With all the recent political and social controversy it is easy to become exactly what the mainstream wants- distracted. All the twitter fights aside the gap in wealth inequality continues to grow thanks to 45 and their tax cuts. During the last 10 years, the topic of wealth inequality has been widely debated and usually wildly misunderstood. With these tax cuts on the horizon, it is especially important for the 99 to know what they are dealing with. Clearly, the rich would like to stay rich for there are 250 millionaires in Congress running the show.
While the elite like to attribute poverty to laziness since 1979 American productivity has increased by 80%. In the same time frame, the white collars have continued to go blue. If income had grown in relation to productivity during this time, the current annual income would fall around $90k. Sadly, this is not the case as the average annual American income falls around just roughly $50k. As for the 1% who averages $700k annually, they make 14Xs more than the average American. What may really surprise you, however, is the .01% inside the 1%. These individuals earn an average annual income of $27 million dollars. That is 540Xs the average American. These individuals also only pay around 18% in personal income taxes.
Although the income gaps are disturbing inequality takes on a whole new meaning when we take a look at Net Worth. The average Jo’s net worth is around $56k, not terribly impressive considering that includes holdings & property. The 1% hang steady with an average net worth of $8.4 million. The most elite .01% average net worth can be put only one way, these 400 people control 43% of all the Wealth in America while the 4% under them control an additional 29%.
When we break these figures all down it clearly shows us that 72% of all the Wealth in the U.S. is held by out of touch elites with no clue of manual labor or day to day struggles of the working class. With movements like Occupy Wall Street and the growing information available, hopefully, we can continue to fight these tax cuts that will take the rates from 39.6% to 35% and ultimately cost the Feds over $2.4 trillion in revenue over the next 10 years alone.