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Income Inequality News Stories
Excerpts of Key Income Inequality News Stories in Major Media


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

Note: This comprehensive list of income inequality news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.


Covid-19 has cost global workers $3.7tn in lost earnings, says ILO
2021-01-25, The Guardian (One of the UK's leading newspapers)
Posted: 2021-08-08 17:52:27
https://www.theguardian.com/business/2021/jan/25/covid-19-workers-lost-earnin...

The economic blow from Covid-19 has cost workers around the world $3.7tn (Ł2.7tn) in lost earnings, after the pandemic wiped out four times the number of working hours lost in the 2008 financial crisis. The International Labour Organization (ILO) said women and younger workers had borne the brunt of job losses and reductions in hours, and warned that people in sectors hardest hit by the crisis – such as hospitality and retail – risked being left behind when the economy recovered. Sounding the alarm that entrenched levels of inequality risked becoming a defining feature of the economic rebound from Covid-19, the Geneva-based agency said that governments around the world needed to take urgent action to support those at the heart of the storm. In its annual analysis of the global jobs market, it said 8.8% of working hours were lost in 2020 relative to the end of 2019, equivalent to 255m full-time jobs. This is approximately four times bigger than the toll on workers as a consequence of the 2008-2009 financial crisis. These "massive losses" resulted in an 8.3% decline in global labour income, before government support measures are included, according to the ILO, equivalent to $3.7tn in earnings – about 4.4% of global GDP. Women have been more affected than men by the disruption to the jobs market, with female workers more likely to drop out of work altogether. Younger workers have also been particularly hard hit, either losing jobs, dropping out of the labour force or delaying the search for a first job.

Note: In the meantime, MSN reports that billionaires made $3.9 trillion during the pandemic. Is this the kind of wealth transfer that supports humanity? For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.


Pandemic-driven hunger is making the world more unequal
2021-07-12, Washington Post
Posted: 2021-07-26 15:58:49
https://www.washingtonpost.com/world/2021/07/12/coronavirus-peru-hunger-inequ...

Worsening inequality, as poorer people and nations lose years of gains in the battle against hunger and poverty, is likely to be one of the lasting legacies of the pandemic. New data released by the United Nations ... illustrates the unequal impact as measured by access to a basic human necessity: Food. Global hunger shot up by an estimated 118 million people worldwide in 2020, according to the U.N. Food and Agriculture Organization, jumping to 768 million people – the most going at least as far back as 2006. The number of people living with food insecurity – or those forced to compromise on food quantity or quality – surged by 318 million, to 2.38 billion. In North America and Europe, formal employment, social safety nets and the widespread availability of remote work cushioned the blow. In those parts of the world, the percentage of people living with food insecurity edged up from 7.7 percent to 8.8 percent. But the developing world, home to billions of informal workers and gaps in government assistance, fared far worse. Latin America and the Caribbean saw the biggest one-year spike in food insecurity: a jump of nine percentage points, to 40.9 percent. "Governments need to open their eyes and adjust their thinking in a crisis, and in some cases, like Peru, they just didn't," said Torero of the U.N. Food and Agriculture Organization. "They had the money available to deal with the problem. But they imposed restrictions on movement blindly and did not find a way to help the people who needed it."

Note: The tragic increase of hunger and starvation worldwide is not a result of the pandemic, but rather of the lockdown in response to the pandemic. Why is that not even mentioned in this article? Many millions have died of starvation and suicide as a result of the lockdowns, yet so few care or are even aware of this. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.


Fat Cats on a Hot Tin Roof
2021-06-12, New York Times
Posted: 2021-07-26 15:54:33
https://www.nytimes.com/2021/06/12/opinion/billionaires-taxes.html

ProPublica cracked open the vault on America's biggest tax grifters, revealing how the Midas men dip, dodge and duck, paying pennies on the dollar, if that, while we suckers have to pony up. How rich. "In 2007, Jeff Bezos, then a multibillionaire and now the world's richest man, did not pay a penny in federal income taxes," ProPublica reported. "He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes. "Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row." "Taken together," ProPublica concluded, "it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The I.R.S. records show that the wealthiest can – perfectly legally – pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year." ProPublica shed light on the fact that "the superrich earn virtually all their wealth from the constantly rising value of their assets, particularly in the stock market, and that the sales of those assets are taxed at a lower rate than ordinary income from a paycheck." And while the value of those assets grows by the billion, untaxed, these rich folks can borrow against them.

