Top 1 percent took record share of US income in 2012

[auditor0007]

he pay gap between the richest 1 percent and the rest of America widened last year, making a record.

The top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share in Internal Revenue Service figures going back a century.

U.S. income inequality has been growing for almost three decades. But until last year, the top 1 percent's share of pre-tax income had not yet surpassed the 18.7 percent it reached in 1927, according to an analysis of IRS figures dating to 1913 by economists at the University of California, Berkeley, the Paris School of Economics and Oxford University.

One of them, Emmanuel Saez of the University of California, Berkeley, said the incomes of the richest Americans might have surged last year in part because they cashed in stock holdings to avoid higher capital gains taxes that took effect in January.

Last year, the incomes of the top 1 percent rose 19.6 percent compared with a 1 percent increase for the remaining 99 percent.

What else can be said, the powerful line their pockets while chastising and hurting workers.
Top 1 percent took record share of US income in 2012 - NBC News.com

In terms of consequences for our nation, what impact does an increasing amount of wealth concentrated in the few have on our future?

You cannot argue with those who believe that wealth is created from the top down. They believe that it would be better if the top 1% took in 90% of all earnings so that they could create more wealth for the rest of us. They do not understand that wealth is created from the bottom and middle up. The pie does not expand when all the money is concentrated at the top. All that happens is that those controlling all the assets continue to buy out their competitors and increase their own wealth while they pie actually decreases in size. This is exactly what has been happening over the past ten to fifteen years.

One of three things will happen in the long run. One option is that the wealthy continue to grow their wealth at the expense of the middle class and we end up like Mexico. The second option is that those in the middle class finally wakes up and revolts leading us much closer to a full socialist society where the wealth is stripped away from the uber rich. The only problem with this is that it really does not spur economic growth for anyone. The last option is that the super wealthy realize that the road they are cannot be sustained, and much of the wealth once again begins going to the workers. This would create more demand as the working class spends their money on real goods, so the economy would expand and grow, which in turn would actually make the wealthy even more money, but in this case, the pie would be growing and everyone would benefit.

So which scenario are we most likely to see? Unfortunately it will almost certainly be the second as the super wealthy are not likely to do what actually needs to be done to protect their own assets as well as do what is right.

 

[CrusaderFrank]

"Wealth is created from the bottom up"

^ exhibit A why progressive economics comes with 109% guaranteed fail rate

 

[ClosedCaption]

This point will be...MUST BE ignored. Watch

Told ya..

Actually, nobody thought that sweeping statements based on data that was pulled out of his ass needed to be addressed.

Good job...keep going.


Told ya....

 

[auditor0007]

"Wealth is created from the bottom up"

^ exhibit A why progressive economics comes with 109% guaranteed fail rate

Yea, we know that the vast majority of great success stories came from those who were already super wealthy to begin with.

 

[Wry Catcher]

he pay gap between the richest 1 percent and the rest of America widened last year, making a record.

The top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share in Internal Revenue Service figures going back a century.

U.S. income inequality has been growing for almost three decades. But until last year, the top 1 percent's share of pre-tax income had not yet surpassed the 18.7 percent it reached in 1927, according to an analysis of IRS figures dating to 1913 by economists at the University of California, Berkeley, the Paris School of Economics and Oxford University.

One of them, Emmanuel Saez of the University of California, Berkeley, said the incomes of the richest Americans might have surged last year in part because they cashed in stock holdings to avoid higher capital gains taxes that took effect in January.

Last year, the incomes of the top 1 percent rose 19.6 percent compared with a 1 percent increase for the remaining 99 percent.

What else can be said, the powerful line their pockets while chastising and hurting workers.
Top 1 percent took record share of US income in 2012 - NBC News.com

In terms of consequences for our nation, what impact does an increasing amount of wealth concentrated in the few have on our future?

You cannot argue with those who believe that wealth is created from the top down. They believe that it would be better if the top 1% took in 90% of all earnings so that they could create more wealth for the rest of us. They do not understand that wealth is created from the bottom and middle up. The pie does not expand when all the money is concentrated at the top. All that happens is that those controlling all the assets continue to buy out their competitors and increase their own wealth while they pie actually decreases in size. This is exactly what has been happening over the past ten to fifteen years.

One of three things will happen in the long run. One option is that the wealthy continue to grow their wealth at the expense of the middle class and we end up like Mexico. The second option is that those in the middle class finally wakes up and revolts leading us much closer to a full socialist society where the wealth is stripped away from the uber rich. The only problem with this is that it really does not spur economic growth for anyone. The last option is that the super wealthy realize that the road they are cannot be sustained, and much of the wealth once again begins going to the workers. This would create more demand as the working class spends their money on real goods, so the economy would expand and grow, which in turn would actually make the wealthy even more money, but in this case, the pie would be growing and everyone would benefit.

So which scenario are we most likely to see? Unfortunately it will almost certainly be the second as the super wealthy are not likely to do what actually needs to be done to protect their own assets as well as do what is right.

