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Ten Numbers the Rich Would Like Fudged

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The numbers reveal the deadening effects of inequality in our country, and confirm that tax avoidance, rather than a lack of middle-class initiative, is the cause.


1. Only THREE PERCENT of the very rich are entrepreneurs.

According to both Marketwatch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were classified as entrepreneurs based on 2004 tax returns. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds. flickr image by withayou 

2. Only FOUR OUT OF 150 countries have more wealth inequality than us.

In a world listing compiled by a reputable research team (which nevertheless prompted double-checking), the U.S. has greater wealth inequality than every measured country in the world except for Namibia, Zimbabwe, Denmark, and Switzerland.

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3. An amount equal to ONE-HALF the GDP is held untaxed overseas by rich Americans.

The Tax Justice Network estimated that between $21 and $32 trillion is hidden offshore, untaxed. With Americans making up 40% of the world's Ultra High Net Worth Individuals, that's $8 to $12 trillion in U.S. money stashed in far-off hiding places.

Based on a historical stock market return of 6%, up to $750 billion of income is lost to the U.S. every year, resulting in a tax loss of about $260 billion.

4. Corporations stopped paying HALF OF THEIR TAXES after the recession.

After paying an average of 22.5% from 1987 to 2008, corporations have paid an annual rate of 10% since. This represents a sudden $250 billion annual loss in taxes.

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U.S. corporations have shown a pattern of tax reluctance for more than 50 years, despite building their businesses with American research and infrastructure. They've passed the responsibility on to their workers. For every dollar of workers' payroll tax paid in the 1950s, corporations paid three dollars. Now it's 22 cents.

5. Just TEN Americans made a total of FIFTY BILLION DOLLARS in one year.

That's enough to pay the salaries of over a million nurses or teachers or emergency responders.

That's enough, according to 2008 estimates by the Food and Agriculture Organization and the UN's World Food Program, to feed the 870 million people in the world who are lacking sufficient food.

For the free-market advocates who say "they've earned it": Point #1 above makes it clear how the wealthy make their money.

6. Tax deductions for the rich could pay off 100 PERCENT of the deficit.

Another stat that required a double-check. Based on research by the Tax Policy Center, tax deferrals and deductions and other forms of tax expenditures (tax subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes), which largely benefit the rich, are worth about 7.4% of the GDP, or about $1.1 trillion.

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www.UsAgainstGreed.org

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). 


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With respect to the 1% and especially the 0.1%, th... by Royallynn Allen on Thursday, Nov 22, 2012 at 12:49:57 PM
need to take these ultra-rich, strip them of the w... by Don Caldarazzo on Friday, Nov 23, 2012 at 10:54:25 AM