###################################### E C O N O M I C S T A T I S T I C S ###################################### - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - --> [Send the 1-line message GET ECONOMIC STATS ACTIV-L to ] [LISTSERV@UMCVMB.BITNET for a copy of this file. ] --> [Send GET ACTIV-L ARCHIVE ACTIV-L to above address for a ] [listing with brief descriptions of other files available] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [Substitute PUBLCATN RESOURCE for ECONOMIC STATS for a listing of alternative publications, including those mentioned below] ****************************************************************** C o n t e n t s: Reverse Robin-Hood, part 1: Redistribution of Wealth. --> Widening of the gap between the rich and poor under Reagan/Bush; before and after tax. --> Richest 1% doubles its income relative bottom 40% ; --> Middle-class share of income lowest since WWII : Reverse Robin-Hood, part 2: Regressive Taxation. --> Both Congressional Budget Office and Citizens for Tax Justice find: most Americans pay *more* taxes than pre-Reagan/Bush; Reagan's rhetoric notwithstanding; the rich, however, often pay less; Who shoulders burden of excise tax? Capital Gains Tax Cuts? --> (I) Who Benefits? --> (II) Increased "rewards" for the rich: --> (III) Who Benefits? Addendum: Class-Conflict of Interest Appendix: More Legislative Smoke and Mirrors ****************************************************************** ****************************************************************** Reverse Robin-Hood, part 1: Redistribution of Wealth. ****************************************************************** Widening of the gap between the rich and poor under Reagan/Bush: ================================================================== Figures of Average before-tax income: 1980 1990, projected: Richest 5%: $142,306 $206,162 (some 33% more) Poorest 10%: $5,134 $4,695 (some 10% less) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - National income: percent of total after-tax income for: 1980: 1990: Richest 5%: 19.6% 25% Poorest 20%: 5.4% 4.3% [From: In These Times, Oct 10-16, 1990] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - "Under Reagan/Bush, the income share of the Poorest fifth of American households: fell to 3.8%, the lowest since the 1950's; Richest fifth of American households: rose to 46.3%, the highest ever" [From: The Nation, week of April 2, 1990; "Passing On the Legacy of Shame," by Mark Green and Ralph Nader] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Richest 1% doubles its income relative bottom 40% ; Middle-class share of income lowest since WWII : ================================================= The gap between rich and poor widened so much in the 1980s that the richest 1 percent receive nearly as much of Americans' total income after taxes as the bottom 40 percent, a liberal (*) research group said Monday. [(*): "The Center on Budget and Policy Priorities is a non-profit research organization that specializes in issues affecting the poor", the article later says] The bottom 40% will receive 14.2% of total after-tax income received by all groups in 1990, while the top 1% will receive 12.6%, the Center on Budget and Policy Priorities said. "This marks a sharp change from 1980, when the top 1 percent received half as much after-tax income as the bottom 40 percent," according to the report, which was based on an analysis of the congressional Budget Office data on income and taxes. "The share of income going to those Americans in the middle of the income scale is lower than at any time since the end of World War II...The report also said the richest 2.5 million people have nearly as much total income as the 100 million Americans with the lowest incomes... [From: "Study Of Income Gap Finds Rich Get Richer," Chicago Tribune, July 24, 1990, p.5] ****************************************************************** Reverse Robin-Hood, part 2: Regressive Taxation. ****************************************************************** Study: 90% Pay More due to Tax Changes -------------------------------------- "WASHINGTON-- 90% of American families pay more in federal taxes now than they would if the tax laws existing in 1977 had been left in place, Citizens for Tax Justice reported Thursday. But the very rich, as a result of tax-law changes over the last 13 years, are paying up to 36 percent less than they would have, the group said. The results are similar to finding reported two weeks ago by the Congressional Budget Office. Several congressional Democrats cited the report as additional proof of their contention that the Reagan and Bush administrations pushed changes in the tax law that reward the rich and penalize everyone else." [From: Chicago Tribune, 3/9/90 p.12. While our Free Press reports "Read My Lips" etc as front-page material, this little fact, affecting only 90% of their readers, was reported by the Tribune in the tiny note I've just reproduced, near the bottom of page 12.] