Forum Post: "Some Outrageous Facts about US Inequality", by Paul Buchheit.
Posted 12 years ago on July 3, 2012, 5:15 p.m. EST by shadz66
(19985)
This content is user submitted and not an official statement
"Some Outrageous Facts about US Inequality",
by Paul Buchheit.
Studying inequality in America reveals some facts that are truly hard to believe. Amidst all the absurdity a few stand out.
1. U.S. companies in total pay a smaller percentage of taxes than the lowest-income 20% of Americans.
Total corporate profits for 2011 were $1.97 trillion. Corporations paid $181 billion in federal taxes (9%) and $40 billion in state taxes (2%), for a total tax burden of 11%. The poorest 20% of American citizens pay 17.4% in federal, state, and local taxes.
2. The high-profit, tax-avoiding tech industry was built on publicly-funded research.
The technology sector has been more dependent on government research and development than any other industry. The U.S. government provided about half of the funding for basic research in technology and communications well into the 1980s. Even today, federal grants support about 60 percent of research performed at universities.
IBM was founded in 1911, Hewlett-Packard in 1947, Intel in 1968, Microsoft in 1975, Apple and Oracle in 1977, Cisco in 1984. All relied on government and military innovations. The more recently incorporated Google, which started in 1996, grew out of the Defense Department's ARPANET system and the National Science Foundation's Digital Library Initiative.
The combined 2011 federal tax payment for the eight companies was just 10.6%.
3. The sales tax on a quadrillion dollars of financial sales is ZERO.
The Bank for International Settlements reported in 2008 that total annual derivatives trades were $1.14 quadrillion. The same year, the Chicago Mercantile Exchange reported a trading volume of $1.2 quadrillion.
A quadrillion dollars is the entire world economy, 12 times over. It's enough to give 3 million dollars to every person in the United States. But in a sense it's not real money. Most of it is high-volume nanosecond computer trading, the type that almost crashed our economy. So it's a good candidate for a tiny sales tax. But there is no sales tax.
Go out and buy shoes or an iPhone and you pay up to a 10% sales tax. But walk over to Wall Street and buy a million dollar high-risk credit default swap and pay 0%.
4. Many Americans get just a penny on the dollar.
For every dollar of NON-HOME wealth owned by white families, people of color have only one cent.
For every dollar the richest .1% earned in 1980, they've added three more dollars. The poorest 90% have added one cent.
For every dollar of financial securities (e.g., bonds) in the U.S., the bottom 90% of Americans have a penny and a half's worth.
For every dollar of 2008-2010 profits from Boeing, DuPont, Wells Fargo, Verizon, General Electric, and Dow Chemicals, the American public got a penny in taxes.
5. Our society allows one man or one family to possess enough money to feed EVERY hungry person on earth.
The United Nations estimates that $30 billion per year is needed to eradicate hunger. Several individuals have more than this amount in personal wealth.
There are 925 million people in the world with insufficient food. According to the World Food Program, it takes about $100 a year to feed a human being. That's $92 billion, about equal to the fortune of the six Wal-Mart heirs.
One Final Outrage ...
In 2007 a hedge fund manager (John Paulson) conspired with a financial company (Goldman Sachs) to create packages of risky subprime mortgages, so that in anticipation of a housing crash he could use other people's money to bet against his personally designed sure-to-fail financial instruments. His successful gamble paid him $3.7 billion. Three years later he made another $5 billion, which in the real world would have been enough to pay the salaries of 100,000 health care workers.
As an added insult to middle-class taxpayers, the tax rate on most of Paulson's income was just 15%. As a double insult, he may have paid no tax at all, since hedge fund profits can be deferred indefinitely. As a triple insult, some of his payoff came from the middle-class taxpayers themselves, who bailed out the company (AIG) that had to pay off his bets.
And the people we elect to protect our interests are unable or unwilling to do anything about it.
~
radix omnium malorum est cupiditas ...
~
Paul Buchheit is a college teacher, an active member of US Uncut Chicago, founder and developer of social justice and educational websites (UsAgainstGreed.org, PayUpNow.org, RappingHistory.org), and the editor and main author of "American Wars: Illusions and Realities" (Clarity Press). He can be reached at paul@UsAgainstGreed.org.
[Article copied verbatim under "Fair Use" from : http://www.commondreams.org/view/2012/07/02-0 and please use this link in order to access the numerous embedded corroborative links.]
Thanks for posting this. This is the kind of information Americans need in order to wake them up from their deep slumber. We need an economic system that works for all people, not just this tiny percent of wealthy folks and corporations that are running off with all the money.
This post is OWS through and through. INCOME INEQUALITY It goes right to core of what OWS started this protest about. It's a sign that no one can ignore. The 1% is getting ready to own all of us if we don't turn it around. We, the 99%, need to get back in the streets as often as possible, stay in the streets, and keep pressuring the entire nation to turn this around. I have not stopped being active and will NEVER.
