Income Inequality Media Articles

Excerpts of Key Income Inequality Media Articles in Major Media

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As millions of Americans woke up to $1,200 checks in their bank accounts, some of the nation's richest taxpayers learned they were about to receive a bit of relief as well – about $1.7m each, to be exact. Nearly 43,000 millionaires across the country would soon profit off a loophole adapted from the Republican tax code overhaul of 2017, which allows certain business owners to significantly reduce their tax liability by temporarily suspending the limit of deductions they can place against non-business income. The loophole was included as a provision in the sweeping $2.2tn Coronavirus Aid, Relief and Economic Security (CARES) Act, according to a report published by the Joint Commission on Taxation. Democrats who ordered the report have since accused Republicans of having "wrongly seized on this health emergency to reward ultrarich beneficiaries", and called for the tax break to be immediately repealed. The Joint Commission on Taxation said that a staggering "82 per cent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1m annually". Those 43,000 taxpayers eligible for the loophole would receive an average windfall of nearly $1.7m. Rep. Lloyd Doggett (D-TX) ... slammed his Republican colleagues over the tax break in a statement alleging the loophole was "so generous that its total cost is more than total new funding for all hospitals in America and more than the total provided to all state and local governments".

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Amid a humanitarian crisis compounded by mass layoffs and collapsing economic activity, the last course our legislators should be following is the one they appear to be on right now: bailing out shareholders and executives who, while enriching themselves, spent the past decade pushing business corporations to the edge of insolvency. The $500bn dollars of public money that Congress’s relief bill provides will be used for a corporate bailout, with the only oversight in the hands of an independent council similar to the one used in the 2008 financial crisis. While that body was able to report misuses of taxpayer money, it could do nothing to stop them. As currently structured, there is nothing to keep this bailout from, like its predecessor, putting cash directly into the hands of those at the top rather than into the hands of workers. Without strong regulation and accountability, asking corporations to preserve jobs with these funds will be nothing more than a simple suggestion, leaving millions of everyday Americans in financial peril. If not properly managed, this economic disaster has the potential to be the worst in American history. Our country cannot allow a small number of executives and shareholders to profit from taxpayer funds that we have injected into these corporations for reasons of pure emergency. We need to stop this rot at the core of our economic system and realign the priorities of government with those of workers and consumers.

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The fallout from the coronavirus spread that has killed more than 83,000 people and wreaked havoc on economies around the world could push around half a billion people into poverty, Oxfam said on Thursday. The report released by the Nairobi-based charity ahead of next week's International Monetary Fund (IMF)/World Bank annual meeting calculated the impact of the crisis on global poverty due to shrinking household incomes or consumption. "The economic crisis that is rapidly unfolding is deeper than the 2008 global financial crisis," the report found. "The estimates show that, regardless of the scenario, global poverty could increase for the first time since 1990," it said, adding that this could throw some countries back to poverty levels last seen some three decades ago. Under the most serious scenario - a 20% contraction in income - the number of people living in extreme poverty would rise by 434 million people to nearly 1.2 billion worldwide. Women are at more risk than men, as they are more likely to work in the informal economy with little or no employment rights. "Living day to day, the poorest people do not have the ability to take time off work, or to stockpile provisions," the report warned, adding that more than 2 billion informal sector workers worldwide had no access to sick pay. To help mitigate the impact, Oxfam proposed a six point action plan that would deliver cash grants and bailouts to people and businesses in need, and also called for debt cancellation, more IMF support, and increased aid.

Note: The New York Times strangely removed this article. Yet it is also available on the Reuters website. For more along these lines, see concise summaries of deeply revealing news articles on income inequality and the coronavirus pandemic from reliable major media sources.

