Browsing articles tagged with " inequality"
Oct 18, 2015
boyce
Comments Off on Why tax the ultra-wealthy?

Why tax the ultra-wealthy?

Interesting numbers from the New York Times:

The top 1 percent includes about 1.13 million households earning an average income of $2.1 million.

Raising their total tax burden to, say, 40 percent would generate about $157 billion in revenue the first year. Increasing it to 45 percent brings in a whopping $276 billion. Even taking account of state and local taxes, the average household in this group would still take home at least $1 million a year.

If the tax increase were limited to just the 115,000 households in the top 0.1 percent, with an average income of $9.4 million, a 40 percent tax rate would produce $55 billion in extra revenue in its first year.

That would more than cover, for example, the estimated $47 billion cost of eliminating undergraduate tuition at all the country’s four-year public colleges and universities, as Senator Bernie Sanders has proposed, or Mrs. Clinton’s cheaper plan for a debt-free college degree, with money left over to help fund universal prekindergarten.

Read more here.

Sep 7, 2015
boyce
Comments Off on Labor Day – or Assets Day?

Labor Day – or Assets Day?

Econ4’s Doug Smith writes for Naked Capitalism on the hypocrisy of celebrating Labor Day while screwing workers:

You, my friends, are truly champion asset creators! Your long-suffering self-denial of working for crap wages contributes to massive corporate profits that executives tap to buy-back company stock in order to keep those asset values high. Your low-to-no wages give you as consumers the God-given freedom to borrow and, thereby, fund securitized assets. And, when those asset values get threatened, your taxes come to the rescue through bailouts and mumbo jumbo (“quantitative easing”).

Read his piece here.

Aug 18, 2015
boyce
Comments Off on Value creation v. value extraction

Value creation v. value extraction

Bill Lazonick writes in the Harvard Business Review:

The debate over how to reverse ever-increasing income inequality has moved front and center in the Democratic presidential campaign. In speeches on July 13 and July 24, front-runner Hillary Clinton first outlined and then elaborated upon her policy agenda for combating what she calls “quarterly capitalism.” In emphasizing the need for value-creating business investment in an economy in which value-extracting financial interests are driving corporate resource-allocation decisions, the Clinton economic reform package is novel and refreshing for a Democratic presidential contender….

But perhaps the most elegant solution is one Clinton has not yet advocated: simply banning corporations from making open-market repurchases of their shares.

Read Lazonick’s piece here. See Econ4’s Jerry Epstein take on this issue here.

Jul 11, 2015
boyce
Comments Off on It’s Our Economy

It’s Our Economy

The “It’s Our Economy” project works for economic democracy:

It’s Our Economy is dedicated to changing the dynamic of the current economy designed for the wealthiest to an economy built on principles of equity, cooperation, and sustainability. An economy that puts people and the planet before profits would reduce the wealth divide while giving people more control over their economic lives. We believe that a more just, modern, and restorative economy would involve the people in economic decision-making in both their communities and the nation more broadly.

This basic idea is economic democracy.

Check out their website here.

Mar 5, 2015
boyce
Comments Off on Guaranteed income from common wealth

Guaranteed income from common wealth

Peter Barnes writes in Yes! magazine:

THERE’S LONG been a notion that, because money is a prerequisite for survival and security, everyone should be assured some income just for being alive.  The notion has been advanced by liberals such as James Tobin, John Kenneth Galbraith, and George McGovern, and by conser­vatives like Friedrich Hayek, Milton Friedman, and Richard Nixon.  It’s embedded in the board game Monopoly, in which all players get equal payments when they pass Go.  And yet, with one exception, Americans have been unable to agree on any plan that guarantees some income to everyone.  The reasons lie mostly in the stories that surround such income.  Is it welfare?  Is it redistribution?  Does it require higher taxes and bigger government?  Americans think dimly of all these things.

But then, there’s the exception.

Read all about it here.

Jan 18, 2015
boyce
Comments Off on Inequality.org

Inequality.org

A portal for people seeking information and analysis on economic inequality in the United States, with lots of data, news items and links:

http://inequality.org/

Jan 7, 2015
boyce
Comments Off on CEO Payday

CEO Payday

The numbers tell the story (source: Economic Policy Institute).

 

Dec 27, 2014
econ4org
Comments Off on Facing climate adaptation

Facing climate adaptation

Econ4’s James Boyce writes in the Los Angeles Times:

In the years ahead, climate change will confront the world with hard choices: whether to protect as many dollars as possible, or to protect as many people as we can.

 

Read more here.

Dec 15, 2014
boyce
Comments Off on Let them eat toxic waste?

Let them eat toxic waste?

A video made by UMass-Amherst students compares wealth-based to rights-based principles for allocating environmental quality:

Dec 2, 2014
boyce
Comments Off on Global wealth: who has how much?

Global wealth: who has how much?

The latest edition of the 2014 Global Wealth Report from Credit Suisse sheds light on the distribution of assets worldwide:

Source: http://savvyroo.com/chart-1365549786238-our-unequal-globes-billions-and-trillions

Read more here.