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - "It is estimated that [the excise taxes in Bush's plan some 2 weeks prior] will annually cost those with incomes in the $20,000-$30,000 range... an additional 3% of their income; $30,000-$50,000 range... an additional 3.3% of their income; ...while those earning over $200,000 will pay only an additional 0.3%" [In These Times, Oct. 10-16, 1990] ****************************************************************** C a p i t a l G a i n s T a x e s ****************************************************************** (I) Who Benefits? Capitals gains as percent of income: ==================================== For richest 1% of Americans: 32% For all but the top 10%: 1% [From: In These Times, Oct 17-23, 1990] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (II) Increased "rewards" for the rich: The richest one percent of all Americans had an average income from all sources of: 1980 1990 ===== ==== $313,206 $558,969 (An increase in income of 78%) of which: $83,000 $175,000 (26.5 %) (31.3%) (one fifth more) came from capital gains [From: In These Times (ITT), Oct 17-23, 1990] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The above statistics are significant as they stand, but turned out to be *adjusted for inflation*, which means for one thing that the 78% was a net increase in income: "the top 1% of the population will receive an expected average of more than $175,000 in capital gains income in 1990, up $92,000 from what they received in 1980 AFTER ADJUSTING FOR INFLATION... by contrast, those in the BOTTOM 90 PERCENT are projected to receive an average capital gains income of $299 in 1990, up just $12 over the period." [Emphasis added. From: "Study of Income Gap Finds Rich Get Richer", Chicago Tribune, July 24, 1990, p.5. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (III) Who Benefits? Addendum: Class-Conflict of Interest "Under Bush's proposed capital-gains tax, *66%* of the benefits would flow to the top *1%* of all taxpayers (including himself); "Bush personally saved $303,516 in federal income taxes between 1980 and 1986 by using the old capital gains tax break." [Source: Citizens for Tax Justice] [Emphasis added. From: The Nation, week of April 2, 1990; "Passing On the Legacy of Shame," By Mark Green and Ralph Nader] ################################################################## More Legislative Smoke and Mirrors: In the bipartisan budget package, the tax hikes (including the "luxury taxes" on boats, expensive jewelry, etc) for Americans with incomes of $20,000 to $30,000 would be nearly TWICE that for those in the $200,000 plus bracket, according to the joint Tax Committee of Congress; [From: The Nation, Oct 22, 1990] ################################################################## ############################################################### # Harel Barzilai for Activists Mailing List (AML) # ################################################################ { For more info about ACTIV-L or PeaceNet's brochure send } { inquiries to harel@dartmouth.edu / mathrich@umcvmb.bitnet } To join AML, just send the 1-line message "SUB ACTIV-L " to: LISTSERV@UMCVMB.BITNET; you should receive a confirmation message within 2 days. Alternate address: LISTSERV@UMCVMB.MISSOURI.EDU Qs/problems: Rich Winkel, MATHRICH@UMCVMB.["MISSOURI.EDU" or "BITNET"] ###################################### E C O N O M I C S T A T I S T I C S ###################################### - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - --> [Send the 1-line message GET ECONOMIC STATS ACTIV-L to ] [LISTSERV@UMCVMB.BITNET for a copy of this file. ] --> [Send GET ACTIV-L ARCHIVE ACTIV-L to above address for a ] [listing with brief descriptions of other files available] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [Substitute PUBLCATN RESOURCE for ECONOMIC STATS for a listing of alternative publications, including those mentioned below] ****************************************************************** C o n t e n t s: Reverse Robin-Hood, part 1: Redistribution of Wealth. --> Widening of the gap between the rich and poor under Reagan/Bush; before and after tax. --> Richest 1% doubles its income relative bottom 40% ; --> Middle-class share of income lowest since WWII : Reverse Robin-Hood, part 2: Regressive Taxation. --> Both Congressional Budget Office and Citizens for Tax Justice find: most Americans pay *more* taxes than pre-Reagan/Bush; Reagan's rhetoric notwithstanding; the rich, however, often pay less; Who shoulders burden of excise tax? Capital Gains Tax Cuts? --> (I) Who Benefits? --> (II) Increased "rewards" for the rich: --> (III) Who Benefits? Addendum: Class-Conflict of Interest Appendix: More Legislative Smoke and Mirrors ****************************************************************** ****************************************************************** Reverse Robin-Hood, part 1: Redistribution of Wealth. ****************************************************************** Widening of the gap between the rich and poor under Reagan/Bush: ================================================================== Figures of Average before-tax income: 1980 1990, projected: Richest 5%: $142,306 $206,162 (some 33% more) Poorest 10%: $5,134 $4,695 (some 10% less) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - National income: percent of total after-tax income for: 1980: 1990: Richest 5%: 19.6% 25% Poorest 20%: 5.4% 4.3% [From: In These Times, Oct 10-16, 1990] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - "Under Reagan/Bush, the income share of the Poorest fifth of American households: fell to 3.8%, the lowest since the 1950's; Richest fifth of American households: rose to 46.3%, the highest ever" [From: The Nation, week of April 2, 1990; "Passing On the Legacy of Shame," by Mark Green and Ralph Nader] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Richest 1% doubles its income relative bottom 40% ; Middle-class share of income lowest since WWII : ================================================= The gap between rich and poor widened so much in the 1980s that the richest 1 percent receive