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


Moguls, Deals And Patagonia Vests: A Look Inside 'Summer Camp For Billionaires'
2021-07-05, NPR
Posted: 2021-07-26 15:50:58
https://www.npr.org/2021/07/05/1012587989/moguls-deals-and-patagonia-vests-a-...

Welcome to what's known as "summer camp for billionaires." This week, the top executives at the biggest and most influential companies in tech and media, including Apple's Tim Cook and Facebook's Mark Zuckerberg, will get together at the Sun Valley Resort. These top moguls are traveling again to Sun Valley for an annual weeklong gathering organized by a boutique investment firm called Allen & Company that is known as intensely private. This week, the aggregate wealth of the men and women staying at the Sun Valley Resort is likely to reach more than $1 trillion. "It really is elitism on full display," says media analyst Colin Gillis. "But actually, it's a very private event; so, I shouldn't say 'on full display.'" Prominent politicians – including heads of state – give talks and take questions. Mike Pompeo attended when he was the head of the C.I.A., and Mauricio Macri was a guest when he was the president of Argentina. Then, at night, there are cocktail parties and lavish dinners. Among Allen & Co.'s deal makers are prominent former members of Congress, including Rep. Will Hurd and Sen. Bill Bradley, and George Tenet, the former director of the C.I.A.. The gathering is geared towards ... building relationships that may one day pay off. Bezos reportedly decided to buy "The Washington Post" when he was in Sun Valley. "They've organized the biggest matchmaking service for media companies," says Steven Davidoff Solomon, the head of the Berkeley Center for Law and Business.

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


US billionaires don't pay tax, and our politicians don't seem bothered
2021-06-24, The Guardian (One of the UK's leading newspapers)
Posted: 2021-07-19 15:14:33
https://www.theguardian.com/commentisfree/2021/jun/24/us-billionaires-tax-ret...

This month, ProPublica revealed that American billionaires essentially do not pay taxes, and within hours the White House had awkwardly promised no fewer than four federal investigations into the identity of the individual who had alerted the news organization to this fact. By Thursday, a North Carolina congressman was demanding the FBI director explain why he hadn't made any arrests or at the very least, "executed any search warrants or raided any offices" in the international manhunt for the leaker. ProPublica carefully chose the six billionaires whose tax returns it chose to single out for specific scrutiny. But ProPublica seems to have deliberately underthrown. After breathlessly informing readers they possessed a "trove" of 15 years' worth of tax returns on literally "thousands" of the world's richest people, the story's three authors proceeded to weave a few juicy and non-contextualized facts into a narrative that felt like a protracted sidebar to the "real" story. We learned that the 25 richest billionaires in America added $401bn to their net worths between 2014 and 2018 and paid about 3% of that amount in taxes, but we didn't learn much about any specific billionaire's tax avoidance strategies. Fifteen years of tax return information on thousands of American plutocrats is, to be sure, one of the biggest stories of the decade. It's just not clear ProPublica has that much appetite for sticking with the story.

Note: In the US, former tax lobbyists often write the rules on tax dodging. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality from reliable major media sources.


Millions become millionaires during Covid pandemic
2021-06-23, BBC News
Posted: 2021-07-19 15:12:23
https://www.bbc.com/news/business-57575077

More than five million people became millionaires across the world in 2020 despite economic damage from the Covid-19 pandemic. While many poor people became poorer, the number of millionaires increased by 5.2 million to 56.1 million globally, Credit Suisse research found. In 2020, more than 1% of adults worldwide were millionaires for the first time. Wealth creation appeared to be "completely detached" from the economic woes of the pandemic. The number of ultra-high net worth individuals, usually defined as those having investable assets of more than $30m, grew by 24% worldwide in 2020, the fastest rate of increase since 2003. Credit Suisse said its total of the number of millionaires might be higher than other organizations' estimates because it included both investable and non-investable assets, such as owner-occupied homes. [Economist] Anthony Shorrocks ... said the pandemic had an "acute short-term impact on global markets", but added this was "largely reversed by the end of June 2020". "Global wealth not only held steady in the face of such turmoil, but in fact rapidly increased in the second half of the year," he said. However, wealth differences between adults widened in 2020, and Mr Shorrocks said if asset price increases, such as house price rises, were removed from the analysis, "then global household wealth may well have fallen". "In the lower wealth bands where financial assets are less prevalent, wealth has tended to stand still, or, in many cases, regressed," he said.

