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America relatively
CONTACT | TOO MUCH
To contact Too Much Have a question, a comment, or an idea for Too Much? You can reach us, via email, right here. HOW TAXES HAVE KEPT WEALTH WHITE Slavery as a 100 percent tax on labor remains a principal reason why blacks in America remain disproportionately without wealth to this day. Smith: Those billions of dollars did not disappear. Local, county, and state taxes on the profits from slavery redistributed those billions throughout American society. The proceeds were spent onschools
ARE HEARTLESS PEOPLE SIMPLY BORN THAT WAY? Ohio and a host of other states, in the meantime, are moving to limit food stamp eligibility. Today’s brazen heartlessness toward America’s most vulnerable actually goes far deeper than food stamp cuts, as a new Economic Policy Institute report released last week documents in rather chilling detail. Four states, the report notes,have
THE TAX THAT TURNED RONALD REAGAN RIGHT According to Reagan himself, the federal income tax — specifically the over 90 percent top rate on top-bracket income that went into effect during World War II — changed Ronald Reagan. That tax levy absolutely incensed the amiable actor. At his Hollywood height, actor Ronnie Reagan was making $400,000 per picture. ONCE UPON A TIME, CORPORATIONS PAID TAXES The top corporate tax rate has dropped to 35 percent, and loopholes have proliferated. In 2011, major U.S. corporations actually paid on average only 12.1 percent of their earnings in taxes. That same year, adds the Institute for Policy Studies, 25 major U.S. corporations paid their CEOs more than they paid in corporate income taxes. REMEMBER WHEN PEOPLE HAD PENSIONS? The predictable result: The gap between the affluent and everyone else widens.In 2010, American households at the 90th percentile of the retirement savings distribution — households with more retirement savings than 90 percent of households with savings — had retirement nest eggs 100 times larger than the nation’s median, or most typical, household with savings. IN FRANCE, ECHOES OF A DARING FDR The Mariana Trench is 6.6 miles deep, about a mile deeper than Everest is high. The Harvard Business Review awarded best article of the year to William Lazonick whose study showed that over the ten years 2001 to 2011, 91% of the corporate profits from the 450 largest U.S. corporations (on the S&P 500 for the entire 10 years) were distributed as dividends or used to buy back company stock, thus AMERICA'S GREEDY: THE 2010 TOP TEN The 2010 total: 38. The king of them all: the University of Alabama’s Nick Saban, with a 2010 takehome at $6,087,349, six times the college football coaching average. Only five coaches in all of professional sports will this year make more than Saban. Forbes has labeled Saban the “most powerful coach in sports,” and his manyperks
TOO MUCH - DEDICATED TO THE NOTION THAT OUR WORLD WOULD BEABOUTARCHIVESCONTACTSUBSCRIBECLASSICALTERNATE APPROACHES Dedicated to the notion that our world would be considerably more caring, prosperous, and democratic if we narrowed the vast gap that divides our wealthy from everyone else. THE TEA PARTY'S 1776 SHTICK: HISTORY MANGLED Forget that fussing about inequality. Starve the beast. Keep government small. This basic Tea Party line has now become the reigning mantra within conservative circles. But this mantra totally mangles the historical record. The patriots of 1776 didn’t stage a revolution to keep government small. They revolted to keep theirAmerica relatively
CONTACT | TOO MUCH
To contact Too Much Have a question, a comment, or an idea for Too Much? You can reach us, via email, right here. HOW TAXES HAVE KEPT WEALTH WHITE Slavery as a 100 percent tax on labor remains a principal reason why blacks in America remain disproportionately without wealth to this day. Smith: Those billions of dollars did not disappear. Local, county, and state taxes on the profits from slavery redistributed those billions throughout American society. The proceeds were spent onschools
ARE HEARTLESS PEOPLE SIMPLY BORN THAT WAY? Ohio and a host of other states, in the meantime, are moving to limit food stamp eligibility. Today’s brazen heartlessness toward America’s most vulnerable actually goes far deeper than food stamp cuts, as a new Economic Policy Institute report released last week documents in rather chilling detail. Four states, the report notes,have
