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However, such comparisons are facile. Ignored is the fact that low income taxpayers, in addition to transfer payments, currently receive two credits, the earned income credit and the child tax credit, that increase their take home income. Further, increasing the minimum wage will help only part of the lower and middle classes, and would surely increase unemployment above the currently high 8.4 percent.
Recent data from other sources provides confirmation. Census Bureau estimated that 2012 median income, adjusted for inflation, was approximately $5,000 less than 1999. Statistics extracted from IRS figures, updated for 2012 data recently by Emmanuel Saez, an economist at the University of California, Berkeley, showed that the top 1 percent of American taxpayers took more than 19 percent of household income.
Fraud in the EIC has also continued to be a problem. Still, increasing the EIC will lift more people out of poverty, provide a lift to lower middle income taxpayers as well, and keep more people employed.
income inequality is getting worse
Increasing the AGI Fendi Travel Bag Replica
percentiles had 10 percent as much income as the 90 100 percentiles. By 2010 they had only 8 percent as much income.
Many commentators would like to increase the minimum wage. Indeed, the minimum wage has lagged inflation (adjusted for inflation, the minimum wage in 1965 of $1.25 per hour would now Fendi Karlito Iphone Case
Increasing the maximum credit by, say 50 percent (slightly over $3,000 for three qualifying children) would, for a full time worker making the minimum wage, be equivalent to a pay raise of $1.50 per hour. Table 3 shows the effect of my proposal to increase the EIC for taxpayers of various income levels.
Likely, a modest increase in the minimum wage, tied to some combination of inflation and gross domestic product measures would not significantly impair employment in low skilled jobs.
The additional revenue expenditures (cost to the Treasury) would not be cheap: My estimate would be around $14 billion of additional expenditure on the EIC. One operational difficulty present in the current EIC is that at the point at which the credit begins to phase out, middle income workers can experience high marginal tax rates.
So back to the original premise, that there is a way to help mitigate income inequality.
And the burden of achieving more income for the lower and middle classes is then born, not by other low and middle income workers, shut out of the job market by a wage level that is higher than their productivity, but instead by the tax paying public.
need to be about $8.80 instead of the current $7.25).
However, a better strategy would be to increase the earned income credit (EIC). Both the amount and the phase out levels of the EIC depend on how many qualifying children the taxpayer has.
The hope that a vigorous rebound in the economy would help mitigate this trend seems to be fading. The modest growth of 204,000 jobs in October, which followed only 148,000 jobs gained in September, was sobering enough. A robust recovery would require close to 300,000 jobs being created each month.
hat income inequality is getting worse was apparent long before the recession of 2008 2009 and our creakingly slow recovery. is Getting Worse," 2006; "Dividends Going More and More to High Income Groups," 2007).
Except for the brief reversal in 2004, the top 10 percent of families by income continue to increase their share of net worth. One might have speculated that the rapid increases in housing prices in the years leading up to 2007 might have mitigated the trend (middle and lower income families tend to have more of their net worth in the form of housing). However, the bull market of 2007 placed even more of the nation's wealth in the top 10 percent of families. And although the stock market only partially recovered by 2010, housing prices had barely begun to recover.
Income inequality continues to worsen. A table from my 2006 article in the Register, updated in Table 1 (on page 4OP) to reflect 2007 and 2010 data, shows the trend.
As was Fendi Wallet Ebay noted in the earlier article, the lowest income class is buttressed somewhat by the earned income credit, food stamps and other transfer payments. However, the lower middle and middle income classes (20 40th percentile and 40 60th percentile) suffered significant slippage from 1995 to 2007.
The latest data on net worth reported by the Federal Reserve show that total net worth of households in the first quarter of 2013 finally exceeded the previous high in 2007 of $68.1 trillion. This increase mainly resulted from $1.5 trillion in gains from stocks and mutual funds as well as $784 billion from rising house prices. families.
Data for the April June quarter of 2013 was also not encouraging. The Labor Department reported that about half of the jobs created in that quarter were in retail trade and food service, relatively low paying jobs. According to Labor Department data analyzed by USA Today, part time work in that quarter increased by 791,000 jobs. Meanwhile the increase in full time jobs amounted to only 187,000.
In the earlier article, I also looked at distributions of net worth, as shown in Table 2. that is held by each of the income classes.
While there was a modest reversal in 2010, this was not due to the working classes gaining more income. As one would expect, the average income of all classes hammered by the 2008 2009 recession dropped. The recession of 2008 2009 caused a sharp drop in bonuses and capital gains received by families in the 90th percentile.
However, the trend of worsening income inequality has picked up again, as gains in the stock market and the resumption of large executive bonuses show up in the data.
phaseout level to $70,000 would aid people in the lower middle and middle income percentiles. Jobs are preserved and income inequality is lessened.
In 2013, the maximum credit (for three or more qualifying children) is $6,044 and for joint returns the credit phases out at the rate of slightly over 21 percent, getting down to zero when earned income or AGI reaches $51,567.
For example, in 1995 families with income in the 20 40 Fendi Peekaboo Bag Yellow
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