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Archive for April 23rd, 2012

“This past month, there was much outrage over the fact that General Electric, despite making $14.2 billion in profits, paid zero U.S. taxes in 2010. General Electric actually received tax credits of $3.2 billion from American taxpayers.

At the same time that General Electric was not paying taxes, many undocumented immigrants, who are typically accused of taking advantage of the system while not contributing to it by many on the right, paid $11.2 billion in taxes. A new study by the Institute for Taxation and Economic Policy shows that undocumented immigrants paid $8.4 billion in sales taxes, $1.6 billion in property taxes, and $1.2 billion in personal income taxes last year.”

Read more here.

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Here is the link to the 60 Minutes special that aired last night: Christians of the Middle East

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1. The number of households with a million dollars or more of net worth grew by 202 percent between 1983 and 2007.

2. The number of households with a net worth of $5 million or more grew by 494 percent.

3. The number of $10 million or more households grew by a whopping 598 percent!

4. There are now more than 464,000 households worth $10 million or more. (PDF)

5. But the bottom 40 percent of American households has a net worth of nearly zero (.2 percent).

6. If you take out the value of our homes, the bottom 40 percent has a negative net worth of minus 1 percent – meaning they owe more than their assets are worth.

7. Meanwhile the top one percent holds 34.6 percent of our total net worth and 42.7 percent of all financial assets (excluding homes).

8. That means that the top one percent has a positive net worth valued at approximately $5,700,000,000,000 (that’s $5.7 trillion

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Kinder, Gentler

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