The uproar over the future Social Security benefit cutbacks in the new White House budget proposal has overshadowed a little-known retirement tax break that, unlike Social Security, really does need trimming. The stakes with the Roth IRA? They run over $1 trillion.
Today’s conventional wisdom in Congress on taxing America’s wealthy — that tax rates on income at our economic summit have gone as high as they can sensibly go — has no real evidence to support it, details a new Economic Policy Institute and Century Foundation study.
Britain’s top unions will soon be flexing their shareholder muscles — and insisting that the corporations where their pension funds have investments start taking significant steps to narrow the pay divide between executives and workers. And the unions have a specific pay ratio in mind.
All across Corporate America, top executives have been feathering their own nests at the expense of their employees. The French have a better idea. And so did the famed business analyst Peter Drucker, the Austrian-born American who founded modern management science.
Egalitarian-minded academics have just subjected a central political question of our time to some rigorous research scrutiny. These researchers have found that more information about our economic divide can change how people feel about inequality, but not necessarily what they do.
The current European revolt against CEO greed, if successful, might leave Corporate Europe looking just like Corporate America — in the 1950s. Back in those years, top U.S. execs faced a heavy tax load on both their corporate and individual earnings. Top executives today face no such burden.
If current trends continue, an individual trillion-dollar fortune in the United States will be surfacing within not much more than a generation. How can we be sure? Just look at the arithmetic – and tax laws on investment income and inheritances that continue to privilege the super rich.
What more vivid symbol of the indignity our contemporary corporate-driven inequality imposes than the Carnival Triumph. Thousands of people adrift, going nowhere in a nightmare of sewage and stench, while a billionaire chief executive sits far away in a courtside seat and cheers.
Rising inequality, newly released data from the U.S. Census Bureau make plain, has left America’s metropolitan areas considerably less mixed by income. Today’s affluent appear much less likely to live in multi-income neighborhoods than they did a generation ago.
From hiking trails in Oregon to boardrooms in Berlin, critics of our unequal corporate order are calling for limits that link executive to worker pay. So far this winter striking pitches for income caps have come from a new environmental manifesto and Germany’s top corporate watchdog.