Johnston - $ $ Richest Are Leaving the Even the Rich Far...

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$$$$$$$$$$$$$$$$$$$$$$ $$$$$$ “Richest Are Leaving the Even the Rich Far Behind” by David Cay Johnston And “The Severe Crisis of Jobs in the US and California” by Sylvia Allegretto
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Concentration of wealth has grown among the “hyper-rich” In 2002, average income of the top 0.1 percent was $3 million with earnings floor of at least $1.6 million Income of the top 0.01 percent was at least $5.5 million
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Rate of income growth among the super-rich has accelerated From 1950-70, for every additional dollar earned by bottom 90%, top 0.1 percent earned an additional $162. From 1990 to 2002, top 0.1 percent earned an extra $18,000 for every additional Interior view of private mega-jet
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Concentration of wealth facilitated by tax policies since 1980s Most of the Bush tax cuts (53%) went to those in the top 10 percent 15% of these tax cuts will go to the top 0.1 percent
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Share of income spent in taxes weighs most heavily on middle to upper middle classes The top 400 taxpayers (minimum income $87 million) pay essentially the same percentage  of income in taxes as people making $50 to $75k Those earning $10 million a year pay a lesser share of their income in taxes than those making $100,000 to 200,000 The only share of taxpayers whose share of taxes declined in 2001 were those in the top 0.1 percent Very wealthy find ways to shelter much income from taxes Real gap is probably larger
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This note was uploaded on 02/14/2011 for the course SOCIOL 3ac taught by Professor Kelsey during the Spring '11 term at University of California, Berkeley.

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Johnston - $ $ Richest Are Leaving the Even the Rich Far...

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