Posts tagged “Inequality”
October 3, 2013
Exactly one hundred years ago today, President Woodrow Wilson signed the first federal income tax into law. Despite the opposition from the nation’s wealthiest, the new “progressive” tax reform was supported from coast to coast by state legislature and was given the final okay by Congress in 1913.
In an op-ed on Reuters, Sam Pizzigati, editor of Too Much and author of The Rich Don’t Always Win, and John Buenker, an emeritus professor of history at the University of Wisconsin-Parkside and author of The Income Tax and the Progressive Era, explain that these tax reforms created the middle class, supported the economy and industry, and changed the face of America.
“These high-tax years — for the rich — should have been a time of economic calamity. At least according to the critics of progressive income taxation. But real life proved these critics wrong. Commerce did not cease when the tax code levied steeply graduated rates on U.S.
February 26, 2013
When President Obama gave his State of the Union address on February 12th, he laid out his second-term agenda which included his plans to help reduce the growing economic inequality in our nation. He spoke of raising minimum wage, granting universal pre-kindergarten access to families in need, restoring the pay roll tax cut, and linking federal student aid to the rising college tuition costs. But what does his plan really mean for economic disparity?
According to University of California economist Emmanuel Saez, the top ten percent in the US is making 46.5 percent of the nations income, which is the highest rate in nearly 100 years! This, amongst many other indicators, has sounded the alarms for government to address the this gap between the top-earners and the rest of the country. In an interview with Between the Lines‘ Scott Harris, Sam Pizzigati, veteran labor journalist and author of The Rich Don’t Always Win: The Forgotten Triumph over Plutocracy that Created the American Middle Class, 1900-1970, assesses President Obama’s plan and how effectively it addresses the economic inequality.
August 3, 2012
“The gap between the wealth of America’s most awesomely affluent and everyone else is holding steady…But wasteful consumption can’t explain the inequality paradox either. Deep pockets in America’s top 0.01 percent could shell out $5,000 every single day of the year and still have 93 percent of their annual incomes left to spend”
According to Sam Pizzigati, author of The Rich Don’t Always Win, the wealthiest percent of Americans are increasing their earnings over time, but the wealth gap is still holding steady. What explains this phenomenon? Secret global tax havens! Read Pizzati’s full article uncovering the mystery here on Counterpunch.
The Rich Don’t Always Win speaks directly to the political hopelessness so many Americans feel. By tracing how average Americans took down plutocracy over the first half of the 20th Century—and how plutocracy came back—Pizzigati’s book outfits the 99% with a deeper understanding of what we need to do to get the United States back on track to the American dream.