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Top 10% rich Americans, Get 10% Richer

sobek Sep 24, 2003 05:55 PM

Why is htis not more of an Issue?

Richest Americans Get Even Richer - Fortunes of America's richest up 10% in year
September 18, 2003

By Theresa Agovino, AP

New York, New York - The economy is improving for the super rich. After two years of declines, the total net worth of America's richest people rose 10 percent to $955 billion this year from 2002, according to Forbes magazine's annual ranking of the nation's 400 wealthiest individuals.

Replies (10)

SnakeFeller Sep 24, 2003 06:14 PM

Sobek obviously has a huge problem with capitalism. Wealthy (successful) people obviously annoy him. You poor little crybaby! Maybe socialism or communism would be more suitable for the crybaby. Are you from a socialist country creepo? How about revealing where your sorry a$$ was imported from?

Snake Feller

ScottishCLK Sep 24, 2003 06:34 PM

How does this affect you? Are you jealous? Do you resent successful people? Just curious.

sobek Sep 24, 2003 07:10 PM

I was trying to show that there are people here in the U.S. in great need of help. Why dont they get the tax cuts the rich do? Why do we have a $400billion deficit? Yet bush wants another $28billion for his war? Why is it so hard to take care of the people who make the rich people rich?

Please only thoes with real input reply. The name calling is gettin old.

ScottishCLK Sep 24, 2003 07:37 PM

Funny, I didn't see the part in your first post where you implied that you were concerned with people who need help. I saw your post as another feeble attempt to take a stab at our government. I have to wonder why you would stay in a country that you have so much animosity toward. In any case, people who are successful are not obligated to spend their money the way you want them to. Who are the people you speak of who make the rich people rich, lol? Why aren't they making me rich? Why aren't they making you rich? Could it be that there are actually people who make themselves rich? That is an outrage, LOL!

Sobek Sep 24, 2003 07:45 PM

Again insted of RANTIng, How about you try reading the post. I asked why was this not more of an Issue?

Sobek Sep 24, 2003 07:46 PM

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).

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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).

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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).

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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.

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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%.

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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

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SnakeFeller Sep 24, 2003 08:00 PM

Boo Hoo! Why don't you go have yourself a good cry over how Bush and his evil regime, and the rich have done to poor little you! Your impressive stats tell me only one thing. It's time for you to get the hell out of our country! Don't let the door hit you in the a$$!

Snake Feller

PS Are your initials F.A.?

sobek Sep 24, 2003 09:07 PM

The comment I was waiting for "If I dont like it, leave." Thats the most ASANINE thing you could have said! It is my RIGHT as a American to question my leaders actions. It is my right as an American to voice my opinion. Its my right as an AMERICAN to want anwsers, insted of Lies. Well Smacktard Your very comment is UN-AMERICAN. If the people who founded this great country, went by your OUT RIGHT STUPID RULES. We would all still be subjects of the crown. "No offense to thoes still under it" You will understand all this when you cover American history in school. Till then PISS OFF, and GROW UP!

ScottishCLK Sep 24, 2003 07:59 PM

Okay. I don't care because I work hard for a living and make decent money. I am not wealthy. I am however happy. Getting rich doesn't consume my life. Nor does woryying about other people's(rich people) business. I enjoy what I do and enjoy working hard as I find it rewarding and it keeps me in good shape. Now that I've answered your question civily and honestly, how about answering my questions to you on this topic? I won't hold my breath!

SnakeFeller Sep 24, 2003 07:48 PM

Go ahead and ignore the issue of national security. Creeps like you take National Security for granted while you criticize the people (Bush) who protect you. Get off your lazy a$$ and get a job if you have a problem with other people (the rich) making more money than you. And, by the way, what the hell have you offered as a solution to the crises we faced on 9/11? But of course you have no interest in solutions, just criticisms. Why don't you leave this country since it seems to be such a mess to you? No one will miss ya!

Snake Feller

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