8:32 PM, Dec 18, 2014 • By GEOFFREY NORMAN
Neil Shah of the Wall Street Journal writes:
The typical affluent family in America now has nearly seven times the wealth of a middle-income family, the biggest wealth gap in three decades, according to a new analysis by Pew Research Center. Last year, the median wealth of upper-income families in the U.S. ($639,400) was 6.6 times bigger than that of middle-income families ($96,500), up from 6.2 times in 2010.
Upper-income families now have a median wealth level that is nearly 70 times that of lower-income families.
In a totally unrelated development, the nations richest zip-codes and counties are clustered around Washington, D.C.
8:02 AM, Jan 17, 2014 • By DANIEL HALPER
In a speech about Obamacare on the floor of the Senate, Ted Cruz made the argument that the president's signature legislation, Obamacare, is causing income inequality in America to worsen:
Here's the relevant part of the transcript:
8:52 AM, Jan 11, 2014 • By DANIEL HALPER
New York City mayor Bill de Blasio spent nearly half a million dollars on his inauguration on January 1. $35,250 of that was for a Teleprompter.
Via Capital New York:
9:03 AM, Aug 23, 2013 • By JEFFREY H. ANDERSON
President Obama likes to talk about income inequality, but what matters far more is the actual income of the typical American. And how has the typical American household income fared on Obama's watch? Well, the economic "recovery" has now spanned an Olympiad, and during that time the typical American household income has not only dropped—it has dropped more than twice as much as it did during the recession.
12:57 PM, Mar 14, 2013 • By DANIEL HALPER
Louisiana governor Bobby Jindal introduced his plan to eliminate income taxes, his office announced.
8:02 AM, Sep 27, 2012 • By JEFFREY H. ANDERSON
Americans must be wondering how much more of this “recovery” they can afford. New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.
11:00 AM, Jun 1, 2012 • By JAY COST
The May jobs report came out today and showed an economy barely adding any jobs: Just 69,000 were added last month, and the unemployment rate increased. This follows news yesterday that GDP was revised downward for the first quarter, and a report today that real incomes remain essentially unchanged.
12:16 PM, Apr 16, 2012 • By DANIEL HALPER
Democratic National Committee chief Debbie Wasserman Schultz has been called on to release her personal income tax returns. The request was made by her congressional opponent, Republican Karen Harrington of Florida.
9:24 AM, Nov 23, 2011 • By JEFFREY H. ANDERSON
The Washington Post’s Greg Sargent claims to debunk the conservative argument against raising taxes on wealthier Americans, by drawing attention to “how much the share of their own income they are paying in taxes” and observing how much that share “has shrunk” (italics in original). But the facts don’t back him up.
We have a spending problem and a growth problem — in that order.10:03 AM, May 23, 2011 • By JEFFREY H. ANDERSON
On Meet the Press, Rep. Chris Van Hollen, the ranking Democrat on the House Budget Committee, said that “political courage on the Republican side means taking on the revenue piece” of the deficit equation. In other words, it requires Republicans to support raising taxes. Time’s Mike Murphy and NBC’s Andrea Mitchell agreed. But these assertions belie the facts.
The U.S. tax code is unsustainable.12:00 AM, Jan 15, 2010 • By J.T. YOUNG
Last year’s unsurprisingly dismal budget numbers contain a surprising revenue story. While overall federal revenue fell precipitously, payroll tax revenue barely dipped at all. This divergent tale of two taxes has one conclusion but many implications. America’s tax system, decidedly tilted toward upper income earners, is precariously balanced. It is not only volatile in economic downturns – it is unsustainable long term.
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