THE TAX THAT TURNED RONALD REAGAN RIGHT According to Reagan himself, the federal income tax — specifically the over 90 percent top rate on top-bracket income that went into effect during World War II — changed Ronald Reagan. That tax levy absolutely incensed the amiable actor. At his Hollywood height, actor Ronnie Reagan was making $400,000 per picture. ONCE UPON A TIME, CORPORATIONS PAID TAXES The top corporate tax rate has dropped to 35 percent, and loopholes have proliferated. In 2011, major U.S. corporations actually paid on average only 12.1 percent of their earnings in taxes. That same year, adds the Institute for Policy Studies, 25 major U.S. corporations paid their CEOs more than they paid in corporate income taxes. REMEMBER WHEN PEOPLE HAD PENSIONS? The predictable result: The gap between the affluent and everyone else widens.In 2010, American households at the 90th percentile of the retirement savings distribution — households with more retirement savings than 90 percent of households with savings — had retirement nest eggs 100 times larger than the nation’s median, or most typical, household with savings. IN FRANCE, ECHOES OF A DARING FDR The Mariana Trench is 6.6 miles deep, about a mile deeper than Everest is high. The Harvard Business Review awarded best article of the year to William Lazonick whose study showed that over the ten years 2001 to 2011, 91% of the corporate profits from the 450 largest U.S. corporations (on the S&P 500 for the entire 10 years) were distributed as dividends or used to buy back company stock, thus AMERICA'S GREEDY: THE 2010 TOP TEN The 2010 total: 38. The king of them all: the University of Alabama’s Nick Saban, with a 2010 takehome at $6,087,349, six times the college football coaching average. Only five coaches in all of professional sports will this year make more than Saban. Forbes has labeled Saban the “most powerful coach in sports,” and his manyperks
ABOUT TOO MUCH
About Too Much. Each and every month, Too Much explores excess and inequality, in the United States and throughout the world. We cover a wide swatch of territory, everything from the latest executive pay outrage to the most current research insights on how staggering income and wealth divides are impacting our health and our happiness. SUBSCRIBE | TOO MUCH Our Too Much commentaries now appear regularly in the Inequality.org weekly newsletter. Both Too Much and Inequality.org come to you from the Institute for Policy Studies. Get the weekly Inequality.org newsletter delivered to your email inbox. *Email: Spam Control Text: Please leave this field empty A NEW RATIONALIZATION FOR RICHES In The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century, Scheidel builds upon his considerable academic expertise on the ancient world and explores how and when societies have actually become less unequal.In the process, he has brought forth a book that could hardly be more profoundlydepressing.
HOW TAXES HAVE KEPT WEALTH WHITE Smith: Atiba Ellis at the West Virginia University School of Law has done tremendous work in this area.During Reconstruction, right after the Civil War, blacks voted in droves. But the backlash beginning in the 1890s — represented most obviously by Plessy v.Ferguson, Birth of a Nation, and Woodrow Wilson’s presidency — sought to remove blacks from the political process and eliminate the IN SEARCH OF OUR FIRST TRILLIONAIRE Lord: No, I’m looking at something far more pedestrian, the increase in the share of America’s total wealth controlled by the Forbes 400.. I started down this road by comparing the overall wealth of America with the combined wealth of the 400 Forbes richest Americans. Let’s assume, I figured, that we have about $300 trillion in national wealth around 2040 and that the Forbes 400 hold 8 HAS AMERICA BECOME TOO GENEROUS? “For too long, we’ve watched our middle class shrink as we’ve exported our jobs and wealth to foreign countries,” Trump pronounced February 28 before a joint session of Congress. “We’ve financed and built one global project after another, but ignored the fates of our children in the inner cities of Chicago, Baltimore, Detroit, and so many other places throughout our land.” RACKETEERING THEN AND RACKETEERING NOW In short order, Wall Street’s biggest banks had essentially won a green light to rush into “mining, processing, transporting, storing, and trading a wide range of vitally important physical commodities.”