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Richest 1 Percent of Americans Earns Biggest Share Since 1920s

September 11, 2013

WASHINGTON — The gulf between the richest 1 percent and the rest of America is the widest it’s been since the Roaring Twenties....

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(30)

Ragnar

Sep-11-13 6:23 AM

"WE need to decide if, as a society, this gap is acceptable..." if you are well to do, start hiding your money in the Caymans or renounce your citizenship altogether. The Marxists are coming for your neck.

I am so frustrated at the whining of lazy, spoiled Americans who feel that a person with more money somehow stole it from the middle class, workers, the poor, etc. Maybe if the rich person is a member of Congress...yeah, I'll buy that. But this NR article has several fallacies...

First, the rich, middle class and poor are not permanent classes. People, and their incomes, are fluid, constantly moving back and forth.

Second, the gap is greater because workforce participation is at an all-time low, partly thanks to Obama's policies.

Third, the so-called "elite" in the top 1% only have to have an AGI of about $355,000, which means that many doctors, lawyers, funeral directors, dentists, local bank executives, etc. are considered wealthy.

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Ragnar

Sep-11-13 6:34 AM

Fourth, who creates the jobs? How many poor people create jobs for other poor people?

Fifth, what about the income taxes paid? If labor participation is so low (and it is) then millions of Americans are paying no taxes. Let's look at the reality.

As a share of the TOTAL tax burden, the top 1% paid 30.2% last year.

The bottom 20% paid NEGATIVE 0.4%.

The top 20% (with an avg. income of $204,490) pays 71.8% of the total tax burden.

So, tens of millions of Americans pay no taxes at all and tens of millions more actually get money back and also contribute nothing!!!

You Marxists make me sick. Go back under your rock and indulge in the scent of your unwashed bottom.

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dyingov

Sep-11-13 7:42 AM

ragnar, Interestingly doctors, lawyers, funeral directors and dentists receive the majority of compensation from some form of insurance proceeds!

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daWraith

Sep-11-13 7:42 AM

Thanks Opie. Bailing out WallStreet greedy banks and insurance companies sure helped the 1% from losses of hundreds of billions of dollars. They were transferred to the middle class America as an extra $240,000 debt per every one of them.

The stock market is smoking thanks to the $85 BILLION of middle class Americans taxes you STEAL every month and PUMP INTO IT.

All to benefit the 1 percenters.

No wonder middle class American's income has gone down almost $5000 in 56 months of Nobama while the Rich have gotten Richer.

We (heart) Obama!! Da1%

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Triton

Sep-11-13 8:15 AM

People who own or deveop the largest corporations in the world get paid a lot of money for that. Is that a surprise? Its currently popular to worry about what those people make and them compare them to the wages of people who work in blue collar jobs. Why is that? Could it be we are being led around by the lips by people who really don't care much for any of us. You know if you are working in McDonalds, we can find someone who makes nothing and call you a pig. Are you paying your life away on a house? Well you pig there are homeless people how can live with yourself. The rich guy rant is something some political sheep herders came up with and we eat it like sheep at the trough. I work for wages, I don't create jobs, or a product. People who have money and invest it make money by investing it and that creates jobs. Being convinced we should hate people for what they have is really pretty stupid. What do you have? Can we examine that, and see if you deserve it?

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Gooseman

Sep-11-13 8:15 AM

Darn socialist, marxist, communist in the White House.

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idliketoknow

Sep-11-13 8:33 AM

Instead of working hard toward being a 1%'er, America has shifted to ******* and moaning about how unfair the world is and how they deserve more money for breathing air. Do everyone a favor and remove yourself from the gene pool.

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dyingov

Sep-11-13 8:52 AM

Maybe we could evaluate someone (McDonalds CEO for instance) and see what they do that commands 13+ million dollars in compensation. $57,000 dollars per day in compensation, surely the results are from a genius in business!

I always find it interesting that many CEO types also sit on multiple board of directors for other companies! Do they have time to concern themselves with the operations of multiple companies! When do they have time to golf?

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dyingov

Sep-11-13 8:58 AM

I guess he's no genius......

"After years of outperforming its rivals, McDonald's has struggled recently amid intensifying competition at home and a persistently weak economy abroad. In October 2012, the company reported its first monthly sales decline since March 2003. In a recent conference call with analysts, Thompson said the company would return its focus on its Dollar Menu after efforts to shift customers to a slightly more expensive "Extra Value Menu" fell flat."

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dyingov

Sep-11-13 9:27 AM

Running such a huge company and you have time to do all that?

"Thompson is President and Chief Executive Officer of McDonald's Corporation, the world's largest foodservice company that serves nearly 68 million customers every day in 119 countries and employs more than 1.7 million people across the globe."

"A leader in the business community, Thompson serves on the board of directors for the McDonald's Corporation, Ronald McDonald House Charities, the Exelon Corporation, Northwestern Memorial Hospital and Purdue University. Thompson also serves as a member of Civic Committee of the Commercial Club, The Economic Club, World Business Chicago and the Brazier Foundation."

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mikeyd

Sep-11-13 9:30 AM

if the guy from McDonalds was any good he could surely come up with a burger that taste like beef.getting rich from selling crap is what this country has become.what's in the chinese hamburgers?

