially cities with large black populations, have enormous opportunity gaps; the few diverse cities with small gaps tend to have low opportunity scores overall. “It’s hard to find a place that is equitable and racially diverse,” says Acevedo-Garcia. In all 100 metro areas ... combined, white children live in neighborhoods with a median score of 73, compared with neighborhood scores of 72 for Asian children, 33 for Hispanic children and 24 for black children. Black and Hispanic kids live with less opportunity than their white and Asian peers almost without exception. Milwaukee and its surrounding area has the widest racial disparity in the U.S.. A white child there lives ... with a median opportunity score of 85. For a black child, the median neighborhood score is 6.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.


The Golden Age Of White Collar Crime
2020-02-10, Huffington Post
https://www.huffpost.com/highline/article/white-collar-crime/

The criminal justice system has given up all pretense that the crimes of the wealthy are worth taking seriously. In January 2019, white-collar prosecutions fell to their lowest level since researchers started tracking them in 1998. Since 2015, criminal penalties levied by the Justice Department have fallen from $3.6 billion to roughly $110 million. Illicit profits seized by the Securities and Exchange Commission have reportedly dropped by more than half. In 2018, a year when nearly 19,000 people were sentenced in federal court for drug crimes alone, prosecutors convicted just 37 corporate criminals. Tax evasion ... siphons up to 10,000 times more money out of the U.S. economy every year than bank robberies. In 2017, researchers estimated that fraud by America’s largest corporations cost Americans up to $360 billion annually between 1996 and 2004. That’s roughly two decades’ worth of street crime every single year. Over the last four decades, the agencies responsible for investigating elite and white-collar crime ... have seen their enforcement divisions starved into irrelevance. More than a third of the FBI investigators who patrol Wall Street were reassigned between 2001 and 2008. Even though auditing millionaires and billionaires is one of the most cost-effective government activities imaginable—an independent report estimated in 2014 that it yielded up to $4,545 in recovered revenue per hour of staff time—the IRS investigated the returns of just 3 percent of American millionaires in 2017.

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality from reliable major media sources.


Taxes 2020: These two groups of taxpayers face the highest audit rates
2020-01-31, USA Today
https://www.usatoday.com/story/money/2020/01/31/taxes-2020-audits-most-likely...

Getting audited by the IRS is increasingly less certain. An audit is about half as likely as it was five years ago. Even so, some groups face higher audit rates than others. The tax agency is auditing fewer individual taxpayers not because we’re more honest, but because the IRS is working with fewer employees. The agency’s workforce has dropped from 94,000 workers in 2010 to roughly 78,000 in the most recent fiscal year, according to IRS data. With fewer agents available to perform audits, the agency’s audit rate has been whittled to 0.45% of individual returns in fiscal 2019, the IRS said. That compares with an audit rate of 0.9% in the fiscal 2014. Two types of taxpayers are more likely to draw the attention of the IRS: the rich and the poor, according to IRS data of audits by income range. Poor taxpayers, or those earning less than $25,000 annually, have an audit rate of 0.69% — more than 50% higher than the overall audit rate. Low-income taxpayers are more likely to get audited than any other group, except Americans with incomes of more than $500,000. The least likely group to get audited? That would be upper-middle-class households with an annual income of $100,000 to $200,000. Low-income households are more likely to get audited than some wealthier taxpayers ... due to the IRS checking for fraud and errors related to the Earned Income Tax Credit. Americans with annual incomes of more than $10 million have enjoyed a 75% decline in audit rates since 2013.

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality from reliable major media sources.


The world's 10 richest people made $540bn in a year – we need a greed tax
2020-01-26, The Guardian (One of the UK's leading newspapers)
https://www.theguardian.com/commentisfree/2021/jan/26/the-worlds-10-richest-p...

$13,000,000,000. If all those 000s are making your eyes go funny, I'll spell it out: thirteen billion. That's how much Jeff Bezos added to his net worth in one day last July after the pandemic caused Amazon's stock price to surge. Bezos's $13bn (Ł10bn) payday set a record for the largest single-day increase in individual wealth ever recorded; however, he was far from the only billionaire getting that corona cash. According to a report by Oxfam, the combined wealth of the world's 10 richest men has increased by $540bn since March 2020. How much money is half a trillion dollars? Enough to vaccinate everyone in the world and ensure no one is pushed into poverty by the pandemic, Oxfam's report, The Inequality Virus, claims. Oxfam releases a report on inequality, timed to coincide with the Davos summit, every year. If there is one upside to the pandemic, it's that some ideas formerly dismissed as "radical" are now anything but. The idea of wealth taxes (levies on assets rather than income) is ... gaining global momentum. The British government has been urged to levy a one-off wealth tax on the value of household assets above Ł1m. Wealth taxes are also being pushed by progressive politicians in Germany and the US. A system in which 10 men can see their collective wealth increase by half a trillion during a global crisis can't be fixed with a one-off wealth tax – we need greed taxes that prevent people amassing that much in the first place.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.


The world’s 2,153 billionaires have more wealth than 4.6 billion people combined
2020-01-20, CNBC News
https://www.cnbc.com/2020/01/20/oxfam-worlds-billionaires-richer-than-a-combi...

The world's 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed. In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality. The report comes as delegates gather in Davos, Switzerland, for the annual World Economic Forum conference. Oxfam's report noted that someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world's five richest billionaires. Oxfam urged policymakers to increase taxes on the world's wealthiest by 0.5% over the next decade in a bid to reduce wealth inequality. A 0.5% increase in taxes on the wealthy would generate enough funding to create 117 million jobs in sectors like education and health, according to the researchers. Other suggestions made by Oxfam to help mitigate inequality included investing in national care systems, challenging sexism, introducing laws to protect carers' rights, and ending extreme wealth. "Extreme wealth is a sign of a failing economic system," the report said. "Governments must take steps to radically reduce the gap between the rich and the rest of society and prioritize the wellbeing of all citizens over unsustainable growth and profit." The call for a tax overhaul reinforces the charity's message ahead of last year's WEF summit, when Oxfam urged governments to hike tax rates for corporations and society's richest to reduce wealth disparity.

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