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Income Inequality News Articles
Excerpts of key news articles on income inequality


Below are key excerpts of little-known, yet highly revealing news articles on income inequality from the major media. Links are provided to the full news articles for verification. If any link fails to function, read this webpage. These articles on income inequality are listed by order of importance. You can also explore them ordered by the date of the article or by the date posted. By choosing to educate ourselves, we can build a brighter future.

Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.


A growing number of Americans are going hungry
2020-11-25, Washington Post
https://www.washingtonpost.com/graphics/2020/business/hunger-coronavirus-econ...

More Americans are going hungry now than at any point during the deadly coronavirus pandemic, according to a Post analysis of new federal data – a problem created by an economic downturn that has tightened its grip on millions of Americans and compounded by government relief programs that expired or will terminate at the end of the year. Experts say it is likely that there's more hunger in the United States today than at any point since 1998, when the Census Bureau began collecting comparable data about households' ability to get enough food. One in 8 Americans reported they sometimes or often didn't have enough food to eat in the past week, hitting nearly 26 million American adults, an increase several times greater than the most comparable pre-pandemic figure. That number climbed to more than 1 in 6 adults in households with children. Nowhere has there been a hunger surge worse than in Houston, with a metro-area population of 7 million people. More than 1 in 5 adults in Houston reported going hungry recently, including 3 in 10 adults in households with children. The growth in hunger rates has hit Hispanic and Black households harder than White ones, a devastating consequence of a weak economy that has left so many people trying to secure food even during dangerous conditions. Yet the hunger crisis seems to have escaped widespread notice in a nation where millions of households have weathered the pandemic relatively untouched.

Note: Meanwhile, as the Washington Post reported on Jan. 1, 2021, "billionaires as a class have added about $1 trillion to their total net worth since the pandemic began." For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.


Billionaires see fortunes rise by 27% during the pandemic
2020-10-07, BBC News
https://www.bbc.com/news/business-54446285

Billionaires have seen their fortunes hit record highs during the pandemic, with top executives from technology and industry earning the most. The world's richest saw their wealth climb 27.5% to $10.2trn (Ł7.9trn) from April to July this year, according to a report from Swiss bank UBS. That was up from the previous peak of $8.9trn at the end of 2017 and largely due to rising global share prices. UBS said billionaires had done "extremely well" in the Covid crisis. It also said the number of billionaires had hit a new high of 2,189, up from 2,158 in 2017. It comes as a World Bank report on Wednesday showed extreme poverty is set to rise this year for the first time in more than two decades due to the pandemic. Among the billionaires, the biggest winners this year have been industrialists, whose wealth rose a staggering 44% in the three months to July. "Industrials benefited disproportionately as markets priced in a significant economic recovery [after lockdowns around the world]," UBS said. Tech billionaires have also had a good pandemic, seeing their wealth soar 41%. UBS said this was "due to the corona-induced demand for their goods and services" and social distancing accelerating "digital businesses [and] compressing several years' evolution into a few months". Healthcare billionaires also benefited as the crisis put drug makers and medical device companies in the spotlight.

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.


COVID-19 Linked Hunger Could Cause More Deaths Than The Disease Itself, New Report Finds
2020-07-09, Time Magazine
https://time.com/5864803/oxfam-hunger-covid-19/

Disruption to food production and supplies due to COVID-19 could cause more deaths from starvation than the disease itself, according to an Oxfam report. The report found that 121 million more people could be “pushed to the brink of starvation this year” as a result of disruption to food production and supplies, diminishing aid as well as mass unemployment. The report estimates that COVID-19 related hunger could cause 12,000 deaths per day: the peak global mortality rate for COVID-19 in April was 10,000 deaths per day. “COVID-19 is the last straw for millions of people already struggling with the impacts of conflict, climate change, inequality and a broken food system that has impoverished millions of food producers and workers,” said Oxfam’s Interim Executive Director Chema Vera. Oxfam says Yemen, Democratic Republic of Congo (DRC), Afghanistan, Venezuela, the West African Sahel, Ethiopia, Sudan, South Sudan, Syria, and Haiti are “extreme hunger hotspots” that are likely to be severely affected by the pandemic. Women, who also make up a significant portion of informal workers, are more likely to have been severely affected by lockdown measures. The report notes that there are enough funds globally to address starvation. Eight out of ten of the biggest food and drink companies paid more than $18 billion to shareholders since the beginning of this year, an amount that is “ten times more than the UN says is needed to stop people going hungry,” according to the report.

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.


