Thursday, September 23, 2010
Hrm, how should I say this?
Well it seems Americans are just as ignorant about their own condition then ever. A new study shows that most American have no idea of the scale of economic inequality in this country. They thought the richest 20 percent of our society controlled about 59 percent of the wealth, while the real number is closer to 84 percent. The top 5% control well over 50% of the country's wealth in case you were wondering.
Which makes it even stranger that these elites are constantly complaining about all the horrible taxes they have to pay. These poor people in the top 5% really need those tax cuts to survive, honest! It is true they pay taxes out of proportion of their total income but wealth is much more important than income. The percentage of private income tax paid by the top 5% is in line with the percentage of wealth they own. It should also be noted that the bottom 20% effectively has zero or even negative wealth since it takes debt into account.
The good news is that most people polled favored some sort of more equitable distribution of wealth so maybe we'll some more support for letting the tax cuts for the expire.