Good Ideas NEVER die, they just need some light to flourish. Keep up the fight. We are winning and will continue to do so as long as we stay in the fight.
Vote in November, if your serious and intelligent fighter. Choose our battles carefully. Voting is a huge BATTLE we can not afford to lose. If Mittney gets in, forget about this movement, it's over and done
Come Together NOW
Nice. Yes.
You are actually more than welcome 'bw'. Such a large number of Americans seem to have been so divided and ruled by The Corporations and Randian Narcissists advocating psychopathy as a a societal-model, that their resistance to other ideas is now an endemic part of the problem. Ain't no 'Trickle Down Capitalism' any more as it is increasingly a case of 'Hoover Up Crapitalism' !!! Nevertheless ...
dum spiro, spero ..
the question of succession
made emperors paranoid man
issue death orders on their mothers and friends
you and me could write on Bad Romans
As a accompanying piece to the above 'forum-posted' article, I append :
ad iudicium ...
Excellent article. Thanks.
Again you are welcome and tho' you may be a bit 'read out' now - perhaps later, please also consider :
pax, amor et lux ...
some have the money to hire workers
we must work for them
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Thanks for sharing this:
DKA, 9125 Prestwick Ct, Brooklyn Park MN 55443
Get your own identity: [-] 0 points by MattLHalck (0) 2 minutes ago
[-] 1 points by DKAtaday (0) from Brooklyn Park, MN 4 minutes ago
Who are you trying to out - get in trouble?
It's not me and whoever you are doing this to or why ever you are doing this you should get booted. Who is the person you are trying to hurt?
If people want to see me they can set up a meeting time - Northtown mall is convenient.
[Removed]
I almost posted this yesterday
These facts and arguably especially the extensive corroborative links in the original article should be enough the make every fair minded person's blood boil ... IF they only knew about it !!
fiat lux ...
$&)#@*!!!!!!
Hey salts, You ever been to a capitalist oligarchy nation before? I.e. el Salvador, guatamala, Russia today etc it people like you that cry for "social justice" when you have nothing and they have everything! Better start practicing saying, "can I have another bowl of grueling, master"
another " social justice" twit.
WTF is your major malfunction 'numbnuts' ?!!! Nothing substantive or even half thought out to add ?!! Stop wearing your (..x..) as a hat - it's not big and it's not clever and furthermore - you look stupid !
ad iudicium ...
everyone losses their cool
everyone need to take a nap now and then
Alas but does "everyone" need punctuation
And any grammar ; syntax or even links ?!
No need to answer now if you are fatigued -
Just get your head down and get 40 winx !!
somnum nunc ...
clear communication is paramount
[Removed]
[-] 1 points by MattLHolck (9451) 13 minutes ago
everyone losses their cool
everyone need to take a nap now and then ↥twinkle ↧stinkle reply permalink [-] 1 points by shadz66 (4974) 2 minutes ago
But does "everyone" need punctuation and grammar ; syntax or links ?!
No need to answer now if you are fatigued ...
Just get your head down and get 40 winx !!
somnum nunc ... ↥twinkle ↧stinkle reply permalink [-] -1 points by salta (-191) 3 minutes ago
social justice is a scam,...................... and you, you dummy , buy into it.
DKA, 9125 Prestwick Ct, Brooklyn Park MN 55443 ↥twinkle ↧stinkle reply permalink
Who are you trying to hurt? It's not my address if that is what you are thinking.
Get your own identity: [-] 0 points by MattLHalck (0) 2 minutes ago
[-] 1 points by DKAtaday (0) from Brooklyn Park, MN 4 minutes ago
Who are you trying to out - get in trouble?
It's not me and whoever you are doing this to or why ever you are doing this you should get booted. Who is the person you are trying to hurt?
If people want to see me they can set up a meeting time - Northtown mall is convenient.
[Removed]
social justice is a scam,...................... and you, you dummy , buy into it.
I do rather hope that some "social (in)justice" comes visiting you sometime soon, you pig-ignorant, ass-hat wearing half-wit !!
fatuus asinum ...
salt makes statement to bounce off
It ain't 'salt' bro it's a peppery 'backwards ass atlas' and he's a natural born "shrugger" ... cos he doesn't give a flying fuk for you, me or anyone else in his sad, loveless, self absorbed little Randian anti-world !
Maybe his Momma should have taught him to share his toys and play nice. Or maybe she did but also dropped him on his empty-head. Or maybe he imagines that he wasn't a child for 16-18 years who was helped in any way. Or maybe he is still a child ... frightened and lost .. in a 'Big Country' where people seem to talk of love, compassion and justice ( http://www.youtube.com/watch?v=-SotTAs9hEM ) ?!!
minima maxima sunt ...
down makes bed to bounce off
are you threatening me or are you just having a a bout of tourettes? or both?
Worran Utter Knob !!! Just STFU & piss off, you tedious retard !! et temet nosce !
i was right , you ARE having a bout of tourettes.