U.S. income inequality at highest level in 50 years
2019-09-26, NBC News/Associated Press
https://www.nbcnews.com/news/us-news/u-s-income-inequality-highest-level-50-y...

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.

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


US CEOs earned 312 times more than workers in 2017: Study
2018-08-17, ABC News
https://abcnews.go.com/Business/us-ceos-earned-312-times-workers-2017-study/s...

CEOs at the 350 largest U.S. companies received 312 times as much in compensation as typical employees in 2017, according to a study released Thursday. The average chief executive received $18.9 million last year, a 17.6 percent increase from 2016, as the wages of a typical worker rose just 0.3 percent, according to research by the Economic Policy Institute, a Washington-based think tank. The highest CEO-to-worker pay ratio ever recorded is 344-to-1, in 2000. In 1965, it was 20-to-1. In 1989, it was 58-to-1. "CEO compensation has grown far faster than stock prices or corporate profits," EPI said in an online summary of the findings. "CEO compensation rose by 979 percent [based on stock options granted] or 1,070 percent [based on stock options realized] between 1978 and 2017. ... Higher CEO pay does not reflect correspondingly higher output or better firm performance. Exorbitant CEO pay therefore means that the fruits of economic growth are not going to ordinary workers."

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


New report highlights massive pay gap between CEOs and typical workers
2018-05-22, CNN
http://money.cnn.com/2018/05/22/news/economy/ceo-pay-afl-cio/index.html

This is the first year that businesses are required to disclose the ratio of CEO pay to median worker pay in their annual proxies, due to a provision of the Dodd-Frank financial reforms passed during the Obama administration. The AFL-CIO's annual Executive PayWatch database, released Tuesday, compiled that data and shows that in many cases, the pay for top executives is hundreds — or even thousands — of times that of the median worker at their companies. The largest pay gap for proxies released so far in 2018 ... belongs to Mattel (MAT), according to the AFL-CIO. But companies will continue to release their pay ratios in SEC filings in coming months, so any superlatives are subject to change. The AFL-CIO said it will keep updating its database as the relevant documents are filed. Mattel CEO Margo Georgiadis was awarded almost $31.3 million in 2017. Meanwhile, the median worker at the company, earned $6,271. The ratio? 4,987 to 1. Mattel is followed by McDonald's (MCD), where CEO Steve Easterbrook, who earned nearly $21.8 million last year, made 3,101 times as much as the company's median employee. The newly available pay ratios also highlight exactly how much standard workers earn. Amazon disclosed that the median pay for its employees was just $28,446 in 2017.

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


Rich Americans live up to 15 years longer than poor peers, studies find
2017-04-06, The Guardian (One of the UK's leading newspapers)
https://www.theguardian.com/us-news/2017/apr/06/us-healthcare-wealth-income-i...

Increasing inequality means wealthy Americans can now expect to live up to 15 years longer than their poor counterparts, reports in the British medical journal the Lancet have found. Researchers said these disparities appear to be worsened by the American health system itself, which relies on for-profit insurance companies, and is the most expensive in the world. Their conclusion? Treat healthcare as a human right. The Lancet studies looked at how the American health system affects inequality and structural racism, and how mass incarceration and the Affordable Care Act (ACA), also known as Obamacare, have changed public health. Among the studies’ key findings: the richest 1% live up to 15 years longer than the poorest 1%; the same gap in life expectancy widened in recent decades, making poverty a powerful indicator for death; more than one-third of low-income Americans avoid medical care because of costs; the poorest fifth of Americans pay twice as much for healthcare as a share of income; and life expectancy would have grown 51.1% more from 1983 to 2005 had mass incarceration not accelerated in the mid-1980s. The poorest Americans have suffered in particular, with life expectancies falling in some groups even while medicine has advanced. All of these health outcomes arrive in the context of widening general inequality. The share of total income going to the top 1% of earners has more than doubled since 1970.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality and health.


Stark inequality: Oxfam says 8 men as rich as half the world
2017-01-17, MSN/Associated Press
https://www.msn.com/en-us/money/markets/stark-inequality-oxfam-says-8-men-as-...

The gap between the super-rich and the poorest half of the global population is starker than previously thought, with just eight men, from Bill Gates to Michael Bloomberg, owning as much wealth as 3.6 billion people, according to an analysis by Oxfam released Monday. Presenting its findings on the dawn of the annual gathering of the global political and business elites in the Swiss ski resort of Davos, anti-poverty organization Oxfam says the gap between the very rich and poor is far greater than just a year ago. "It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day," said Winnie Byanyima, executive director of Oxfam International, who will be attending the meeting in Davos. "Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy." The same report a year earlier said that the richest 62 people on the planet owned as much wealth as the bottom half of the population. However, Oxfam has revised that figure down to eight following new information gathered by Swiss bank Credit Suisse.

