The George W. Bush years gave America’s rich new and unprecedented preferential treatment at tax time. The fiscal cliff deal enacted in the early moments of 2013 leaves that preferential treatment in place. The tax law now blesses a permanent discount for corporate dividend income.
American companies have no monopoly on avoiding taxes. British companies are also paying less in tax while reporting record profits. And American companies operating in Britain — like Amazon, Google, and Starbucks — happen to be some of the UK’s biggest tax-avoiders of all.
The Institute for Policy Studies weekly on excess and inequality has released its fifth annual list of America’s most avaricious. Their stories remind us just how much needs to change, economically and politically, for the United States to become a more equal society in the year that beckons ahead.
Friends of America’s financially favored have argued loud and long that higher taxes on the nation’s rich punish small business and generate no new revenue. What does the research tell us? Academic analysts have just brought a cart of “facts on the ground” to Capitol Hill.
Almost every single U.S. state has seen a significant growth in income inequality since the late 1970s, documents a new study from two leading Washington, D.C. think tanks. But states, the study stresses, can take equalizing action even if the federal government doesn’t.
Some 40,000 people a day are dying from poverty, the London advocacy group Share the World’s Resources details in a comprehensive new report, and austerity regimes are only compounding the world’s suffering. What’s needed? A “wholesale reform of the world economy.”
We’ve lost our manufacturing economy in the United States. Now we’re losing our service economy. We’re rapidly becoming, some observers fear, a “servant economy.” Today’s youth are facing an economy where serving rich people seems to offer the best future with real opportunity.
Far too many Americans still see poverty and poor people through a racial prism that distorts demographic realities — and undermines efforts to narrow income inequality. But recently released annual data from the Census Bureau can help point the way to a better understanding of deprivation in America today.
A new study out of the Cleveland Federal Reserve Bank details the declining share of U.S. national income that comes from the labor we do and the rising share of U.S. national income that comes from the wealth we own. The big problem with that: Only a few of us own that wealth.
A new report from a UN group details how low inequality promotes economic growth — and blasts away at a status quo where the most profitable firms end up to be those that most ruthlessly drive down wages. The only winners in this status quo: the owners of the most miserly firms.