India declared a 21-day lockdown with four hours notice on the midnight of 24 March to prevent the spread of coronavirus. All over India, millions of migrant workers are fleeing its shuttered cities and trekking home to their villages. These informal workers are the backbone of the big city economy. Escaping poverty in their villages, most of the estimated 100 million of them live in squalid housing in congested urban ghettos. Last week's lockdown turned them into refugees overnight. Their workplaces were shut, and most employees and contractors who paid them vanished. Sprawled together, men, women and children began their journeys at all hours of the day last week. When the children were too tired to walk, their parents carried them on their shoulders. Clearly, a lockdown to stave off a pandemic is turning into a humanitarian crisis. In the end, India is facing daunting and predictable challenges in enforcing the lockdown and also making sure the poor and homeless are not fatally hurt. India has already announced a $22bn relief package for those affected by the lockdown. The next few days will determine whether the states are able to transport the workers home or keep them in the cities and provide them with food and money. "People are forgetting the big stakes amid the drama of the consequences of the lockdown: the risk of millions of people dying," says Nitin Pai of Takshashila Institution, a prominent think tank. "There too, likely the worst affected will be the poor."

Note: In how many countries besides India is this scenario playing out? For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus pandemic from reliable major media sources.

Politicians, celebrities, social media influencers and even N.B.A. teams have been tested for the new coronavirus. But as that list of rich, famous and powerful people grows by the day, so do questions about whether they are getting access to testing that is denied to other Americans. With testing still in short supply in areas of the country, leaving health care workers and many sick people unable to get diagnoses, some prominent personalities have obtained tests without exhibiting symptoms or having known contact with someone who has the virus. In areas of the country where the virus has been slow to appear, people have been able to obtain tests easily. But in New York, California, Washington State and Massachusetts, where the virus has spread rapidly and demand for tests is most high, it is very difficult. The New York City Health Department has directed doctors only to order tests for patients in need of hospitalization. People with mild symptoms are being told to quarantine themselves at home. Even health care workers, at high risk of contracting the virus and transmitting it, have struggled to get tested. Police chiefs across the country are growing concerned that they cannot get their hands on tests. “What’s frustrating is to continue to hear that there aren’t testing kits available, and my rank and file have to continue to answer calls for service while professional athletes and movie stars are getting tested without even showing any symptoms,” said Eddie Garcia, the police chief of San Jose, Calif..

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A bookkeeping change at the Education Department will kick hundreds of rural school districts out of a federal program that for nearly two decades has funneled funding to some of the most geographically isolated and cash-strapped schools in the United States. More than 800 schools stand to lose thousands of dollars from the Rural and Low-Income School Program because the department has abruptly changed how districts are to report how many of their students live in poverty. The change ... comes after the Education Department said a review of the program revealed that districts had “erroneously” received funding because they had not met eligibility requirements outlined in the federal education law since 2002. The department said it was simply following the law, which requires that in order to get funding, districts must use data from the Census Bureau’s Small Area Income and Poverty Estimates to determine whether 20 percent of their area’s school-age children live below the poverty line. For about 17 years though, the department has allowed schools to use the percentage of students who qualify for federally subsidized free and reduced-price meals, a common proxy for school poverty rates. In its latest report, “Why Rural Matters,” the Rural School and Community Trust found that ... nearly one in six students living in rural areas lives below the poverty line, one in seven qualifies for special education services, and one in nine has changed residence in the previous 12 months.

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The percentage of national income that is absorbed by health care has grown over the past half-century, from 5% in 1960 to 18% in 2017, reducing what is available for anything else from 95% in 1960 to 82% today. The costs of health care contribute to the long-term stagnation in wages; to fewer good jobs, especially for less educated workers; and to rising income inequality. American health care is the most expensive in the world, and yet American health is among the worst among rich countries. The U.S. has lower life expectancy than the other wealthy countries but vastly higher expenditures per person. In 2017, the Swiss lived 5.1 years longer than Americans but spent 30% less per person; other countries achieved a similar length of life for still fewer health dollars. How is it possible that Americans pay so much and get so little? The money is certainly going somewhere. What is waste to a patient is income to a provider. The industry is not very good at promoting health, but it excels at promoting wealth among health care providers. Employer-based coverage is a huge barrier to reform. So is the way that the health care industry is protected in Washington by its lobbyists—five for every member of Congress. Our government is complicit in an extortion that is an important contributor to income inequality. Through pharma companies that get rich by addicting people, and through excessive costs that lower wages and eliminate good jobs, the industry that is supposed to improve our health is undermining it.