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


The 1% are recovering from 2008 recession while 99% are still waiting
2016-07-06, The Guardian (One of the UK's leading newspapers)
https://www.theguardian.com/business/2016/jul/06/one-percent-2008-recession-r...

The top 1% of Americans are finally recovering from the great recession. A new analysis of IRS data revealed that the average income of the top 1% of income earners grew by 7.7% in 2015, reaching $1.36m. Report author Emmanuel Saez, an economics professor at the University of California-Berkeley ... revealed that in 2015, the rich were also taking home larger chunk of the US income. “The share of income going to the top 10% of income earners – those making on average about $300,000 a year – increased to 50.5% in 2015 from 50.0% in 2014, the highest ever except for 2012,” Saez wrote. It should not come as a shock that to many Americans talk of economic recovery rings hollow. The top 1% of families saw their income grow by 37% between 2009 to 2015, from $990,000 to $1.36m. The incomes of the other 99%, however, grew by just 7.6% during that time – from $45,300 in 2009 to $48,800 in 2015. In 2015, the income of the 99% grew by just 3.9%. After factoring in inflation, Saez calls it: “the best real income growth in 17 years”. And the rich? At 7.7%, their growth was twice that. Economy remains a top concern for US voters, according to a recent Gallup survey of 1,530 adults. The gap between rich and poor is bigger now than it’s been just about any time since the 1920s.

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


Just 62 people now own the same wealth as half the world's population, research finds
2016-01-17, The Independent (One of the UK's leading newspapers)
http://www.independent.co.uk/news/world/politics/just-62-people-now-own-the-s...

Wealth inequality has grown to the stage where 62 of the world’s richest people own as much as the poorest half of humanity combined. The [new] research, conducted by the charity Oxfam, found that the wealth of the poorest half of the world’s population – 3.6 billion people – has fallen by 41 per cent, or a trillion US dollars, since 2010. While this group has become poorer, the wealth of the richest 62 people on the planet has increased by more than half a trillion dollars. The report, “An Economy for the 1%”, says the gap between the global richest and the global poorest has widened in just the last 12 months. In 2010, 388 people had the same wealth as the poorest half of humanity. In 2011, this fell to 177, [and] has continued to fall each year. Oxfam GB chief executive Mark Goldring said a crackdown on global tax havens was a necessary step towards ending the rampant global inequality. "World leaders’ concern about the escalating inequality crisis has so far not translated into concrete action to ensure that those at the bottom get their fair share of economic growth. We need to end the era of tax havens which has allowed rich individuals and multinational companies to avoid their responsibilities to society," [he said].

Note: Read about reliable news articles on secretive meetings where global elites make decisions with far-reaching implications. For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.


Top 1 Percent Owns Half Of All Global Wealth, Per Credit Suisse Report
2015-10-13, International Business Times
http://www.ibtimes.com/top-1-percent-owns-half-all-global-wealth-credit-suiss...

In the past year, global wealth reversed a steady upward climb and fell by $12.4 trillion, largely due to currency fluctuations. But worldwide wealth inequality continued its upward march: The top 1 percent of households “account for half of all assets in the world,” according to the 2015 Credit Suisse Global Wealth Report. That’s a first since the Swiss bank began compiling the data in 2000, and a level “possibly not seen for almost a century,” the researchers write. For those on the other end of the wealth spectrum, meanwhile, the numbers are reversed. The poorest half of the world’s population owns just 1 percent of its assets. Financial assets have seen a 6 percent rise in the share of total wealth since 2008, benefiting the wealthy, who hold a disproportionate amount of capital. The overall rise in global wealth continued to be driven in large part by China and the emerging markets, which have doubled their aggregate wealth since 2000. China, whose wealth has grown fivefold since the beginning of the century, was shaken by market turmoil in the middle of the year but still managed to add $1.5 trillion in wealth. In 2015, a household net worth of $759,000 will put you in the ranks of the global one-percenters. The cutoff for the top 10 percent stood at $68,800.

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


The war on the middle class
2015-06-12, Boston Globe
https://www.bostonglobe.com/opinion/2015/06/12/bernie-sanders-the-war-middle-...