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wvhoopie2

Sep-11-13 11:44 AM

If 1% income keeps goes up and the !% make up the politicians that control the country . I guess then you would say the other 99% are the workers or slaves toiling for the kingdom of the ruling class or Wall Street. Notice the greatest growth was when everyone was sharing the pie. Another great AP article.

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wvhoopie2

Sep-11-13 12:16 PM

If the top 1% income keeps going up and the !% make up the politicians and business that control the country I guess then you would say the other 99% are the workers or slaves toiling for the kingdom of the ruling class or Wall Street. The greatest growth was when everyone was sharing the pie. Another great AP article.

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Hefner

Sep-11-13 12:26 PM

I only read the headline. Be reminded that it takes money to make money. Many of the rich today are only paper rich relying on a very volatile stock market as their claim to fame. Again, the stock market is an indicator of nothing. The economy is in shambles and unless the banks lighten up and start lending to some GOOD business start-ups or expanding businesses, things are only going to get worse.

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dyingov

Sep-11-13 12:36 PM

The story talks about income not wealth....

"The top 1 percent of American households had pretax income above $394,000 last year. The top 10 percent had income exceeding $114,000."

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caltransplant

Sep-11-13 12:39 PM

Ragnar, although I have not been authorized to do so, on behalf of all American "Marxists", allow me to extend the same invitation to you. BTW, although I disagree with your logic, you aren't worth the time I would waste debating you.

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daWraith

Sep-11-13 12:44 PM

Come on, Dying

1) Thompson just became CEO recently

2) his compensation is barely 0.04% of the company's Gross Sales.

If the CEO of the UNITED WAY, a non-profit charity with mostly volunteer labor gets $1 million salary, isn't the CEO of a $27 BILLION for-profit company worth $13 mil??

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caltransplant

Sep-11-13 12:47 PM

Hefner, the economy is NOT in shambles, except in your demented mind. The only thing wrong with it results from the continued conc entration of wealth in the hands of a few, and the vulgar and ungodly pursuit of and obsession with wealth.

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daWraith

Sep-11-13 12:48 PM

cowtransplant, YOU would lose a debate with a Mime!

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daWraith

Sep-11-13 12:51 PM

Cowtransplant, the unemployment rate > 7% for 56 straight months, more jobs LOST than created, the smallest percentage of the labor force employed since the Carter disaster administration, black youth unemployment at historical 48% high, Middle class income declined almost $5000 in Obama's 56 months, ....

"Shambles" is being too nice.

I would call it a Udder Disaster!!

MOOOOOOooooooo!

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Hefner

Sep-11-13 12:54 PM

@dyinggov: Is income not an element of wealth? I miss your point. If you don't think that the CEO of a company can't make or break the company, just look how Obama's lack of leadership is ruining our country ( same principle). @ragnar: Very well stated.

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dyingov

Sep-11-13 1:27 PM

hefner, "Many of the rich today are only paper rich relying on a very volatile stock market as their claim to fame."

I was just pointing out that the article is about 1%er's income. Wealth and income are not the same thing.

You could have zero income and be extremely wealthy and you could have a large income and have zero wealth!

Wraith, How do these ceo's have time to concern themselves with other companies, universities, etc? Running a company with 1.7 million employees surely takes all of your "work" time?

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dyingov

Sep-11-13 2:05 PM

In other news:

Why do we allow these peeps to make such claims?

"There are checks at multiple levels," NSA Deputy Director John Inglis told Congress in July. "There are checks in terms of what an individual might be doing at any moment in time."

The same checks that protect Americans' personal data were also supposed to protect the NSA's information. Yet Snowden, a 29-year-old contractor, managed to walk out with flash drives full of the nation's most highly classified documents.

The NSA is still trying to figure out, in such a complex system, exactly how Snowden defeated those checks.

"I think we can say that they failed," Inglis said. "But we don't yet know where."

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sounder

Sep-11-13 2:55 PM

As if anyone or most of the residents of the Upper Ohio Valley ever had a first hand, personal view of what the sweet life can be like for that elusive 1% of the population which controls so much of the wealth in the U.S. At the moment, the mega yacht, M.V. "The Serene" is moored at Pier 90, all 440 feet, all $330 million dollars worth, flying the flag of the Cayman Islands, owned, wait--not by one of our 1% crowd but a very successful Russian with a world wide business headquartered in Riga, Latvia. The difference between the almost Gatsby like crowd of today versus those giddy days of the Roaring Twenties that were experienced by so few Americans? Wheeling in 1923 might have been getting to know their favorite bootlegger, Wheeling might have had full employment. Today the only full places in Wheeling are the lines going into Foodbanks or goverment offices looking for assistance. The real 1% of the super wealthy are far removed from the statistical averages of the American

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Ragnar

Sep-11-13 6:05 PM

So what is the solution, then? Pass a law limiting the amount of income one can make? Implement NFL like revenue sharing? Make the top tax rate 99%?

Tens of millions of Americans do not work and, yet, receive tens of billions in benefits.

Tens of millions more DO work and still end up getting money BACK (vs. how much they pay in).

Tens of millions MORE pay very little in income taxes.

If you want equality, here it is. Slash government spending. Whatever revenue comes in this year must equal expenditures for next year.

Next, deduct corporate tax revenues and come up with a total for income tax/FICA. Divide this number by the total number of Americans of working age. This number is X.

If you are paying less than X, you are a moocher and you send in the difference on April 15th.

If you are paying MORE than X, you get a refund.

This way, everyone pays an equal amount in taxes.

Deal?

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