Welcome login | signup
Language en es fr
OccupyForum

Forum Post: "Some Outrageous Facts about US Inequality", by Paul Buchheit.

Posted 1 year ago on July 3, 2012, 5:15 p.m. EST by shadz66 (17799)
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.]

30 Comments

30 Comments


Read the Rules
[-] 3 points by beautifulworld (20419) 1 year ago

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.

[-] 2 points by ComeTogetherNOW (650) 1 year ago

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

[-] 2 points by beautifulworld (20419) 1 year ago

Nice. Yes.

[-] 1 points by shadz66 (17799) 1 year ago

As a accompanying piece to the above 'forum-posted' article, I append :

  • "Five Reasons the Super-Rich Need Government More Than the Rest of Us - Wealthy individuals and corporations want us to believe they've made it on their own, without the help of government or the American people. Billionaire financier Sanford Weill blustered, "We didn't rely on somebody else to build what we built." He was echoing the words of his famous predecessor, the formidable financier J. P. Morgan, who spouted, "I owe the public nothing"!!", by Paul Buchheit : http://www.informationclearinghouse.info/article31889.htm .

ad iudicium ...

[-] 2 points by beautifulworld (20419) 1 year ago

Excellent article. Thanks.

[-] 1 points by shadz66 (17799) 1 year ago

Again you are welcome and tho' you may be a bit 'read out' now - perhaps later, please also consider :

pax, amor et lux ...

[-] 1 points by shadz66 (17799) 1 year ago

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 ..

[-] 1 points by MattLHolck (16833) from San Diego, CA 1 year ago

the question of succession

made emperors paranoid man

issue death orders on their mothers and friends

you and me could write on Bad Romans

[-] 2 points by MattLHolck (16833) from San Diego, CA 1 year ago

some have the money to hire workers

we must work for them

[Removed]

[-] -3 points by MattLHalck (-8) 1 year ago

Thanks for sharing this:

DKA, 9125 Prestwick Ct, Brooklyn Park MN 55443

[-] 2 points by DKAtoday (33128) from Coon Rapids, MN 1 year ago

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]

[-] 2 points by PeterKropotkin (1050) from Oakland, CA 1 year ago

I almost posted this yesterday

[-] 2 points by shadz66 (17799) 1 year ago

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 ...

[-] 1 points by JadedCitizen (4277) 1 year ago

$&)#@*!!!!!!

[-] 0 points by rusereus (7) 1 year ago

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"

[+] -4 points by salta (-1104) 1 year ago

another " social justice" twit.

[-] 1 points by shadz66 (17799) 1 year ago

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 ...

[-] 0 points by MattLHolck (16833) from San Diego, CA 1 year ago

everyone losses their cool

everyone need to take a nap now and then

[-] 1 points by shadz66 (17799) 1 year ago

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 ...

[-] 1 points by MattLHolck (16833) from San Diego, CA 1 year ago

But does "everyone" need punctuation and grammar ; syntax or links ?!

clear communication is paramount

[Removed]

[+] -5 points by MattLHalck (-8) 1 year ago

[-] 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

[-] 3 points by DKAtoday (33128) from Coon Rapids, MN 1 year ago

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]

[+] -4 points by salta (-1104) 1 year ago

social justice is a scam,...................... and you, you dummy , buy into it.

[-] 2 points by shadz66 (17799) 1 year ago

I do rather hope that some "social (in)justice" comes visiting you sometime soon, you pig-ignorant, ass-hat wearing half-wit !!

fatuus asinum ...

[-] 2 points by MattLHolck (16833) from San Diego, CA 1 year ago

salt makes statement to bounce off

[-] 2 points by shadz66 (17799) 1 year ago

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 ...

[-] -1 points by fartsrfun (-44) 1 year ago

down makes bed to bounce off

[-] -2 points by salta (-1104) 1 year ago

are you threatening me or are you just having a a bout of tourettes? or both?

[-] 2 points by shadz66 (17799) 1 year ago

Worran Utter Knob !!! Just STFU & piss off, you tedious retard !! et temet nosce !

[-] -2 points by salta (-1104) 1 year ago

i was right , you ARE having a bout of tourettes.