. No bank rushed more boldly than Goldman Sachs. Three years ago this Wall Street giant bought up a string of 27 aluminum warehouses around Detroit. AMERICA'S GREEDY: THE 2010 TOP TEN The annual top ten of America's greedy from Too Much, the Institute for Policy Studies inequality weekly. WHY CAN'T DEMOCRACY TRUMP INEQUALITY? Fifty years ago, average Americans lived in a society that had been growing — and had become — much more equal. In 1963, of every $100 in personal income, less than $10 went to the nation’s richest 1 percent. Americans today live in a land much more unequal. AMERICA’S CONSTRUCTION CARNAGE With America’s union presence declining, construction workers in the United States are dying at alarming rates. By Sam Pizzigati. Try this the next time you find yourself standing onSearch for: Go
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OUR EGALITARIAN PAST Edward O'Donnell profiles the gifted thinker who led the struggle against concentrated wealth in the Gilded Age.*
TWO EGALITARIAN SPIRITS British epidemiologists Richard Wilkinson and Kate Pickett have changed how we think about inequality.*
THE CORRUPTION OF SUCCESS Where wealth concentrates, Elizabeth Anderson reminds us, the wealthy will see most of the rest of us as failures.*
SEGREGATION’S NEW LOOK In our ever more unequal world, Stanford's Sean Reardon details, our rich live ever more apart from the rest of us.* 1
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MOST POPULAR ARTICLESTRACKING INEQUALITY
A New Rationalization for Riches Right-wingers are celebrating a deeply depressing new history of those rare moments where distributions of wealth have become significantlymore equal.
February 17, 2017
HOW INEQUALITY HURTS A Flying Public Finally Erupts America’s top airline execs have every incentive to treat average passengers as cattle and chattel. Could United’s now infamous aisle drag upset their gravy train?April 12, 2017
EXECUTIVE PAY
The Charities Making Inequality Worse A growing number of executives at America’s ‘do-good’ nonprofits are doing much too good — for themselves — at paycheck time.March 9, 2017
DEFECTIVE ENTERPRISES The Railroad Robber Baron Returns If you don’t pay me $300 million, the new CEO at CSX is threatening, I’ll let your workers keep their jobs. He means it. At his last CEO stop, Hunter Harrison cashiered 34 percent of another railroad’sworkforce.
March 17, 2017
TAXING PROGRESSIVELY Policing in America’s Plutocracy The White House wants to see local cops cracking down on poor people who break federal laws on immigration. Why not a crackdown on the rich who scoff at tax laws?February 22, 2017
ALTERNATE APPROACHES Donald Trump’s $100-Million Men For us, another day, another dollar. For them, another day, another fortune. In Rhode Island, progressive lawmakers have an antidote tothat avarice.
January 25, 2017
QUOTE OF THE WEEK
“We’re tired of CEOs raking in more and more, leaving our communities with less and less.” MARIA ELENA LETONA, executive director, Neighbor to Neighbor, People’s Action Founding Convention, April 23, 2017STAT OF THE WEEK
The United States currently hosts 153 billionaires too poor to make it into the annual _Forbes_ listof the nation’s
richest 400.
GOOD READS
NEW
The Rich Don’t Always Win. Really. Too Much editor Sam Pizzigati’s history of the forgotten triumph over America’s original plutocracy that created the American middle class.NOTABLE
How Our Inequality Limits Our Lives This American Library Association “outstanding title” of the year explores the price we pay for massive inequality. Now available for_reading online_ .
CLASSIC
Understanding Our Acquisitive Society Back in the 1930s, a University of Chicago project set out to list western civilization’s greatest books. Only one book by a living author, this one, made the cut. Our _Too Much_ commentaries now also appear regularly in the Inequality.org weekly newsletter. Both _Too Much_ and Inequality.org come to you from the Institute for Policy Studies. IN FRANCE, ECHOES OF A DARING FDR With a call for an income cap on society’s richest, the longshot presidential campaign of Jean-Luc Mélenchon has thrown a giant scare into the French political elite. Read the complete Too Much storyBY THE NUMBERS
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