The Top 0.1% Of The Nation Earn Half Of All Capital Gains

[FarLeftFist]

Capital gains are the key ingredient of income disparity in the US-- and the force behind the winner takes all mantra of our economic system. If you want even out earning power in the U.S, you have to raise the 15% capital gains tax.

Income and wealth disparities become even more absurd if we look at the top 0.1% of the nation's earners-- rather than the more common 1%. The top 0.1%-- about 315,000 individuals out of 315 million-- are making about half of all capital gains on the sale of shares or property after 1 year; and these capital gains make up 60% of the income made by the Forbes 400.

It's crystal clear that the Bush tax reduction on capital gains and dividend income in 2003 was the cutting edge policy that has created the immense increase in net worth of corporate executives, Wall St. professionals and other entrepreneurs.

The reduction in the tax from 20% to 15% continued the step-by-step tradition of cutting this tax to create more wealth. It had first been reduced from 35% in 1978 at a time of stock market and economic stagnation to 28% . Again 1981, at the start of the Reagan era, it was reduced again to 20%-- raised back to 28% in 1987, on the eve of the October 19th 232% crash in the market.

More at link: http://news.yahoo.com/top-0-1-nation-earn-half-capital-gains-172647859.html

[valerief]

1. That's because they work so hard and deserve it.

:sarcasm:

[The Magistrate]

2. Indeed, Sir: This Is the Core Of The Problem Of Maldistribution Of Wealth Here

[Octafish]

8. Exactly, Sir.

Making money simply by having it is so easy an AIG Neanderthal can do it, unfortunately for the rest of the population.

[NYC_SKP]

3. Apparently, "Wealth Redistribution" is only a bad thing when it helps a lot of people in need.

If it serves just the top 1/1000th then it's something good.

:puke:

[Yo_Mama_Been_Loggin]

4. Yep

:thumbsup:

[sixmile]

5. That stat needs to be a meme

Put it on everybody's lips.

Capital gains tax, indeed.

[dkf]

6. I'm beginning to think it was part of a larger plan to turn all the world's workers into labor for

The US.

It makes sense that if the higher ups wanted to dominate the world economy that they needed to raise the capital to do so.

Meanwhile they decided to pacify the populace with a housing bubble that provided jobs and appreciation in the main investment normal Americans have...their homes.

But what made things really bad is that when some saw this investment increasing they couldn't resist leaving it to grow and used it by taking out their home equity.

[PETRUS]

7. K&R