Despite an explosion in technology and a huge increase in worker productivity, the middle class continues its 40-year decline. Today, millions of Americans are working longer hours for lower wages and median family income is almost $5,000 less than it was in 1999. Meanwhile, the wealthiest people and the largest corporations are doing phenomenally well. Today, 99 percent of all new income is going to the top 1 percent, while the top one-tenth of 1 percent own almost as much wealth as the bottom 90 percent. In the last two years, the wealthiest 14 people in this country increased their wealth by $157 billion ... more than is owned by the bottom 130 million Americans. Large corporations and their lobbyists have created loopholes enabling corporations to avoid an estimated $100 billion a year in taxes by shifting profits to ... offshore tax havens. US companies are buying back billions of dollars of their own stock in a way that manipulates stock prices, hurts the economy and, by the way, used to be against the law. Instead of putting resources into innovative ways to build their businesses or hire new employees, corporations are pumping their record-breaking profits into buying back their own stock and increasing dividends to benefit their executives and wealthy shareholders. It is a major reason why CEOs are now making nearly 300 times what the typical worker makes. We ... must do a lot more to rebuild the middle class, check corporate greed, and make our economy work again for working families. It is time to say loudly and clearly that corporate greed and the war against the American middle class must end.

Note: The above article was written by 2016 presidential candidate Bernie Sanders. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.


Wall Street's threat to the American middle class
2015-01-27, Chicago Tribune
http://www.chicagotribune.com/news/columnists/sns-201501271130--tms--amvoices...

The middle class can't be saved unless Wall Street is tamed. Yet most presidential aspirants don't want to talk about taming the Street because Wall Street is one of their largest sources of campaign money. Six years ago ... the financial collapse crippled the middle class and poor, consuming the savings of millions of average Americans and causing 23 million to lose their jobs, 9.3 million to lose their health insurance and some 1 million to lose their homes. A repeat performance is not unlikely. Wall Street's biggest banks are much larger now than they were then. Five of them hold about 45 percent of America's banking assets. In 2000, they held 25 percent. Meanwhile, the Street's lobbyists have gotten Congress to repeal a provision of Dodd-Frank curbing excessive speculation by the big banks. The language was drafted by Citigroup and personally pushed by Jamie Dimon, CEO of JPMorgan Chase. It's nice that presidential aspirants are talking about rebuilding America's middle class. But to be credible, the candidates have to [propose] to limit the size of the biggest Wall Street banks, to resurrect the Glass-Steagall Act (which used to separate investment banking from commercial banking), to define insider trading the way most other countries do (using information any reasonable person would know is unavailable to most investors), and to close the revolving door between the Street and the U.S. Treasury. It also means not depending on the Street to finance their campaigns.

Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and the financial industry.


The perils of America's hard-charging capitalism
2014-05-27, Chicago Tribune
http://articles.chicagotribune.com/2014-05-27/opinion/sns-201405271000--tms--...

Recent data from the Luxembourg Income Study Database [is] shocking. While median per capita income in the United States has stagnated since 2000, it's up significantly in Canada and Northern Europe. Their typical worker's income is now higher than ours, and their disposable income -- after taxes -- higher still. Most of them get free health care and subsidized child care. And if they lose their jobs, they get far more generous unemployment benefits than we do. (In fact, right now, 75 percent of jobless Americans lack any unemployment benefits.) If you think we make up for it by working less and getting paid more on an hourly basis, think again. There, at least three weeks paid vacation is the norm, along with paid sick leave and paid parental leave. We're working an average of 4.6 percent more hours more than the typical Canadian worker, 21 percent more than the typical French worker, and a whopping 28 percent more than your typical German worker. But at least Americans are more satisfied, aren't we? Not really. According to opinion surveys and interviews, Canadians and Northern Europeans are. They also live longer, their rate of infant mortality is lower, and women in those countries are far less likely to die as result of complications in pregnancy or childbirth. But at least we're the land of more equal opportunity, right? Wrong. Their poor kids have a better chance of getting ahead. While 42 percent of American kids born into poor families remain poor through their adult lives, only 30 percent of Britain's poor kids remain impoverished -- and even smaller percentages in other rich countries.

Note: For more on the devastating impacts of the income inequality, see the deeply revealing reports from reliable major media sources available here.


The US is an oligarchy, study concludes
2014-04-16, The Telegraph (One of the UK's leading newspapers)
https://www.telegraph.co.uk/news/worldnews/northamerica/usa/10769041/The-US-i...

