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The Sun-Times - Heber Springs, AR
  • Paul Rawlings: WEALTH, INCOME, UNEMPLOYMENT AND TAXES

  • Who owns the wealth in the U.S? Whose wealth grows at the greatest rate?
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  • Who owns the wealth in the U.S?  Whose wealth grows at the greatest rate?  Who receives the greatest percentage of U.S income and who has the greatest percentage of income growth?  Who receives most of the tax cuts and who pays the lowest tax rate?
    Who has the lowest unemployment rate?
     
    WEALTH—the top 20% of Americans own 85% of America’s wealth. The bottom 80% of Americans own 15% of America’s wealth.
     
    WEALTH-- for the top 5 % of Americans from 1983--2010 increased 74.2% while the wealth for the bottom 20% declined 2.6%
     
    This is the division and growth of WEALTH during the greatest economic growth in America’s history during the Clinton Presidency 1992-2000 and this is the division and growth of wealth when America suffered its second greatest economic collapse during the George W. Bush Presidency 2001-2009.
     
    INCOME –The top 1% OF Americans receive 17.2% of America’s income while the bottom 90% receive 55.5%.
     
    INCOME GROWTH—income for the top 1% of Americans from 1979 through 2007 grew on average 275% while income for the bottom 20% grew at 18%, according to a study of the non partisan Congressional Budget Office.
     
    INCOME GROWTH---income for the top 400 income earners in America increased on average 392% from 1992-2007.
     
    This is the division and growth of  INCOME when  Democrats were in control of Congress  and this is the division and growth of income when Republicans controlled Congress
     
    RATIO OF CEO PAY TO WORKER PAY-- In 1970 CEO’S made $25.00 for every $1 the average worker made.  In 2010 CEO pay skyrocketed to $500 for every $1 the average worker made.
     
    This wide gap between what a CEO and what a worker is paid depends on only one thing---whether you are the CEO or whether you are the worker.  It is not determined by your race, religion political party or how many hours you work.
     
     
     
     
     
     
     
     
    UNEMPLOYMENT—the gap in the percentage of unemployed based on household income is at the widest level since these records were begun and the lowest household levels are near the unemployment rate for all workers during the Hoover depression.  The following charts were prepared by the Census Bureau:
     
    Household income   Unemployment rate
    Under $20,000          2011-24.5% -2012-22.6%-2013-21.3%
    Page 2 of 2 - $20,000-$39,999      2011-12.2%- 2012-11.2%-2013-10.5%
    $40,000-$59,999      2011-7.9%-  2012-7.3%-   2013-6.9%
    $60,000-$74,999      2011-6.5%-  2012-5.5%-   2013-5.2%
    $75,000-$99,999      2011-4.8%-   2012-4.5%-   2013-4.3%
    $100,000-$149,999  2011-3.8%-   2012-4.0%-   2013-3.5%
    $150,000+                2011-3.2%-   2012-3.0%-   2013-3.2% 
     
    TAX CUTS from 2004-2012 after the Bush largest cuts in history for the top 1%  $522,062.00 and for the bottom 20% $1,426.00.
     
    TAX RATE PAID--Warren Buffet the second richest man in the U.S with $60 billion in wealth PAYS A TAX RATE OF 11.6%, a rate lower than the rate his secretary pays--Mitt Romney, the 2012 Republican Nominee for President after working 15 years has over $250 million in wealth which produces over $20 million in yearly income on which he pays a tax rate of 13.9%
     
    Does your personal wealth fall within the 85% or 15% group?
    Does your wealth grow at 74.2% or decline at 2.6%?
    Does your income grow 275% or 18%?
    Is your rate of unemployment 24.5% or 3.2%?
    How much did you receive from the Bush tax cut?
    How does your wealth and the tax rate you pay compare to the wealth and tax rate of Warren Buffet and Mitt Romney?
     
    Name one industrialized country in the world which has a greater inequality of wealth than the U.S.
     
    The facts indicate if you are in the top 10% of Americans you will do well financially in times of economic growth or economic disaster.  If you are in the bottom 10% you will not do well in times of economic growth or economic disaster or the rich always get richer and the poor always get poorer.
     
    (Paul Rawlings of Heber Springs contributes each week to the editorial pages of The Sun-Times)

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