I'm not sure greed will win. Consider The Bill and Melinda Gates foundation to which Warren Buffett contributes too; of course we must contrast this to the 'charities' funded by the Koch Brothers. A little research suggests I may not be correct and greed will win.

 

[CrusaderFrank]

"Wealth is created from the bottom up"

^ exhibit A why progressive economics comes with 109% guaranteed fail rate

Yea, we know that the vast majority of great success stories came from those who were already super wealthy to begin with.

Take a look at the Forbes 400 the vast majority are self made and bear almost no resemblance to the list 20 years ago

Marxist economic thought teaches hatred and envy and is not healthy in a grown up. The Che poster was cool in high school but I recommend growing the fuck up

 

[ClosedCaption]

Actually I gave the only fact in this discussion, it's you and your buds who are blowing opinion out of your posteriors.

The top 1% earn 20% of the income and pay 40% of the taxes. IRS data. The problem is what exactly? How much should they pay?

You are missing the entire point. No one disagrees with you that the top 1% pay most of the taxes. The problem is that all of the income gains in the last 30 years or so have gone almost exclusively to the top 1% and if this continues it can be detrimental to our society. If the top 1% is sharing 25-30 percent of income gains in this country and 300 million have to fight for the other 70% it can become an unstable situation. Just look throughout history and there are plenty of examples of empires and countries collapsing with income inequality being a major factor in that collapse. French Revolution, Russian Revolution, etc......

This point will be...MUST BE ignored. Watch

Why must I be sooo right?

 

[Crackerjaxon]

If you are so damned worried about the income of the top 1% in this country, get off your ass and go take their money away from them.

I'm sick of the incessant whining.

 

[Vox]

SO?

leftards, why do you care so much about others people money?

 

[Vox]

and among the richest are the leftards themselves- all those pelosi, baffets, soroses and the like

maybe they can put the money where their money is - and start donating to the IRS

 

[CrusaderFrank]

SO?

leftards, why do you care so much about others people money?

That's why I never put Dean or Wry on ignore. They serve as a reminder of what a mind filled with hate, envy and ignorance sounds like

 

[Wry Catcher]

"Wealth is created from the bottom up"

^ exhibit A why progressive economics comes with 109% guaranteed fail rate

Yea, we know that the vast majority of great success stories came from those who were already super wealthy to begin with.

Take a look at the Forbes 400 the vast majority are self made and bear almost no resemblance to the list 20 years ago

Marxist economic thought teaches hatred and envy and is not healthy in a grown up. The Che poster was cool in high school but I recommend growing the fuck up

Yes, every person should look at the Forbes 400, see it here":

The Richest People in America List - Forbes

Then, unlike crusaderfrank, apply some critical thinking skills while perusing the list and paying close attention to the source or industry of their income.

 

[kaz]

Yea, we know that the vast majority of great success stories came from those who were already super wealthy to begin with.

Take a look at the Forbes 400 the vast majority are self made and bear almost no resemblance to the list 20 years ago

Marxist economic thought teaches hatred and envy and is not healthy in a grown up. The Che poster was cool in high school but I recommend growing the fuck up

Yes, every person should look at the Forbes 400, see it here":

The Richest People in America List - Forbes

Then, unlike crusaderfrank, apply some critical thinking skills while perusing the list and paying close attention to the source or industry of their income.

How does that contradict what he said? What he said by the way is correct, there is very little overlap between today and 20 years ago.

 

[chikenwing]

he pay gap between the richest 1 percent and the rest of America widened last year, making a record.

The top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share in Internal Revenue Service figures going back a century.

U.S. income inequality has been growing for almost three decades. But until last year, the top 1 percent's share of pre-tax income had not yet surpassed the 18.7 percent it reached in 1927, according to an analysis of IRS figures dating to 1913 by economists at the University of California, Berkeley, the Paris School of Economics and Oxford University.

One of them, Emmanuel Saez of the University of California, Berkeley, said the incomes of the richest Americans might have surged last year in part because they cashed in stock holdings to avoid higher capital gains taxes that took effect in January.

Last year, the incomes of the top 1 percent rose 19.6 percent compared with a 1 percent increase for the remaining 99 percent.

What else can be said, the powerful line their pockets while chastising and hurting workers.
Top 1 percent took record share of US income in 2012 - NBC News.com

In terms of consequences for our nation, what impact does an increasing amount of wealth concentrated in the few have on our future?

You cannot argue with those who believe that wealth is created from the top down. They believe that it would be better if the top 1% took in 90% of all earnings so that they could create more wealth for the rest of us. They do not understand that wealth is created from the bottom and middle up. The pie does not expand when all the money is concentrated at the top. All that happens is that those controlling all the assets continue to buy out their competitors and increase their own wealth while they pie actually decreases in size. This is exactly what has been happening over the past ten to fifteen years.

One of three things will happen in the long run. One option is that the wealthy continue to grow their wealth at the expense of the middle class and we end up like Mexico. The second option is that those in the middle class finally wakes up and revolts leading us much closer to a full socialist society where the wealth is stripped away from the uber rich. The only problem with this is that it really does not spur economic growth for anyone. The last option is that the super wealthy realize that the road they are cannot be sustained, and much of the wealth once again begins going to the workers. This would create more demand as the working class spends their money on real goods, so the economy would expand and grow, which in turn would actually make the wealthy even more money, but in this case, the pie would be growing and everyone would benefit.