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


What happens at Sun Valley, the secret gathering of unelected billionaire kings?
2021-07-12, The Guardian (One of the UK's leading newspapers)
Posted: 2021-07-19 15:10:10
https://www.theguardian.com/commentisfree/2021/jul/12/what-happens-at-sun-val...

Did you make it to the Allen & Co conference in Sun Valley, Idaho this past week? The investment bank sponsors the annual schmooze-fest and "summer camp for billionaires" for the same reason that companies give away their luxury products in Oscars gift baskets: because if you spoil rich people enough, they may develop sufficiently warm feelings towards you to throw you some business one day. At Sun Valley each year, the billionaires are feted by the mere millionaires; the millionaires drum up enough deals to allow them to buy their third and fourth homes. The Sun Valley conference is primarily known as a place where tech and media moguls gather to do a little fly fishing and strike multibillion-dollar merger deals. More fundamentally, the conference is, like Davos, a mechanism for the concentration of wealth, dressed up as something friendlier. Here, America's wealthiest mega-billionaires gather with the chief executive of America's most powerful companies, the director of the CIA, and America's most worthless pseudo-journalists ... to develop the social and business connections that allow the top 0.00001% of earners to continue to accumulate a share of our nation's wealth that already exceeds the famously cartoonish inequality of the Gilded Age of Rockefeller and Carnegie. We are developing a private class of billionaire kings whose will is omnipotent and untouchable by any democratic force. This is the state of affairs that the Sun Valley conference serves to intensify.

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


IRS records show wealthiest Americans, including Bezos and Musk, paid little in income taxes as share of wealth, report says
2021-06-08, Washington Post
Posted: 2021-06-13 18:25:53
https://www.washingtonpost.com/business/2021/06/08/wealthy-irs-taxes/

The wealthiest Americans – including Warren Buffett, Elon Musk and Jeff Bezos – paid little in federal income taxes at times in recent years despite soaring fortunes, according to Internal Revenue Service data obtained by ProPublica. The information published Tuesday shows how billionaires are able to legally reduce their tax burden, highlighting how the American tax system can hit ordinary wage earners harder than the richest people in the country. That's often because the richest Americans tend to have their wealth tied up in stocks and real estate, allowing them to avoid taxes on unrealized profits. The U.S. tax system focuses on income, not what is known as unrealized gains from unsold stocks, real estate or other assets. The records ... purport to show Buffett, head of Berkshire Hathaway, as having paid $23.7 million in federal income taxes on total income of $125 million from 2014 to 2018, which would indicate a personal income tax rate of 19 percent. ProPublica estimated that Buffett saw his wealth soar by $24.3 billion during that period and so his "true tax rate" was 0.10 percent. Musk, chief executive of Tesla, paid $455 million on $1.52 billion in income during the same period, when his wealth grew by $13.9 billion, accounting for a "true tax rate" of 3.27 percent. Bezos, chief executive of Amazon and the owner of The Washington Post, paid $973 million in taxes on $4.22 billion in income, as his wealth soared by $99 billion, resulting in a 0.98 percent "true tax rate."

Note: Learn about important facts this article leaves out in this excellent piece. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.


Why Billionaires Like Bill Gates Can't Fix the Problems They Helped Create
2021-05-25, New York Times
Posted: 2021-05-31 23:58:07
https://www.nytimes.com/2021/05/25/opinion/bill-melinda-gates-foundation.html

For years, the Gates Foundation has been steered by an unusually small board of trustees, made up of Bill, his estranged wife, Melinda, and the billionaire investor Warren Buffett. The larger the foundation became, the less anyone seemed willing to ask tough questions about its secretive management structure or its penchant for giving money to lucrative pharmaceutical and credit card companies such as Mastercard, despite the fact that giving away billions to wealthy corporations set an unusual and troubling precedent in the philanthropic sector. Billionaires who make their fortunes through corporate practices that undercut workers and deepen inequality – like corporate tax avoidance, insufficient sick pay and the immoral gap in pay between executives and low-paid workers – are not the solution to problems they generate. Asking Bill Gates to fix inequality is like asking an arsonist to hose down your house after he just set it on fire. In April last year, the University of Oxford was reportedly considering offering a Covid-19 vaccine developed by its scientists on a nonexclusive basis. But then, Kaiser Health News reported, "Oxford – urged on by the Bill & Melinda Gates Foundation – reversed course. It signed an exclusive vaccine deal with AstraZeneca that gave the pharmaceutical giant sole rights and no guarantee of low prices." This dealmaking .. seemed to conflict with the Gates Foundation's stated mission to improve global access to medicines, but it's not surprising.

