Robin Hood in Reverse in the
US : Seven Examples
Thursday 7 April 2011
The Blackstone Hotel,
The rich have been getting richer and the poor and the middle class have been getting poorer in the
Between 1948 and 1979, the richest 10 percent of families in the
Business taxes were cut from 46 to 34 percent 25 years ago, according to ProPublica. But today, 115 of the big 500 companies listed on Standard and Poor's stock index paid federal and other taxes of less than 20 percent over the last five years, according to David Leonhardt of The New York Times.
General Electric's tax rate for last year was seven percent, according to ProPublica.
The top five percent of US households claim 63 percent of the entire country's wealth. The bottom 80 percent hold just 13 percent of the growth, according to the Economic Policy Institute.
Last year, John Paulson, a hedge fund manager "earned" $4.9 billion, according to The New York Times. Ten years ago, it took 25 such managers to collectively earn that much. Last year, the top 25 hedge fund managers pocketed (a much better word) a total of $22 billion. It would take over 440,000 people each earning $50,000 a year to match that amount.
A federal development program intended to help poor communities, the New Market Tax Credit, instead funnels up to ten billion taxpayer dollars to big corporations like JPMorgan Chase & Co, Goldman Sachs and Prudential to build luxury hotels, office buildings and a car museum. Bloomberg Markets Magazine pointed to the Blackstone Hotel in Chicago, which was renovated for $116 million. Prudential got $15.6 million in tax credit from the
According to the Financial Times, there are now more people living in poverty in the
Bill Quigley is legal director at the Center for Constitutional Rights and a law professor at Loyola University New Orleans. He is a Katrina survivor and has been active in human rights in
Donations can be sent to the
"The master class has always declared the wars; the subject class has always fought the battles. The master class has had all to gain and nothing to lose, while the subject class has had nothing to gain and everything to lose--especially their lives." Eugene Victor Debs