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For nearly 20 years, Dolores Acevedo-Garcia has been collecting data on the access—and lack thereof—that children in neighborhoods across the U.S. have to necessities like healthy food and a good education. She and her team ... manage diversitydatakids.org, a data project designed to guide the high-level policy decisions that affect childhood and equality. In January, Acevedo-Garcia and her team published the latest edition of the Child Opportunity Index, an ambitious project that takes a deep look at 47,000 neighborhoods across the 100 largest U.S. metro areas, scoring them from 1 to 100, where a higher number means more childhood opportunity based on 29 key measures. Many of the more diverse metro areas in the U.S., especially cities with large black populations, have enormous opportunity gaps; the few diverse cities with small gaps tend to have low opportunity scores overall. “It’s hard to find a place that is equitable and racially diverse,” says Acevedo-Garcia. In all 100 metro areas ... combined, white children live in neighborhoods with a median score of 73, compared with neighborhood scores of 72 for Asian children, 33 for Hispanic children and 24 for black children. Black and Hispanic kids live with less opportunity than their white and Asian peers almost without exception. Milwaukee and its surrounding area has the widest racial disparity in the U.S.. A white child there lives ... with a median opportunity score of 85. For a black child, the median neighborhood score is 6.

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The criminal justice system has given up all pretense that the crimes of the wealthy are worth taking seriously. In January 2019, white-collar prosecutions fell to their lowest level since researchers started tracking them in 1998. Since 2015, criminal penalties levied by the Justice Department have fallen from $3.6 billion to roughly $110 million. Illicit profits seized by the Securities and Exchange Commission have reportedly dropped by more than half. In 2018, a year when nearly 19,000 people were sentenced in federal court for drug crimes alone, prosecutors convicted just 37 corporate criminals. Tax evasion ... siphons up to 10,000 times more money out of the U.S. economy every year than bank robberies. In 2017, researchers estimated that fraud by America’s largest corporations cost Americans up to $360 billion annually between 1996 and 2004. That’s roughly two decades’ worth of street crime every single year. Over the last four decades, the agencies responsible for investigating elite and white-collar crime ... have seen their enforcement divisions starved into irrelevance. More than a third of the FBI investigators who patrol Wall Street were reassigned between 2001 and 2008. Even though auditing millionaires and billionaires is one of the most cost-effective government activities imaginable—an independent report estimated in 2014 that it yielded up to $4,545 in recovered revenue per hour of staff time—the IRS investigated the returns of just 3 percent of American millionaires in 2017.

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Getting audited by the IRS is increasingly less certain. An audit is about half as likely as it was five years ago. Even so, some groups face higher audit rates than others. The tax agency is auditing fewer individual taxpayers not because we’re more honest, but because the IRS is working with fewer employees. The agency’s workforce has dropped from 94,000 workers in 2010 to roughly 78,000 in the most recent fiscal year, according to IRS data. With fewer agents available to perform audits, the agency’s audit rate has been whittled to 0.45% of individual returns in fiscal 2019, the IRS said. That compares with an audit rate of 0.9% in the fiscal 2014. Two types of taxpayers are more likely to draw the attention of the IRS: the rich and the poor, according to IRS data of audits by income range. Poor taxpayers, or those earning less than $25,000 annually, have an audit rate of 0.69% — more than 50% higher than the overall audit rate. Low-income taxpayers are more likely to get audited than any other group, except Americans with incomes of more than $500,000. The least likely group to get audited? That would be upper-middle-class households with an annual income of $100,000 to $200,000. Low-income households are more likely to get audited than some wealthier taxpayers ... due to the IRS checking for fraud and errors related to the Earned Income Tax Credit. Americans with annual incomes of more than $10 million have enjoyed a 75% decline in audit rates since 2013.