nearly as much of Americans' total income after taxes as the bottom 40 percent, a liberal (*) research group said Monday. [(*): "The Center on Budget and Policy Priorities is a non-profit research organization that specializes in issues affecting the poor", the article later says] The bottom 40% will receive 14.2% of total after-tax income received by all groups in 1990, while the top 1% will receive 12.6%, the Center on Budget and Policy Priorities said. "This marks a sharp change from 1980, when the top 1 percent received half as much after-tax income as the bottom 40 percent," according to the report, which was based on an analysis of the congressional Budget Office data on income and taxes. "The share of income going to those Americans in the middle of the income scale is lower than at any time since the end of World War II...The report also said the richest 2.5 million people have nearly as much total income as the 100 million Americans with the lowest incomes... [From: "Study Of Income Gap Finds Rich Get Richer," Chicago Tribune, July 24, 1990, p.5] ****************************************************************** Reverse Robin-Hood, part 2: Regressive Taxation. ****************************************************************** Study: 90% Pay More due to Tax Changes -------------------------------------- "WASHINGTON-- 90% of American families pay more in federal taxes now than they would if the tax laws existing in 1977 had been left in place, Citizens for Tax Justice reported Thursday. But the very rich, as a result of tax-law changes over the last 13 years, are paying up to 36 percent less than they would have, the group said. The results are similar to finding reported two weeks ago by the Congressional Budget Office. Several congressional Democrats cited the report as additional proof of their contention that the Reagan and Bush administrations pushed changes in the tax law that reward the rich and penalize everyone else." [From: Chicago Tribune, 3/9/90 p.12. While our Free Press reports "Read My Lips" etc as front-page material, this little fact, affecting only 90% of their readers, was reported by the Tribune in the tiny note I've just reproduced, near the bottom of page 12.] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - "It is estimated that [the excise taxes in Bush's plan some 2 weeks prior] will annually cost those with incomes in the $20,000-$30,000 range... an additional 3% of their income; $30,000-$50,000 range... an additional 3.3% of their income; ...while those earning over $200,000 will pay only an additional 0.3%" [In These Times, Oct. 10-16, 1990] ****************************************************************** C a p i t a l G a i n s T a x e s ****************************************************************** (I) Who Benefits? Capitals gains as percent of income: ==================================== For richest 1% of Americans: 32% For all but the top 10%: 1% [From: In These Times, Oct 17-23, 1990] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (II) Increased "rewards" for the rich: The richest one percent of all Americans had an average income from all sources of: 1980 1990 ===== ==== $313,206 $558,969 (An increase in income of 78%) of which: $83,000 $175,000 (26.5 %) (31.3%) (one fifth more) came from capital gains [From: In These Times (ITT), Oct 17-23, 1990] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The above statistics are significant as they stand, but turned out to be *adjusted for inflation*, which means for one thing that the 78% was a net increase in income: "the top 1% of the population will receive an expected average of more than $175,000 in capital gains income in 1990, up $92,000 from what they received in 1980 AFTER ADJUSTING FOR INFLATION... by contrast, those in the BOTTOM 90 PERCENT are projected to receive an average capital gains income of $299 in 1990, up just $12 over the period." [Emphasis added. From: "Study of Income Gap Finds Rich Get Richer", Chicago Tribune, July 24, 1990, p.5. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (III) Who Benefits? Addendum: Class-Conflict of Interest "Under Bush's proposed capital-gains tax, *66%* of the benefits would flow to the top *1%* of all taxpayers (including himself); "Bush personally saved $303,516 in federal income taxes between 1980 and 1986 by using the old capital gains tax break." [Source: Citizens for Tax Justice] [Emphasis added. From: The Nation, week of April 2, 1990; "Passing On the Legacy of Shame," By Mark Green and Ralph Nader] ################################################################## More Legislative Smoke and Mirrors: In the bipartisan budget package, the tax hikes (including the "luxury taxes" on boats, expensive jewelry, etc) for Americans with incomes of $20,000 to $30,000 would be nearly TWICE that for those in the $200,000 plus bracket, according to the joint Tax Committee of Congress; [From: The Nation, Oct 22, 1990] ################################################################## ############################################################### # Harel Barzilai for Activists Mailing List (AML) # ################################################################ { For more info about ACTIV-L or PeaceNet's brochure send } { inquiries to harel@dartmouth.edu / mathrich@umcvmb.bitnet } To join AML, just send the 1-line message "SUB ACTIV-L " to: LISTSERV@UMCVMB.BITNET; you should receive a confirmation message within 2 days. Alternate address: LISTSERV@UMCVMB.MISSOURI.EDU Qs/problems: Rich Winkel, MATHRICH@UMCVMB.["MISSOURI.EDU" or "BITNET"]