Other sources have estimated that about two-thirds of the annual $850 billion in tax expenditures goes to the top quintile of taxpayers.
7. The average single black or Hispanic woman has about $100 IN NET WORTH.
The Insight Center for Community Economic Development reported that median wealth for black and Hispanic women is a little over $100. That's much less than one percent of the median wealth for single white women ($41,500).
Other studies confirm the racially-charged economic inequality in our country. For every dollar of NON-HOME wealth owned by white families, people of color have only one cent.
8. Elderly and disabled food stamp recipients get $4.30 A DAY FOR FOOD.
Temporary Assistance for Needy Families (TANF) has dropped significantly over the past 15 years, serving only about a quarter of the families in poverty, and paying less than $400 per month for a family of three for housing and other necessities. Ninety percent of the available benefits go to the elderly, the disabled, or working households.
Food stamp recipients get $4.30 a day.
9. Young adults have lost TWO-THIRDS OF THEIR NET WORTH since 1984.
21- to 35-year-olds: Your median net worth has dropped 68% since 1984. It's now less than $4,000.
That $4,000 has to pay for student loans that average $27,200. Or, if you're still in school, for $12,700 in credit card debt.
With an unemployment rate for 16- to 24-year-olds of almost 50%, two out of every five recent college graduates are living with their parents. But your favorite company may be hiring. Apple, which makes a profit of $420,000 per employee, can pay you about $12 per hour.
10. The American public paid about FOUR TRILLION DOLLARS to bail out the banks.
That's about the same amount of money made by America's richest 10% in one year. But we all paid for the bailout. And because of it, we lost the opportunity for jobs, mortgage relief, and educational funding.
Bonus for the super-rich: A QUADRILLION DOLLARS in securities trading nets ZERO sales tax revenue for the U.S.
The world derivatives market is estimated to be worth over a quadrillion dollars (a thousand trillion). At least $200 trillion of that is in the United States. In 2011 the Chicago Mercantile Exchange reported a trading volume of over $1 quadrillion on 3.4 billion annual contracts.
A quadrillion dollars. A sales tax of ONE-TENTH OF A PENNY on a quadrillion dollars could pay off the deficit. But the total sales tax was ZERO.
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