Obama’s ‘change’: 1% get 81% income gains then tax-shelter $21-$32 trillion; bottom 90% lose income

Pulitzer Prize-winning tax journalist David Kay Johnston reports IRS tax data since Mr. Obama’s 2009 inauguration shows “change” for 90% of Americans: they lost income. The 1% increased income; taking 81% of gains (the top 1% of the 1% took 39% of this total).

This follows a pattern that between 1980 and 2005, the 1% also took over 80% of all income gains.

Since 1966, inflation-adjusted annual income for the bottom 90% of Americans increased just $59, while the 1% increased income average by $625,000, and the 1% of the 1% increased average incomes by $18,700,000 per year.

This occurs in the context of McKinsey Chief Economist James Henry documenting the 1% hide $21 to $32 trillion in tax havens, the US top seven banks hide over $10 trillion, many top US corporations claim income losses, while the bottom 90%’s tax burden increases – in part to pay top corporations’ tax refunds.

It also occurs in context of accelerating technological capacity that should allow all Earth’s inhabitants to live higher quality lives.

Mr. Johnston reports the excellent work of economists Emmanuel Saez and Thomas Piketty.

Mr. Obama’s Democratic leadership’s escalation of Mr. Bush’s Republican leadership shows us that US politics is one criminal body with puppets at the end of Left and Right arms.

One obvious solution is to arrest US political leadership for crimes in unlawful wars and criminal economic fraud.

If you’re ready for solutions rather than death to millions, harm to billions, and looting of trillions: now’s the time to take all the lawful action previous generations have given you under the US Constitution.

Make us all proud, make your family proud. Be proud of yourself.

 

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  • nveric

    “…all Earth’s inhabitants to live higher quality lives.”

    Yes, in theory such is possible and highly recommended, but not enough people really want change if they may have to get their hair mussed up. Without some skin in their game, real skin that is, as in organizing, planning, and then implementing actions, we all continue sinking in the excrement, but it’s warm, right?

    • http://profiles.google.com/redhot916spd john juenger

      amen!!

  • gozounlimited

    Wealth Inequality In America…..
    TheDailyConversation·…… see here: http://www.youtube.com/watch?v=JTj9AcwkaKM

  • Washington76

    Here is what to expect! Leaked Document: Military Internment Camps in U.S to be Used for Political Dissidents Published on Mar 4, 2013

  • http://www.facebook.com/profile.php?id=1672891012 Greg Burton

    Well, what’s a poor fascist, satanic oligarchic going to do? After all, after the post-9/11 (inside job) budget bustin’ war deficit, the publicly funded corporate feeding frenzy that is the War on Terror™ that
    pillaged sovereign nations here and abroad, looting social security, the toxic mortgage/LIBOR scams that impoverished the western world, the drug money laundering by the major banks, hyper-inflation now
    ruining the value and position of the dollar reserve currency, there is little left and the “cupboard is bare”. The only thing left is to loot people’s pensions, saving, and property!

    Lucky for us unemployed, poor, homeless, and starving folk Obama and the DHS are giving us 2.0 billion hollow-point bullets, 2700 tanks for US cities and towns, FEMA troops, and 30,000 weaponized drones. Boy, we sure are lucky!

 

 

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