Now, 10% own 80% of the nation's property -- and 13,000 of its richest families have net worth equal to the 20 million poorest families.
The richest 1% of Americans own 37% of the wealth -- more than the poorest 90%.
The richest 1% paid a third of the nation's taxes but had 19% of the taxable income (in 1999).
--------------------------------------------------------------------------------
Over its course, the 2001 tax cut will give almost 40 percent of the cut to the richest 1%. The Bush-proposed added tax breaks of 2003 will similarly benefit the rich (savings for those with income under $10,000 will be $5, with 8 million low-income taxpayers not receiveing anything and another 6.5 million low-income taxpayers not receiving a $400 child-care tax credit -- excluding 12 million children).
For those with incomes over $1 million, tax savings will be $88,873; Pres. Bush himself will likely save about $44,500, VP Cheney, $327,000.
Tax burden for the richest 1% increased by 48% between 1979 and 1997 -- but their income grew 157% (to an average of $677,900 -- up from $263,700 in 1979).
--------------------------------------------------------------------------------
Congressional Budget Office statistics show that, adjusted for inflation, income of American families in the middle rose from $41,900 in 1979 to $45,100 in 1997 (a 9% increase) while the income of families in the top 1% of income rose from $420,200 in 1979 to $1.016 million in 1997 (a 140% increase).
That means that in 1979, the richest 1% of families made 10 times that of the average family but by 1997 were making 23 times the amount (and the rate is still growing).
--------------------------------------------------------------------------------
Now, the nation's 10 highest paid CEOs make $154 million a year as opposed to the $3.5 million made by the top 10 in 1981.
The average CEO of a major corporation makes $13.1 million a year in compensation (about $36,000 a day).
In 1974, the average CEO made 34 times as much as a production or non-supervisor worker.
In 1980, the average CEO made 45 times the pay.
In 1990, it was 96 times as much.
In 2000, it was 458 times as much.
--------------------------------------------------------------------------------
Worker pay in the year 2000 was lower, inflation-adjusted, than in 1980 while CEO pay was 10 times higher (workers averaged $28,900 in 1980 and $28,597 -- inflation-adjusted in 2000)
CEOs averaged $1.3 million in 1980 (in year 2000 dollars) and $13.1 million in 2000.
The 2001 income tax booklet shows that half the federal income for Fiscal Year 2000 came from personal income tax. Corporations provided just 10%.
--------------------------------------------------------------------------------
Since January 2001 --
$2 trillion has been transferred from Social Security taxes to the non-Social budget.
1.3 million more Americans are below the poverty line
1.4 million more people are without health insurance
2 million jobs have been lost in the private sector
The budget surplus of $5.6 trillion has becme a deficit of $400 billion
Economic growth has been 1%, the lowest of any presidency in 50 years
Value of stocks held by Americans dropped $4.5 trillion, equal to a 30 percent drop in the value of IRAs and 401(k) plans
--------------------------------------------------------------------------------