The Income Gap, Unemployment and Tax Rates

Banking crisis Housing bubble peaks Global Financial Crisis Financial Services Modernization Act of 1999 deregulates banking, insurance, stock trading (undoes Glass-Steagall) 1 vs 99 t TOP 1% 2008 AVG: THE INCOME GAP 1990-91 recession $1,137,684 (in 2008 $, including cashed-in capital gains) ... .. 1M 1979-2007: SEL The top 1% saw 324% growth in pre-tax income; the bottom 99% crisis 8o0k Deregulation of S&Ls Glass-Steagall Act mandates separation between commercial & investment banks Wall Street Crash of 1929 6ook saw 117%. Great Depression 400K 200K BOTTOM 2008 AVG: $46,582 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 20% UNEMPLOYMENT ..... . ........ 10% ... ...... TOP MARGINAL INCOME TAX RATES* 1979-2007: Number of tax brackets: 33 Top bracket:$5,000,000+3 100% Top personal Number of tax brackets: 53 Top bracket: $1,000,000+! (paid by only one taxpayer, John D. Rockerfeller, Jr.) Number of tax brackets: 16 Top bracket: $215,400+4 income tax 80% rates fell from 70% to 35% personal Number of tax brackets: 5 Top bracket: 60% $90,000+5 Number of tax brackets: 23 Top bracket: $i00,000+? * When people ask what your tax bracket is, they're really asking for your marginal tax rate. That is, the percent at which the highest portion of your corporate ..... ... ..."..... .. . · 40% 20% income is taxed. In 2011, marginal rates for married filing jointly were: 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 Rate but not over over 10.0% $0 $17,000 15.0% $17,000 $69,000 25.0% 28.0% $139,350 33.0% $212,300 35.0% $379,150 $69,000 $139,350 $212,300 $379,150 "U.S. income gaps shrunk significantly after the Great Depression with the New Deal policies of stringent regulations and progressive taxation.. and widened significantly after the Reagan revolution that undid those regulations and progressive taxation." -Emmanuel Saez, Professor of Economics, University of California, Berkeley NOVEMBER 6TH Don't forget to VOTE Value in 2010 dollars: $12,8g1, 483, * $1,244,437, 3 $78,582,076, 4 $509,909 ,5 $179,904 M 12 13 14 15 16 17 18 19 20 10 11 21 22 24 25 26 т 27 4 28 29 .ост. 16 30 F. .ост. 11 31 30 Presidential Debate (Hempstead, NY - town meeting format) 29 Vice-Presidential Debate 28 (Danville, KY) .ост. 22 .ост. 3 AA Presidential Debate (Denver, CO) AA Presidential Debate (Boca Raton, FL) 10TH MONTH OCTOBER 31 DAYS SEPTEMBER NOVEMBER 2012 m 01 01 02 03 02 03 04 05 06 07 08 04 05 06 07 08 09 10 "History does not repeat itself, but it does rhyme." 09 10 11 12 13 14 15 11 12 13 14 15 16 17 16 17 18 19 20 21 22 18 19 20 21 22 23 24 23 24 25 26 27 28 29 - BRUCE STERLING - 25 26 27 28 29 30 30 ta