Note: Read more about the Gates Foundation's startling degree of media influence during the pandemic. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the coronavirus vaccine from reliable major media sources.


US millionaire CEOs saw 29% pay raise while workers' pay fell, report finds
2021-05-11, The Guardian (One of the UK's leading newspapers)
Posted: 2021-05-23 15:42:09
https://www.theguardian.com/business/2021/may/11/us-millionaire-ceos-saw-29-p...

The Institute for Policy Studies calculated that the average CEO compensation in 2020 was $15.3m, when looking at the 100 companies with the lowest median wage for workers in the S&P 500 index. The median worker pay was $28,187. This means that chief executives saw a 29% pay raise compared to 2019, while workers saw a 2% decrease. For all 100 companies, median worker pay was below $50,000 for 2020. The compensation hike came as companies gave their top leaders hefty bonuses and forgiving performance benchmarks during the pandemic, allowing the top executives to cash in while their low-wage employees were essential workers. Hilton's CEO, Christopher Nassetta, had a compensation package worth $55.9m in 2020, the highest of the executives analyzed in the report, while median pay at the company was $28,608, down from $43,695 in 2019. Since the pandemic affected the company's expected performance, and thus Nassetta's expected compensation, the company's board restructured its stock awards to give its CEO ample pay in 2020, according to the report. Other CEOs were met with friendly treatment from their respective corporate boards. Chipotle's board removed the company's poor financial results from the peak of the shutdown and excluded Covid-related costs when calculating CEO Brian Niccol's compensation. Niccol received $38m last year, which is 2,898 times more than the company's median worker pay of $13,127.

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


Treasury Secretary Janet Yellen says a 'shocking' $7 trillion in taxes is going uncollected
2021-03-04, Yahoo News
Posted: 2021-05-16 22:00:27
https://news.yahoo.com/treasury-secretary-janet-yellen-says-183352834.html

Treasury Secretary Janet Yellen said a "shocking" amount of taxes was going uncollected by the federal government. "The gap between what we're collecting in taxes on current tax and what we should be collecting ... amounts to over $7 trillion over a decade," Yellen said. Yellen's remarks emphasize the Biden administration's efforts to collect tax revenue from the wealthiest Americans and multinational companies to finance $4 trillion in spending programs. At the center of Biden's planned revenue raisers is a provision to increase funding for IRS enforcement. He also wants to slap investors earning above $1 million with a hike in the capital-gains tax and raise the top marginal income-tax rate to 39.6% from 37%. The IRS's official estimate is that there is a tax gap of $441 billion a year. But Charles Rettig, the agency's commissioner, recently told Congress that number could be over $1 trillion. A recent study from IRS researchers and academics found that the top 1% of Americans failed to report about one-quarter of their income to the IRS. The research found income underreporting was nearly twice as high for the top 0.1%, which could account for billions in uncollected taxes. The number of agents devoted to working on sophisticated tax-evasion enforcement dropped by 35% over the past decade. The IRS's budget fell by 20% between 2010 and 2018. There was an 80% decline from 2011 to 2018 in the audit rate for those making over $1 million a year.

Note: Some major US companies pay no taxes at all. For more along these lines, see concise summaries of deeply revealing news articles on income inequality 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)
Posted: 2021-04-25 22:09:23
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.


This is the real reason most Americans file for bankruptcy
2019-02-11, CNBC News
Posted: 2021-04-25 22:05:22
https://www.cnbc.com/2019/02/11/this-is-the-real-reason-most-americans-file-f...

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.

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


CEOs of public U.S. firms earn 320 times as much as workers. Even some CEOS say the gap is too big.
2021-04-07, NBC News
Posted: 2021-04-18 15:03:53
https://www.nbcnews.com/business/corporations/ceos-public-u-s-firms-earn-320-...