So which scenario are we most likely to see? Unfortunately it will almost certainly be the second as the super wealthy are not likely to do what actually needs to be done to protect their own assets as well as do what is right.

This reminds me of a kurt Vonnegut short story character The Handicapper General

If we hadn't been dumbing down generations we might have a larger percentage at the top,and a broader middle class. There is nothing stopping anyone but themselves,from attaining their dreams,is it easier for some? yep,life just isn't fair.

 

[CrusaderFrank]

Yea, we know that the vast majority of great success stories came from those who were already super wealthy to begin with.

Take a look at the Forbes 400 the vast majority are self made and bear almost no resemblance to the list 20 years ago

Marxist economic thought teaches hatred and envy and is not healthy in a grown up. The Che poster was cool in high school but I recommend growing the fuck up

Yes, every person should look at the Forbes 400, see it here":

The Richest People in America List - Forbes

Then, unlike crusaderfrank, apply some critical thinking skills while perusing the list and paying close attention to the source or industry of their income.

Yes and Wry claims that all 400 made their fortunes from "exploitation of the proletarian"

 

[kwc57]

Meanwhile the RW masses are easily led by the GOP and their rich lobbyist corporate masters to rail against liberals, unions, and the OWS movement as if weakening those groups is somehow the answer to the question of who's to blame for the average citizens' economic travails.

The corporate big wigs must laugh their asses off because it's like watching one group of mistreated prisoners on a chaingang who were convicted on trumped up charges turning on another group of mistreated prisoners who were convicted on trumped up charges.

False consciousness is the best friend of corporate America. That and gullibility.

dimocrap scum are so fond of telling the world about how smart they are.... Why don't you guys get rich and prove it?

If it's so easy, I mean.......

The point isn't about how easy or difficult it is to get rich. The point is about how difficult it is now, as opposed to decades passed, just to support a family. The wealthy are reaping massive increases in the national income even as the average citizens are experiencing a decrease in their share of the national income AND a declining standard of living.

College tuition in this country is up 500% since 1985.

Even as productivity rates have gone way up, workers income levels have stagnated. And when your income level stagnates even as prices are going up, what the hell do you think happens? Your money doesn't go as far as it used to.

The facts are there if a person is just willing to investigate them instead of turning to sources of information which do little more than obfuscate the truth, if they're not downright lying about what's happening and why.

any idea who operates the colleges and why tuition keeps going up?

 

[Samson]

SO?

leftards, why do you care so much about others people money?

That's why I never put Dean or Wry on ignore. They serve as a reminder of what a mind filled with hate, envy and ignorance sounds like

Lenin, Pol Pot, Robespierre, et al. serve as reminders of class-warfare profiteers..

Dean and Wry are just boring.

 

[kaz]

Take a look at the Forbes 400 the vast majority are self made and bear almost no resemblance to the list 20 years ago

Marxist economic thought teaches hatred and envy and is not healthy in a grown up. The Che poster was cool in high school but I recommend growing the fuck up

Yes, every person should look at the Forbes 400, see it here":

The Richest People in America List - Forbes

Then, unlike crusaderfrank, apply some critical thinking skills while perusing the list and paying close attention to the source or industry of their income.

Yes and Wry claims that all 400 made their fortunes from "exploitation of the proletarian"

We are the Bourgeoisie, it's our job to do that, isn't it?

 

[Vox]

SO?

leftards, why do you care so much about others people money?

That's why I never put Dean or Wry on ignore. They serve as a reminder of what a mind filled with hate, envy and ignorance sounds like

Lenin, Pol Pot, Robespierre, et al. serve as reminders of class-warfare profiteers..

Dean and Wry are just boring.

revolutions are planned by idealists, performed by fanatics and benefit the scoundrels

 

[Wry Catcher]

SO?

leftards, why do you care so much about others people money?

That's why I never put Dean or Wry on ignore. They serve as a reminder of what a mind filled with hate, envy and ignorance sounds like

I don't care about other people's money, per se. I do care of its impact on my country, especially in terms of politics, polices and propaganda. Envy has no bearing on my opinions, I'm well set, I retired at age 56, have traveled extensively nationally and internationally, bought a home for one of my sons and his wife; paid off all of my other son's school loans and established IRA's for both (I match what each contributes per year).

I don't hate anyone, not even you CF, for you are the archetype of the callous conservative; to dumb or too lazy to think about problems or issues creatively you simply parrot those demagogues who appeal to you emotionally. Pity is the one emotion I have for you and Stephanie, Willow Tree and other simple members of the echo chamber.

Feel free to call me names, suggest I'm ignorant and label me a commie or libtard, it bothers me not at all. I'll keep on keeping on, offering my opinions and literally laughing at your responses. Someday you might post something of significance or even something thoughtful. On that day I'll giver you a positive rep. Until then I'll continue to laugh at and pity you.