We received this informative infographic from our friend Jaelynn Ficarra at the Finance Degree Center. They have put together a great graphic highlighting Americans’ perceptions of inequality versus the startling reality of the Unites States’s wealth disparities. With inequality issues like this we need tax justice now!
Check out the graphic after the break.
The Finance Degree Center is dedicated to educating the public about finance and issues surrounding the financial industry in America.
Opportunity in America: It’s shrinking
Except for the few
[% wealth held by percentile] ((http://www.fas.org/sgp/crs/misc/RL33433.pdf))
Lowest 60% of earners are making < the wealthiest 400 Americans:
$1.22 trillion vs. $1.27 trillion ((http://www.politifact.com/wisconsin/statements/2011/mar/10/michael-moore/michael-moore-says-400-americans-have-more-wealth-/))
To put that in context: The average wealth of one of the 400 richest Americans is equal to the average wealth of 510,000 people in the bottom 60%
With the 1%’s wealth much more tied to the real estate, stock market
Note: The SNAP (food stamp) budget of $78 billion is less than the investing budget of 20 wealthy Americans ((http://www.alternet.org/economy/4-creeping-ways-capitalism-killing-us))
CEO vs. Worker inequality
The Average CEO makes 354 times what the average worker makes ((http://www.aflcio.org/Corporate-Watch/CEO-Pay-and-You))
[year: ratio between worker/CEO earnings]
Differences in expendable income are staggering
The average nationwide 1 adult living wage is $19546.17. Here’s how that breaks down per quintile:
With Strong Racial Correlates
The Average White household in 2007 had a net worth of $143,600
14 TIMES the average net worth of Hispanic or black households ((http://www.huffingtonpost.com/2013/06/12/inequality-us-_n_3421381.html))
Myth: rich Americans don’t pay their taxes
But at least the super rich pay their taxes.
With the top 400 earners paying $16 billion in taxes. ((http://www.cnbc.com/id/47704712))
But that doesn’t help the 21.4% of children who grow up in poverty. ((http://www.huffingtonpost.com/2013/06/12/inequality-us-_n_3421381.html))
Without greater income equality democratic ideals are a sham.