Research Medical's owner, HCA Healthcare Inc., is a profitable, publicly traded network of 185 hospitals. Even in the year of Covid-19, 2020, the company generated $51.5 billion in revenue and increased its pretax earnings by 3.6 percent. That performance helped boost the total compensation HCA's chief executive, Samuel N. Hazen, received last year to $30.4 million, a 13 percent rise from 2019. The total worth of his compensation package equaled 556 times the compensation received by the median employee at HCA – $54,651. The figures highlight the growing CEO pay gap, a problem among many public companies according to some investors and workers and even a few CEOs. In 2019, for example, the average pay ratio among 350 large American companies was 320-to-1, according to research by the Economic Policy Institute. In 1989, the average was 61-to-1. Because [Jamelle] Brown, [an] emergency department worker, makes even less than the median, Hazen got roughly 1,000 times Brown's pay. Brown says he lives with his sister because he doesn't earn enough from his job at Research Medical to pay for his own apartment. HCA isn't alone in paying its chief executive vastly more than what rank-and-file workers earn. Acuity Brands, an industrial technology company, paid its CEO, Neil M. Ashe, $21 million last year, or 2,316 times the median employee's pay. Starbucks ... paid its CEO, Kevin Johnson, $14.7 million last year. That was 1,211 times the pay of its median employee.

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


Billionaires club grew by nearly a third, to 2,755, during pandemic
2021-04-06, MSN News
Posted: 2021-04-18 15:02:27
https://www.msn.com/en-us/money/news/billionaires-club-grew-by-nearly-a-third...

The number of newly minted and reissued billionaires soared last year, Forbes reported Tuesday in its annual ranking, a staggering accumulation of personal wealth that stands in sharp contrast with the widespread economic struggles unleashed by the coronavirus pandemic. The number of billionaires on Forbes' 35th annual ranking swelled by 660 to 2,755 – a roughly 30 percent jump from a year ago – and 493 of them are first-timers. Seven of eight are richer than they were before the pandemic. Forbes calculates net worth by using stock prices and exchange rates from March 5. Amazon founder Jeff Bezos, with an estimated fortune of $177 billion, topped the list. Tesla chief executive Elon Musk came in at No. 2 at $151 billion. As a class, billionaires added about $8 trillion to their total net worth from last year, totaling $13.1 trillion. The United States had the most billionaires, at 724, extending a rapid rise in wealth that hasn't happened since the Rockefellers and the Carnegies roughly a century ago. China ... had the second highest number of billionaires: 698. Gabriel Zucman, an economist ... said in an email that the explosive acceleration of wealth among the richest of the rich has only accelerated during the pandemic. "In the United States, the top 400 wealthiest Americans now own the equivalent 18% of GDP in wealth, twice as much as in 2010 (9% of GDP). The pandemic has reinforced this trend, with a boom in top-end wealth despite the decline in economic activity," he wrote.

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.


At least 55 of America's biggest companies paid no federal taxes on billions in profits, study finds
2021-04-02, Chicago Tribune
Posted: 2021-04-12 13:28:27
https://www.chicagotribune.com/business/ct-aud-nw-nyt-companies-no-federal-ta...

Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America's largest firms paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill – sometimes to zero – thanks to a range of legal deductions and exemptions that have become staples of the tax code. Salesforce, Archer-Daniels-Midland and Consolidated Edison were among those named in the report, which was done by the Institute on Taxation and Economic Policy. Twenty-six of the companies listed, including FedEx, Duke Energy and Nike, were able to avoid paying any federal income tax for the last three years even though they reported a combined income of $77 billion. Many also received millions of dollars in tax rebates. Publicly traded corporations are required to file financial reports. The institute used that data along with other information supplied by each company. The $2.2 trillion coronavirus relief act ... contained a provision that temporarily allowed businesses to use losses in 2020 to offset profits earned in previous years. Tax avoidance strategies include a mix of old standards and new innovations. Companies, for example, saved billions by allowing top executives to buy discounted stock options in the future and then deducting their value as a loss.

