Our Plutocracy: A Sobering New Portrait

[marmar]

from Too Much: A Commentary on Excess and Inequality:



Our Plutocracy: A Sobering New Portrait
February 20, 2010

Never before, suggests a new look at America’s highest 400 incomes from the IRS, have so few made so much at the expense of so many.

By Sam Pizzigati


The IRS has released, with not a trace of fanfare, the latest figures on America’s 400 highest incomes. A shame. These new IRS figures deserve fanfare, at least a trumpet blast or two. Our top 400, the new numbers show, have moved into an exalted realm. They now rank among the greatest plunderers of all time.

Vandals and Huns, move over. Conquistadors, make room. You all have met your match — in the kingpins of high finance, hedge funds, and Silicon Valley who sit at the tippy top of 21st century America’s economic summit.

In 2007, the new IRS data show, the top 400 tax returns filed in the United States reported, on average, an incredible $344.8 million each in income.

Need some help placing this sum in perspective? How about a little history? The $344.8 million average the top 400 reported in 2007 — the year before the economy crashed — represents more than five times the average income of 1992’s top 400, and that’s after taking inflation into account. ...........(more)

The complete piece is at: http://toomuchonline.org/our-plutocracy-a-compelling-new-portrait/

[Turbineguy]

1. Thanks for posting.

I just fwd it to my Teabagger Brother-in-Law.

It's probably hopeless, but I did it anyway.

[FailureToCommunicate]

2. Good thing they're all paying their fair share of taxes!

Not.
Oh, and creating tons of jobs.

[DisgustedInMN]

3. Pitchforks, anyone?

:evilgrin:

[marmar]

4. Only if you bring the torches.....

[DisgustedInMN]

5. I'll try..

.. but I'll need to find someone to "donate" them....

... I got no money.

:shrug:

[Overseas]

6. K&R. That's why I expected my 21st Century Green FDR.

The campaign slogan update from Bill's "It's the Economy, Stupid!" could have been "It's the Plutocracy, Stupid!"

Bipartisan also means including Democratic ideals-- a more balanced economy.

[bergie321]

7. The trickle

Is coming....
Any day now....
I can practically feel it....

[colsohlibgal]

8. Great Site!

The ultra rich and rich get richer as the rest of us scramble for the crumbs. I wish many more people understood the truth about the big picture.

[bertman]

9. But they worked so hard for it. Why should ANYONE begrudge them their reward?

Do I need the sarcasm thingy?

[pscot]

10. The President didn't use it

I guess it's understood.

[DRex]

11. K&R. Let's see these top 400 put their millions to use....

trying to find a way to fit a camel through the eye of a needle.

I'm not a christian, but it is sinful to acquire so much when so many have nothing.