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$13,000,000,000. If all those 000s are making your eyes go funny, I'll spell it out: thirteen billion. That's how much Jeff Bezos added to his net worth in one day last July after the pandemic caused Amazon's stock price to surge. Bezos's $13bn (Ł10bn) payday set a record for the largest single-day increase in individual wealth ever recorded; however, he was far from the only billionaire getting that corona cash. According to a report by Oxfam, the combined wealth of the world's 10 richest men has increased by $540bn since March 2020. How much money is half a trillion dollars? Enough to vaccinate everyone in the world and ensure no one is pushed into poverty by the pandemic, Oxfam's report, The Inequality Virus, claims. Oxfam releases a report on inequality, timed to coincide with the Davos summit, every year. If there is one upside to the pandemic, it's that some ideas formerly dismissed as "radical" are now anything but. The idea of wealth taxes (levies on assets rather than income) is ... gaining global momentum. The British government has been urged to levy a one-off wealth tax on the value of household assets above Ł1m. Wealth taxes are also being pushed by progressive politicians in Germany and the US. A system in which 10 men can see their collective wealth increase by half a trillion during a global crisis can't be fixed with a one-off wealth tax – we need greed taxes that prevent people amassing that much in the first place.

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The world's 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed. In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality. The report comes as delegates gather in Davos, Switzerland, for the annual World Economic Forum conference. Oxfam's report noted that someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world's five richest billionaires. Oxfam urged policymakers to increase taxes on the world's wealthiest by 0.5% over the next decade in a bid to reduce wealth inequality. A 0.5% increase in taxes on the wealthy would generate enough funding to create 117 million jobs in sectors like education and health, according to the researchers. Other suggestions made by Oxfam to help mitigate inequality included investing in national care systems, challenging sexism, introducing laws to protect carers' rights, and ending extreme wealth. "Extreme wealth is a sign of a failing economic system," the report said. "Governments must take steps to radically reduce the gap between the rich and the rest of society and prioritize the wellbeing of all citizens over unsustainable growth and profit." The call for a tax overhaul reinforces the charity's message ahead of last year's WEF summit, when Oxfam urged governments to hike tax rates for corporations and society's richest to reduce wealth disparity.

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The Senate will be voting this week on the Trump military budget, which calls for a massive increase in defense spending. I strongly oppose this legislation. At a time when we have massive levels of income and wealth inequality; when half of our people are living paycheck to paycheck; when more than 500,000 Americans are homeless; and when public schools throughout the country are struggling to pay their teachers a livable salary, it is time to change our national priorities. I find it ironic that when I and other progressive members of Congress propose legislation to address the many unmet needs of workers, the elderly, the children, the sick and the poor, we are invariably asked, “How will we pay for it?” Yet we rarely hear that question with regard to huge increases in military spending, tax breaks for billionaires or massive subsidies for the fossil fuel industry. When it comes to giving the Pentagon $738 billion — even more money than it requested — there is a deafening silence within Congress and the ruling elites about what our nation can and cannot afford. When I talk about changing national priorities, I’m talking about the fact that the $120 billion increase in Pentagon spending — compared with the final year of the Obama administration — could have made every public college, university, trade school and apprenticeship program in the United States tuition free, eliminated homelessness and provided universal school meals to every kid in our nation’s public schools.

Note: The above article was written by Bernie Sanders. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality from reliable major media sources.

