The Top Income Tax Bracket Used to Be 90% or More Fact
The top marginal income tax rate was over 90% under FDR and Eisenhower, but the effective rate in those times ranged from roughly 0% – 60%.
Economic Inequality
Economic inequality describes the income or wealth gap between individuals in a group and between groups. The term also typically implies the negative social consequences of the wealth or income gap.
Factoids tagged with "Economic Inequality"
The Long Term Capital Gains Tax is Lower Than the Short Term Capital Gains Tax Fact
The long term capital gains tax is lower than other federal income taxes, including the capital gains tax and the income tax.
Oligarchy is a Form of Government Ruled By “the Few” Fact
Oligarchy is a classical form of government ruled “by the few.” Generally, the term implies that monied interests rule (dictate the laws) rather than the people or their representatives.
The Poor and Middle Class are Subject to the Estate Tax Myth
It is a myth that the estate tax hurts poor and middle class Americans, only the richest Americans (0.2% of families) pay the estate tax.
Getting Rid of the Estate Tax Would Increase the Wealth Gap Fact
The estate tax (“death tax”) is one of the taxes preventing an unsustainable wealth gap; eliminating the estate tax would increase the wealth gap.
Hitler Was a Left-wing Socialist Liberal Myth
Hitler was a National Socialist (NAZI). National Socialism is a type of fascism. Although National Socialism had some socialist and left-wing planks, it is a unique authoritarian, militant, and nationalist ideology separate from socialism or liberalism that is generally considered “far-right.”
The Estate Tax Is Fair Fact
The federal estate tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs is a fair tax that helps prevent a wealth gap over time.
The U.S. Has the Highest Incarceration Rate in the World Fact
The United States has the world’s highest incarceration rate and hosts more prison inmates than all other developed nations combined.
About Half of American Families Pay Little to No Income Tax Fact
About half of American families pay little to no federal income tax after tax credits and deductions. Payroll taxes, excise taxes, and sales taxes hit the average American family the hardest.
Stability Breeds Instability Fact
Stability isn’t necessarily destabilizing, but as Hyman Minsky’s Financial Instability Hypothesis eludes: longterm stability breeds instability and diminishes resilience in economic markets, mainly due to psychological factors.
Both Extreme Equality and Extreme Inequality Corrupt Democracy Fact
Extreme equality and an extreme inequality are both equally as dangerous in a democratic society. In both cases it corrupts the government.
Liberty and Equality are Mutually Dependent Fact
We present an essay on the purpose of the laws and government to better understand how liberty, rights, equality, and justice are inseparable in nature and in civil society.
The Robber Barons Gave Most of Their Fortunes to Charity Fact
Andrew Carnegie, John D. Rockefeller, and other Barons of Industry freely gave away most of their fortunes to charitable and philanthropic causes.
A Progressive Tax is More Fair Than a Flat Tax Fact
A progressive tax (those who make more pay more) is generally “more fair” than a flat tax (everyone pays the same rate).
People With More Money Save More Fact
On average, those with more money save more, in both the short-term and long-term, while those with less money spend more and extend themselves on credit.
Blog Posts tagged with "Economic Inequality"
The Welfare Traps, Tax Traps, and Debt Traps
There are a number of traps created from both taxation and assistance that inhibit class mobility. We might generally call these welfare traps, tax traps, and debt traps.
The Seisachtheia [The Relief of Burdens]; a Cancellation of All Debts
The Athenian Constitution tells the story of how Solon liberated the people by cancelling all debts, public and private. This was called the Seisachtheia [the removal of burdens or relief of burdens]. It is an example of what we might today call “a great reset.”
Are We in the Middle Of An Everything Bubble?
Some claim we are in the middle of an “everything bubble” (an economic bubble, not of an asset, but of everything). We examine this claim and offer opinions.
What is Classical Conservatism?
Classical Conservatism is the ideology of authority, hierarchy, order, and tradition (like classical aristocracy). It comes in political and economic forms.
What is Social Liberalism?
Social liberalism is the ideology of collective liberties and rights that favors social welfare and justice. It comes in a political and economic form.
Neoliberalism Explained
Neoliberalism is an economically-minded evolution of classical liberalism focused on deregulation, trade, and the private market. It is a “middle way” or “third way” between liberalism and conservatism.
Types of Conflict Theories
We explain Marx’s conflict theory and other conflict theories to show how tension between social, political, material, and other forces manifest.
Commodity Fetishism, Consumerism, the Society of the Spectacle, Alienation, and More
We define terms related to “the society of the spectacle” like commodity fetishism, consumerism, “proletarianization,” and alienation.
The Purpose of the Social Safety Net
The Social Safety net is a collection of welfare services meant to help people bounce up when they hit bottom, it is not meant as a net to trap the poor under.
How Democracy Leads to Tyranny From Plato’s Republic
In his Republic, Plato examines how Democracy can lead to Tyranny in a republic. We explain Plato’s theory as it pertains to democracy and tyranny.
Understanding Marx and Marxian Class Theory
We present a simple guide to Marx, Marxian class theory, Marx’s theory of history, and Marx’s economic theories to help westerners understand what Marx was all about.
The Progressive Federal Income Tax System Explained
In America we have a Progressive Federal Income Tax system broken down into “tax brackets”. Tax Filers pay the “marginal tax rate” on each dollar of income in a given bracket (after most deductions, but before tax credits).
Neoliberal Globalization and Nativist Protectionism Explained
We explain neoliberalism, globalization, nativism, and protectionism and the pros and cons of “neoliberal globalization” and “nativist protectionism.”
How Currency Gets into Circulation and What Happens to it
Below we explain how currency gets into circulation via the Treasury, Federal Reserve, and banks, and the role Congress, banks, businesses, and you play in the process.
The 2007 – 2009 Financial Crisis Explained
We explain the Financial Crisis / Great Recession of 2007 – 2009 that began with the 2006 housing bubble, led to a recession in the U.S. by December 2007, and became a global crisis by 2009.
Andrew Carnegie’s Gospel of Wealth Explained and Annotated
Below we present an annotated version of Andrew Carnegie’s 1889 essay Wealth (better known as the Gospel of Wealth).
The Historical Effects of Wealth Inequality
We examine the historical effects of social, political, and economic inequality on society to see how it has led to social unrest and events like revolutions and populist uprisings.
Populism, Globalization, Nativism, Nationalism, and Other Such Terms
We explain populism, globalization, nativism, nationalism, neoliberalism, modernization, and other terms important for understanding modern world politics.
Is America an Oligarchy?
The United States is a Federal Republic with democratic values that some claim contains a growing oligarchy (or corporatocracy). We look at those claims.
Wealth and Income Inequality
We explain economic inequality from a historical perspective, and then consider the effects of wealth inequality and income inequality in America today.
Velocity of Money Explained
Velocity of Money is a measure of money exchanged over time, typically how often and quickly the average dollar is exchanged per day.
Book Reviews tagged with "Economic Inequality"
Capital in the Twenty-First Century By Thomas Piketty Explained
We explain the general idea behind Thomas Piketty’s Capital in the Twenty-First Century and offer links to summaries and the full text.
Tolstoy’s There Are No Guilty People
We Present the first chapter of Leo Tolstoy’s short story, There Are No Guilty People, alongside a short introduction and a link to the full work.
Andrew Carnegie’s Gospel of Wealth Explained and Annotated
Below we present an annotated version of Andrew Carnegie’s 1889 essay Wealth (better known as the Gospel of Wealth).