Wednesday, January 1, 2014

IRS data shows 50 percent of households make less than $35,000 per year. Top 10 percent pay 68 percent of income taxes.


A major theme throughout 2013 revolved around a booming stock market and real estate sector.  Alongside this theme however was also the one of growing income inequality.  The stock market generated one of its best years but only a small portion of the population benefited since most Americans do not own stocks outright.  The real estate boom was largely driven by big money investors leveraging the unprecedented Quantitative Easing machinery from the Federal Reserve.  Yet most households have little access to this debt since deleveraging is still occurring for households.  The only consumer debt sectors to boom in 2013 came from student loans and auto loans. Not exactly two sectors to build up your wealth portfolio.  We see how the great income divide is splitting the nation even when it comes to paying income taxes.  The adjusted gross income for half of households in the US is less than $35,000.  This group pays 11.55 percent of all income taxes.  The top 10 percent pay 68 percent of all income taxes.  This is an expected trend when wealth inequality is at levels last seen in the Gilded Age.

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