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.