Emmanuel Saez and Gabriel Zucman say we’re coddling “a tiny minority of ultra-rich” Americans, and they’d like to put a stop to it. “The Triumph of Injustice” demonstrates how small sets of wealthy, white, well-connected citizens command inordinate financial and political clout. This, it seems, is the season for such books. Investigative reporter Aaron Glantz’s “Homewreckers” focuses on billionaires who cash in when the middle class struggles. Anne Nelson’s “Shadow Network” is about a coterie of influential far-right operatives. Taken together, these smart, engrossing titles paint a stark picture of the power wielded by a handful of plutocrats and religious hard-liners. There’s always been economic inequality, but it’s worse today than just decades ago. According to Saez and Zucman, America’s richest 1% own 37% of the nation’s wealth (“housing, pension funds, and all financial assets”), up from 22% at the end of the 1970s. “Conversely, the wealth share of the bottom 90% of adults has declined from 40% to 27%.” Counting all forms of taxation, Saez and Zucman say that the great majority of Americans pay 25% to 30% of their income in taxes into the public coffers. By contrast, America’s 400 richest people “barely pay 20%.” This disparity is the result of many factors. These include ... access to “offshore bank accounts, exotic trusts (and) hidden shell corporations,” Saez and Zucman write. Corporations use similar tactics. Facebook, for one, “has dodged billions in corporate taxes” by establishing a presence in the Cayman Islands.

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The U.S.’s historic economic expansion has so enriched one-percenters they now hold almost as much wealth as the middle- and upper-middle classes combined. The top 1% of American households have enjoyed huge returns in the stock market in the past decade, to the point that they now control more than half of the equity in U.S. public and private companies, according to data from the Federal Reserve. The very richest had assets of about $35.4 trillion in the second quarter, or just shy of the $36.9 trillion held by the tens of millions of people who make up ... much of the middle and upper-middle classes. It may not be long before one-percenters actually surpass the middle and upper-middle classes. Household wealth in the upper-most bracket grew by $650 billion in the second quarter of 2019, while Americans in the 50th to 90th percentiles saw a $210 billion gain. By another measurement the top 1% of taxpayers had incomes starting at $515,371 in 2017, according to the latest Internal Revenue Service data. For now, those Americans in 90th to 99th percentiles - well-to-do, but not the super rich - still control the biggest share of wealth, with $42.6 trillion in assets. The lone group left out of the fun: the bottom 50% of Americans. Those households have 35.7% of liabilities in the U.S. and just 6.1% of assets.

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The political and economic power wielded by the approximately 750 wealthiest people in America has become a sudden flash point in the 2020 presidential election, as the nation’s billionaires push back with increasing ferocity against calls by liberal politicians to vastly reduce their fortunes and clout. On Thursday, Michael Bloomberg, a billionaire and former mayor of New York City, took steps to enter the presidential race, a move that would make him one of four billionaires who either plan to seek or have expressed interest in seeking the nation’s highest office in 2020. His decision came one week after Sen. Elizabeth Warren (D-Mass.) proposed vastly expanding her “wealth tax” on the nation’s biggest wealth holders and one month after Sen. Bernie Sanders (I-Vt.) said America should not have any billionaires at all. The leaders of the anti-billionaire populist surge, Warren and Sanders, have cast their plans to vastly increase taxes on the wealthy as necessary to fix several decades of widening inequality. Financial disparities between the rich and everyone else have widened over the past several decades in America, with inequality returning to levels not seen since the 1920s, as the richest 400 Americans now control more wealth than the bottom 60 percent of the wealth distribution. At least 16 billionaires have in recent months spoken out against what they regard as the danger posed by the populist Democrats, particularly over their proposals to enact a “wealth tax” on vast fortunes.

