I have been promising for a few weeks to go into detail about how nutty Bernie’s tax proposals are, specifically when it comes to paying for medicare-for-all. Well, I finally saw the annoying and unofficial chart below one too many times, and I finally had my fill of watching liberals defend Bernie’s awful anti-liberal proposal….
Tag: income
Banks Are Doing Better Than Ever. The Middle Class, Not So Much.
The nation’s banks are reporting record profits, according to new numbers out Wednesday from the Federal Deposit Insurance Corporation (FDIC). Most of the rest of us aren’t faring quite so well. Bank profits topped $40.3 billion in the first three months of the year, according to the FDIC, attesting to a strong recovery… in the…
If Corporations Don’t Pay Taxes, Why Should You?
Go offshore young man and avoid paying taxes. Plunder at will in those foreign lands, and if you get in trouble, Uncle Sam will come rushing to your assistance, diplomatically, financially and militarily, even if you have managed to avoid paying for those government services. Just pretend you’re a multinational corporation. That’s the honest instruction…
Making Our Middle Class Stronger
The American middle class is in trouble. Incomes are stagnant or falling, while the costs of life’s necessities continue to rise, and the risks of falling behind grow. The weakness of our middle class is a problem not just for those who are struggling but also for all Americans because a strong middle class is…
Economic Snapshot for May 2012
Families’ economic security is slowly improving: The labor market is adding jobs and household wealth is gradually increasing. But families continue to struggle given the depth of the past recession and the slow pace of improvements during the economic recovery. Policymakers acted decisively in the past with extended unemployment insurance benefits, payroll tax cuts, and…
Health Care Increasingly Out Of Reach For Millions Of Americans
Having trouble finding a doctor? You’re not alone.Tens of millions of adults under 65 — both those with insurance and those without — saw their access to health care dramatically worsen over the past decade, according to a study released Monday. The findings suggest more privately insured Americans are delaying treatment due to rising out-of-pocket…
The Richest 1 Percent Get More, Pay Less
The effective federal tax rate of the richest 1 percent of Americans has plummeted even while their incomes have skyrocketed, as the chart below shows. Households in the top 1 percent more than doubled their incomes from an average of more than $800,000 in 1993 to nearly $1.9 million in 2007. During that same period,…
The Numbers: CBO on income inequality
Several years ago, Senators Max Baucus and Charles Grassley asked the Congressional Budget Office to whip up an analysis of income inequality in America. It took awhile to piece together, but the report’s now out, and the picture’s quite stark. The incomes of the wealthiest 1 percent have nearly tripled since 1979. Everyone else? Not…
The 53% Myth: Working Poor Pay More Of Their Income In State And Local Taxes Than The Rich In 49 States
But the founding principles of the tumblr and the “53 percent” meme itself is flawed. It is true that 47 percent of Americans did not pay net federal income taxes in 2009 — the number is unusually high because of the depression in incomes following the recession — but it is completely false that only…
It’s the Inequality, Stupid | Mother Jones
A huge share of the nation’s economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244. via It’s the Inequality, Stupid | Mother Jones.
Making It In The U.S.: More Than Just Hard Work
Study after study shows that white families are more likely than blacks and Hispanics to enjoy certain economic advantages — even when their incomes are similar. Often it’s the subtle things: help from Mom and Dad with a down payment on a home or college tuition, or a tax break on money passed from one…
The Great Recession in five charts
How brutal has the recession been to U.S. households? Americans are earning even less than they did 13 years ago. That’s according to new Census data released Tuesday, which found that real median income fell to $49,445 in 2010, the lowest number since 1997, and the largest decline in income in a single…