The US government does not represent the interests of the majority of the country's citizens, but is instead ruled by those of the rich and powerful, a new study from Princeton and Northwestern Universities has concluded. The report ... used extensive policy data collected from between the years of 1981 and 2002 to empirically determine the state of the US political system. The peer-reviewed study ... says: "Economic elites and organised groups representing business interests have substantial independent impacts on US government policy, while mass-based interest groups and average citizens have little or no independent influence." Researchers concluded that US government policies rarely align with the the preferences of the majority of Americans, but do favour special interests and lobbying organisations: "When a majority of citizens disagrees with economic elites and/or with organised interests, they generally lose. Moreover, because of the strong status quo bias built into the US political system, even when fairly large majorities of Americans favour policy change, they generally do not get it." The politics of average Americans and affluent Americans sometimes does overlap. This is merely a coincidence, the report says. The theory of "biased pluralism" that the Princeton and Northwestern researchers believe the US system fits holds that policy outcomes "tend to tilt towards the wishes of corporations and business and professional associations."

Note: Note: Watch an excellent six minute video showing how corruption in the US is legal. For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.


Richest 85 boast same wealth as half the world
2014-01-21, Sydney Morning Herald (Australia's leading newspaper)
http://www.smh.com.au/business/richest-85-boast-same-wealth-as-half-the-world...

Eighty-five people control the same amount of wealth as half the world's population. That is 85 people compared with 3.5 billion. A new report from Oxfam has been published in time for the World Economic Forum in Davos this week. It shows the world's ultra-wealthy have not only recovered from the global financial crisis, they have positively blossomed. The report shows the wealth of the 1 per cent richest people in the world is worth about $US110 trillion, 65 times the total wealth of the bottom half of the world's population. It also shows the world's richest 85 people control about $US1.7 trillion in wealth, equivalent to the bottom half of the world's population. And far from hindering the wealthy, the political response to the global financial crisis - including the actions of central banks and the austerity measures introduced by national governments - has made the rich fabulously richer. In the US, the wealthiest 1 per cent of the population grabbed 95 per cent of post-financial crisis growth between 2009 and 2012, while the bottom 90 per cent became poorer. An Oxfam survey of six countries - the United States, UK, Spain, Brazil, India and South Africa - has found that the majority of people believe laws and regulations are skewed in favour of the rich, so people are noticing.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


Inequality Is a Choice
2013-10-13, New York Times
http://opinionator.blogs.nytimes.com/2013/10/13/inequality-is-a-choice/

It’s well known by now that income and wealth inequality in most rich countries, especially the United States, have soared in recent decades and, tragically, worsened even more since the Great Recession. But what about the rest of the world? New research by a World Bank economist named Branko Milanovic, along with other scholars, points the way to some answers. Overall equality across humanity, considered as individuals, has improved very little. So while nations in Asia, the Middle East and Latin America, as a whole, might be catching up with the West, the poor everywhere are left behind, even in places like China where they’ve benefited somewhat from rising living standards. From 1988 to 2008, Mr. Milanovic found, people in the world’s top 1 percent saw their incomes increase by 60 percent, while those in the bottom 5 percent had no change in their income. And while median incomes have greatly improved in recent decades, there are still enormous imbalances: 8 percent of humanity takes home 50 percent of global income; the top 1 percent alone takes home 15 percent. The United States provides a particularly grim example for the world. And because, in so many ways, America often “leads the world,” if others follow America’s example, it does not portend well for the future. Last year, the top 1 percent of Americans took home 22 percent of the nation’s income; the top 0.1 percent, 11 percent. Ninety-five percent of all income gains since 2009 have gone to the top 1 percent.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


Wealth doesn't trickle down – it just floods offshore, research reveals
2012-07-21, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/business/2012/jul/21/offshore-wealth-global-economy...

The world's super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad – a sum larger than the entire American economy. James Henry, a former chief economist at consultancy McKinsey and an expert on tax havens, has conducted groundbreaking new research for the Tax Justice Network campaign group – sifting through data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and private sector analysts to construct an alarming picture that shows capital flooding out of countries across the world and disappearing into the cracks in the financial system. "This offshore economy is large enough to have a major impact on estimates of inequality of wealth and income; on estimates of national income and debt ratios; and – most importantly – to have very significant negative impacts on the domestic tax bases of 'source' countries," Henry says. John Christensen of the Tax Justice Network [commented] "Inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people. This new data shows the exact opposite has happened: for three decades extraordinary wealth has been cascading into the offshore accounts of a tiny number of super-rich." In total, 10 million individuals around the world hold assets offshore, according to Henry's analysis; but almost half of the minimum estimate of $21tn – $9.8tn – is owned by just 92,000 people.

Note: Henry's report, entitled The Price of Offshore Revisited, is available here. For more on this, click here.


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.


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