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Hitting back against presidential candidate Bernie Sanders’s assertion that billionaires should not exist – and his calls to tax their wealth at much higher rates – Facebook CEO Mark Zuckerberg, worth $70bn, took to Fox News to defend his beleaguered class. Billionaires, he argued, should not exist in a “cosmic sense,” but in reality most of them are simply “people who do really good things and kind of help a lot of other people. And you get well compensated for that.” He warned too about the dangers of ceding too much control over their wealth to the government, allegedly bound to stifle innovation and competition. Zuckerberg’s reasoning isn’t unique among the 1%. As common as this argument is, it also happens not to be true. Take the basis of Mark Zuckerberg’s fortune. The internet was developed out of a small Pentagon network intended to allow the military to exchange information during the Cold War. And of the top 88 innovations rated by R & D Magazine as the most important between 1971 and 2006, economists Fred Block and Matthew Keller have found that 77 were the beneficiaries of substantial federal research funding, particularly in early stage development. This isn’t all to say that the private sector hasn’t played a significant role in driving innovation. But the the fortunes built off of each couldn’t exist were it not for the government more often than not taking the first step, funding innovation far riskier than venture capitalists and angel investors can usually stomach.

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More than 10 years after the housing crash that devastated the economy, people are still debating just what happened. Although the economy and the housing market have made a comeback, homeownership remains low. Aaron Glantz, a prize-winning investigative journalist ... set out to explain why, in "Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream." Eight million Americans lost their homes in the bust. Where did those homes go? Those houses didn’t just disappear. Who won, when everyone else lost? The people who won - a small group of businessmen who pounced to seize thousands of homes and made billions of dollars - they’re the “homewreckers.” But even though the housing bust is over, the nation’s homeownership rate is at its lowest in 50 years, and continues to go down. It helps explain why people feel so uneasy. As long as the unemployment rate is low and people have jobs and they can afford rents, the financial market is secure. If people lose their jobs, what’s going to happen? We could be back in another housing bust. Right now there’s a real crisis of affordability. People think we don’t have enough inventory because we haven’t built enough houses. Only 10 years ago, our country was awash in real estate. We have to ask ourselves if we really have a housing shortage, or if we have rigged the market so it only benefits a few of the players.

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A new book-length study on the tax burden of the ultrarich begins with a startling finding: In 2018, for the first time in history, America’s richest billionaires paid a lower effective tax rate than the working class. “The Triumph of Injustice,” by economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley, presents a first-of-its kind analysis of Americans’ effective tax rates since the 1960s. It finds that in 2018, the average effective tax rate paid by the richest 400 families in the country was 23 percent, a full percentage point lower than the 24.2 percent rate paid by the bottom half of American households. In 1980, by contrast, the 400 richest had an effective tax rate of 47 percent. In 1960, that rate was as high as 56 percent. The effective tax rate paid by the bottom 50 percent, by contrast, has changed little over time. The tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. The legislation, championed by President Trump and then-House Speaker Paul D. Ryan (R-Wis.), was a windfall for the wealthy: It lowered the top income tax bracket and slashed the corporate tax rate. By 2018, according to Saez and Zucman, the rich were already enjoying the fruits of that legislation: The average effective tax rate paid by the top 0.1 percent of households dropped by 2.5 percentage points. The benefits promised by the bill’s supporters — higher rates of growth and business investment and a shrinking deficit — have largely failed to materialize.

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For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data. That’s a sharp change from the 1950s and 1960s, when the wealthy paid vastly higher tax rates than the middle class or poor. Since then, taxes that hit the wealthiest the hardest — like the estate tax and corporate tax — have plummeted, while tax avoidance has become more common. President Trump’s 2017 tax cut, which was largely a handout to the rich, plays a role, too. It helped push the tax rate on the 400 wealthiest households below the rates for almost everyone else. The overall tax rate on the richest 400 households last year was only 23 percent, meaning that their combined tax payments equaled less than one quarter of their total income. This overall rate was 70 percent in 1950 and 47 percent in 1980. For middle-class and poor families, the picture is different. Federal income taxes have also declined modestly for these families, but they haven’t benefited much if at all from the decline in the corporate tax or estate tax. And they now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. Over all, their taxes have remained fairly flat. The combined result is that over the last 75 years the United States tax system has become radically less progressive.

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Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.