JD posted
"As it is the top 10 percent of wage earners pay 96 percent of taxes, how much more can they bear before they simply stop trying to make money in the US that they never get to use before the IRS takes it? "
The top 10% have 85% to 90% of stock, bonds, trust funds, and business equity, and over 75% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.
Alan Greenspan, chairman of the Federal Reserve Bank, make the case for wealth:
"Ultimately, we are interested in the question of relative standards of living and economic well-being. We need to examine trends in the distribution of wealth, which, more fundamentally than earnings or income, represents a measure of the ability of households to consume."
The distribution of wealth is much more unequal than the distribution of income, especially when focusing on the bottom 60% of all households. The bottom 60% of households possess only 4% of the nation's wealth while it earns 26.8% of all income.
The top 10% have 85% to 90% of stock, bonds, trust funds, and business equity, and over 75% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.
When you take a minute to understand what these numbers mean, its startling.
Re: Biden
Member #: 27357
Registered: 12/17/2003
Posted:
397
Name:
Christopher H.
Occupation:
Sweep/Ingress,Splicing
Location:
All over the West
Personal:
late 50s
Experience:
~30 years
