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“Never in American history has the debate over income inequality so dominated the public square, with Democratic presidential candidates and congressional leaders calling for massive tax increases and federal expenditures to redistribute the nation’s income. Unfortunately, official measures of income inequality, the numbers being debated, are profoundly distorted by what the Census Bureau chooses to count as household income.
The published census data for 2017 portray the top quintile of households as having almost 17 times as much income as the bottom quintile. But this picture is false. The measure fails to account for the one-third of all household income paid in federal, state and local taxes. Since households in the top income quintile pay almost two-thirds of all taxes, ignoring the earned income lost to taxes substantially overstates inequality.
The Census Bureau also fails to count $1.9 trillion in annual public transfer payments to American households. The bureau ignores transfer payments from some 95 federal programs such as Medicare, Medicaid and food stamps, which make up more than 40% of federal spending, along with dozens of state and local programs. Government transfers provide 89% of all resources available to the bottom income quintile of households and more than half of the total resources available to the second quintile.”
JJ Editor's Picks
"The top brass of China’s Communist Party (CCP) – its 370-strong Central Committee – recently emerged from the Fourth Plenum of the 2017 Party Congress. Such meetings, usually one a year, are key forums for policy discussion. At the previous..."
"Mayor Pete is having his moment — for the second time in the campaign. Surging to the head of the pack in a recent Iowa poll, and edging out Vice President Joe Biden in last quarter's money race, Buttigieg is staking his claim to being the..."
"careful reading of Walden; or, Life in the Woods makes it clear that Thoreau never intended his cabin to be a solitary hermitage, although fans and detractors alike often misunderstand this. It was more an author’s workshop than a fortress of..."
"In the fall of 2015, a rash of posters appeared around Copenhagen. One, in pink letters laid over an image of chicken eggs, asked, “Have you counted your eggs today?” A second — a blue-tinted close-up of human sperm — inquired, “Do they swim too..."
"While there’s plenty of disagreement about how the money should be used, almost everyone involved in public-policy debates agrees that it would be good if the federal government could collect more revenue without raising tax rates or reducing..."
"On a brisk November night, a solitary man wandered around the plaza outside the Duke Energy Center for the Performing Arts on the edge of downtown. He had just flown alone from New York to see his favorite comic, Louis C.K., and he had an extra..."
"Judaism has been described as many things: a culture, a people, a religion, a nationality, and more (including, according to answers given to the 2013 Pew survey of American Jews, a culinary disposition for bagels and smoked salmon or the..."
"US sex education is decades behind other countries. Right now, it isn’t even mandatory in every state. Add to that the awkwardness people feel about sex and bodies in general, top it with the idea of having to have these discussions in public..."