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


Deaths Among America's Homeless Are Soaring in the Pandemic.
2021-04-03, Time Magazine
Posted: 2021-04-12 13:25:14
https://time.com/5950759/homeless-deaths-rise-covid-19-west-virginia/

When West Virginia declared a state of emergency to arrest the coronavirus, the social network that aids the homeless froze along with everything else. Ordered to shelter in place, people without shelter died at an alarming rate. In a bad year here ... two to four of the unhoused die. Over the past year, they have tallied 22 deaths, a sevenfold increase. Only two of the deaths are suspected to be from COVID-19. But all occurred during the collapse of the safety net that in normal times addresses the complex mix of ­afflictions–trauma, medical conditions, addiction–that accompany homelessness, and worsened during the profound isolation of the pandemic. What happened in [West Virginia] is happening across the country. Even before the pandemic lockdowns that fell hardest on low-income Americans –– and stand to push more people out of their homes –– the Department of Housing and Urban Development reported U.S. homelessness at 580,466 people, up 7% from a year earlier. Deaths are rising even faster. In San Francisco, the department of public health says deaths tripled over the past year in an unhoused population of 8,035. In Los Angeles, home to a vast homeless population tallied at 41,290, deaths increased by 32%. Homeless deaths in Washington, D.C., soared by 54%. In New York City, the Coalition for the Homeless reported a death rate up 75%. And over the past year, they died ... at a rate many times higher than the rate of deaths from the virus.

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.


Bill Gates is the biggest private owner of farmland in the United States. Why?
2021-04-05, The Guardian (One of the UK's leading newspapers)
Posted: 2021-04-12 13:21:06
https://www.theguardian.com/commentisfree/2021/apr/05/bill-gates-climate-cris...

Bill Gates has never been a farmer. So why did the Land Report dub him "Farmer Bill" this year? Gates' achievement, according to the report, is that he's largest private owner of farmland in the US. A 2018 purchase of 14,500 acres of prime eastern Washington farmland – which is traditional Yakama territory – for $171m helped him get that title. In total, Gates owns approximately 242,000 acres of farmland with assets totaling more than $690m. To put that into perspective, that's nearly the size of Hong Kong and twice the acreage of the Lower Brule Sioux Tribe, where I'm an enrolled member. A white man owns more farmland than my entire Native nation! The relationship to land – who owns it, who works it and who cares for it – reflects obscene levels of inequality and legacies of colonialism and white supremacy in the United States, and also the world. Wealth accumulation always goes hand-in-hand with exploitation and dispossession. Our era is dominated by the ultra-rich ... and a burgeoning green capitalism. And Bill Gates' new book How to Avoid a Climate Disaster positions himself as a thought leader in how to stop putting greenhouse gases into the atmosphere and how to fund what he has called elsewhere a "global green revolution" to help poor farmers mitigate climate change. What expertise in climate science or agriculture Gates possesses beyond being filthy rich is anyone's guess. Investment firms are making the argument farmlands will meet "carbon-neutral" targets for sustainable investment portfolios.

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


Billionaire wealth soars as 255 million of world's jobs lost in pandemic
2021-01-25, CBS News
Posted: 2021-02-08 23:56:50
https://www.cbsnews.com/news/oxfam-billionaire-wealth-poverty/

The pandemic has worsened income inequality, with the world's richest people regaining their losses from COVID-19 shutdowns in nine months while the number of people living in poverty has doubled to more than 500 million, according to a new report from the anti-poverty group Oxfam. Almost 9% of total working hours were lost last year when compared with the levels of employment at the end of 2019, before the pandemic shuttered the economy, according to a separate report from the International Labour Organization (ILO), a United Nations agency. That's the equivalent of 255 million full-time jobs lost across the globe, or about four times greater than the impact from the Great Recession of 2009. The world's poorest could take a decade to regain their financial footing. Oxfam describes the pandemic's impact as "the greatest rise in inequality since records began." The International Labour Organization said the crisis has been the most severe on work since the Great Depression in the 1930s. "Its impact is far greater than that of the global financial crisis of 2009," said ILO Director-General Guy Ryder. America's richest people have seen their wealth soar during the pandemic by more than $1 trillion, thanks to a booming stock market and a K-shaped recovery that has benefited the rich, while poorer people have struggled with lost wages and jobs and future opportunities. It's a rich vs. poor phenomenon that is replicating across the globe.

Note: The media continue to blame the pandemic for these dire consequences when it is clearly not the virus, but the lockdown policies that are the main reason for this huge increase in poverty and income inequality. 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 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)
Posted: 2021-02-08 23:55:02
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.


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