New York’s richest have gotten richer since 2006 as its poor have gotten poorer, according to a study published Wednesday by the city’s Independent Budget Office.
Drawing from annual samples of 770,700 income tax returns, the agency analyzed New York City residents’ earnings for each year from 2006 to 2014, extrapolating to the total tax-paying population of 4 million, and adjusting for inflation so that each year’s figures are directly comparable.
"We all know that the city is very unequal," said Debipriya Chatterjee, the IBO economist who analyzed the figures. "What I did not anticipate seeing in the data is that […]
View Original: NYC’s Top 0.1 Percent Makes Four Times The Income Of The Bottom Half Of Earners
In 2017, there can be no doubt that North Carolina is one of the most hostile states in America to labor unions. In a time in which corporate greed already reigns supreme and corporate-sponsored politicians have been waging an unrelenting and frequently successful war on working people and their families, generally, the union movement in North Carolina is a small and beleaguered cause. Though it is often enormously creative, plucky, and determined and doing great things for all working people in the state (not just the tiny fragment of the workforce it represents officially), the North Carolina union movement […]
View Original: From the departments of overkill and “what are they afraid of?”: Lawmakers advance anti-union constitutional amendment
OFF THE LOUISIANA COAST—The Premiere Explorer of Venice, La. stands by near a controlled burn of spilled oil from in the Deepwater Horizon/BP oil spill in the Gulf of Mexico June 9, 2010. Coast Guard Photo by Petty Officer First Class John Masson. (Photo by Deepwater Horizon Response) (MintPress)—British Petroleum (BP) recently announced it has reached an estimated $7.8 billion settlement with the Plaintiffs’ Steering Committee (PSC) in order to resolve economic loss, property damage and medical claims from the 2010 Deepwater Horizon accident and oil spill in the Gulf of Mexico, pending final approval by U.S. District Judge […]
View Original: $8B BP oil spill settlement: Who really reaps the benefits?
The conclusion of spring semester is, for many, a joyous moment. For others it signals an impending deadline to find a summer internship. Even with this deadline mere weeks away, for many Brown students, summer internship prospects remain uncertain. The emphasis that recruiters place upon experience gained through internships means that the hunt for such opportunities begins as early as freshman year. After all, students who begin looking for jobs as seniors will have a tougher time than students who have significant experience under their belts by the time they graduate. But, as it turns out, there are substantial […]
View Original: Colby ’20: Internship inequities
"Making the American taxpayer pick up BP’s bill for cleaning the disastrous Deepwater Horizon spill is an outrage," presidential hopeful Bernie Sanders tweeted on Monday. (Photo: In the six years since BP ‘s catastrophic Deepwater Horizon spill poured millions of gallons of oil into the Gulf of Mexico, environmentalists, Gulf coast residents, and politicians have clamored for justice. But Monday’s historic $20 billion settlement against the oil giant is not what they hoped it would be.
The settlement’s terms are so generous to BP that it amounts to a tax break worth billions—as some observers predicted .
A whopping $15 billion […]
View Original: Tax Windfall for Deepwater Horizon Settlement a ‘Major Coup for BP’
Get short URL The abandoned processing facilities at the Anaconda Copper Mine. (Photo by Kelapstick / wikipedia.org) / Wikipedia Nevada residents have been awarded up to a $19.5 million settlement in a class action case that accused a parent company of BP America of leaking toxic chemicals into the soil for decades and covering up the extent of contamination from an abandoned mine.
In a legal battle Atlantic Richfield Co. and its parent BP America Inc. have acknowledged no wrongdoing under the settlement agreement. Both businesses agreed to reimburse $7 million in property damages and $900,000 to a medical monitoring […]
View Original: BP to pay $19.5 million settlement in mine pollution case
Some $25 billion is headed to the five Gulf states that were devastated in the 2010 BP oil disaster. Just a fraction of the government fines and court settlements have been paid — but not all of it will end up repairing the damaged ecosystem.
Louisiana, which suffered the most damage in the spill, has used the fines and settlements to rebuild its coast , one that was already fragile and disappearing. When it took a direct hit from the BP disaster, oil choked off vegetation that is critical to holding together what land is left.
Fourchon Beach on the Caminada […]
View Original: Is The BP Oil Spill Settlement Money Being Well-Spent?
Helping hand: Irish workers eat their lunch on a girder in New York in 1932. Catholic immigrants — such as those from Italy and Ireland — relied upon government spending to help them get a start in the United States
Recently, the results of the American National Election Survey were released, showing troubling findings: Convictions about the perceived failures of particular racial groups were a more certain predictor of votes than income inequality or authoritarianism. Specifically, the ANES found that President Trump’s voters tended to agree more than past Republican voters with the notion that “Italians, Irish” and […]
View Original: African-Americans can’t just pull themselves up by their bootstraps
Concerns about rising income inequality are based on comparing income distributions over time. It is important to remember that such distributions are snapshots of a single year, and that the same households do not necessarily appear year after year in the same quintile of the distribution. Paying attention to mobility, as well as inequality, gives us a richer picture of the income possibilities for households over time. We document changes in a measure of income mobility over the past 40 years, a period in which income inequality has increased. We find a modest level of movement through the distribution, […]
View Original: Income Inequality Matters, but Mobility Is Just as Important
The Important Role of Tax Policy in Promoting Economic Mobility
Tax preferences are an important policy tool, totaling $1.2 trillion each year. Through the tax system, the federal government promotes homeownership, college attendance, retirement savings, and health insurance. However, these tax preferences are “upside down,” directing most of the relief to high-income households and those whose income comes from wealth rather than earnings. Even those who receive these subsidies often don’t see themselves as benefitting from government help.
Since 1970, U.S. tax policy has become less progressive, contributing to sharp increases in income inequality , which has now reached levels […]
View Original: The Important Role of Tax Policy in Promoting Economic Mobility