Tag Archives: wealth

Facing middle age without a home to call their own, Britain’s post-Brexit generation revealed by new report.

Problems with Brexit..

Problems with Brexit.. A generation faces reaching middle-age with no prospect of having a home they can call their own, a new report claims.

Rising wealth inequality, soaring debt and sky-high house prices are combining to create a vision of post- Brexit Britain in which today’s young people will spend more on housing than their forefathers but with less to show for it.

As result, for many owning a property will remain a “distant aspiration.” The rise of ‘Generation Rent’, concerns over a widening wealth gap and fears for the impact of benefit changes which could leave young social housing tenants […]

Low-paid workers have seen their hourly rate go up by just 40p in 10 years, says shock report

Pound coins

The lowest-paid workers have seen their hourly wage rates rise by just 40p in the last decade (Image: PA) Low-paid workers saw their real hourly wage rate rise by just 40p in the last 10 years, a shock report reveals today.

Grafters “trapped” in poorly-paid jobs were unable to “escape” an “endemic, vicious” low-wage cycle, according to experts.

A Resolution Foundation study for the Social Mobility Commission outlines how only one in six low-paid workers (17%) managed to permanently escape low pay in the past decade.A quarter of low-paid workers remained permanently stuck in low pay and nearly half (48%) moved […]

Why We Need To Raise Taxes, Not Reduce Them

President Trump’s tax bill includes provisions to reduce tax rates on corporations, “pass-through” entities, and wealthy individuals, and removes the alternative minimum tax and estate tax. For the good of the country, particularly now, I believe we should raise ― not reduce ― those tax rates.

The additional revenue from these tax increases should be used to fund an American Dream Opportunity Trust Fund, an independent non-partisan entity charged with making American dream opportunities a reality for all citizens. This organization should be headquartered outside of Washington, D.C. and audited by the Office of Management and Budget.

This is an urgent […]

Neiman Marcus’ gift list for billionaires reveals the guilt that plagues America’s richest people

Neiman Marcus

Neiman Marcus Every year, Neiman Marcus releases a Fantasy Gift list with some items costing more than $1 million.

In recent years, gifts on the list have been coupled with charity donations.

The coupling of charity with absurdly pricey luxuries reveals the discomfort felt by extremely wealthy Americans in an economically divided nation. Neiman Marcus’ annual Christmas list for billionaires reveals the growing sense of guilt among the richest of the rich in America.The Fantasy Gift section has been one of the highlights of the retailer’s "Christmas Book" for more than 50 years. Since the 2008 […]

Meet the new class traitors who are coming out as rich

They are a minority in this country. Their rituals are often secretive. They have their own lingo, etiquette, schools, neighborhoods, and certain places they visit, seasonally. Typically, they partially hide their identities. But in the last five years, some have started to “come out”, not necessarily in pride but simply out of civic-mindedness. What they are revealing is surprising.

Eric Schoenberg is one of them. “I pay a lower tax rate than you do, which is startling,” Schoenberg, 55, told me. To illustrate this problem, Schoenberg posted portions of his returns online. He wanted to show how much he, a […]

Small slice for poor in growing economic pie

INEQUITABLE access to assets, market and human development not only persists in Pakistan, but is also reinforced every day by a confluence of unequal relations in roles, functions, decisions, rights and opportunities.

Welfare policy, or whatever is left of it, has failed to bring significant improvement for the marginalised. Along with a rise in gross domestic product, a parallel increase in inequality has also been observed and the growth gains have been limited to certain groups with elite access to resources and market participation.

Despite decades of social policy, access to resources and opportunities continues to be determined by race, place […]

Mass Shootings in the US: Some Common Characteristics of the Men That Kill

This week’s massacre at a country music festival in downtown Las Vegas, which left at least 59 people dead and more than 500 injured, reminds us that the locations and circumstances of mass shootings in America are unpredictable. But according to one researcher, these tragedies are much less random and inexplicable than media reports and solemn speeches by public officials typically suggest.

The shooters often share three converging characteristics, according to Eric Madfis of the University of Washington, Tacoma, one of the world’s leading experts on mass murderers in the US.

In a 2014 paper published in the journal Men and […]

IMF: higher taxes for rich will cut inequality and won’t hurt growth

Excusing the

The International Monetary Fund (IMF) says it now favours higher taxes on the rich and has demolished the myth this might adversely affect economic growth.

The authoritative Washington-based think tank in its influential half-yearly monitor also argued for taxes on capital, suggesting a wealth and/or land taxes should be considered, something that will make Gareth Morgan as happy as if the Opportunities Party was in election talks, or even in parliament.

Scaremongers on the Right regularly trot out the high taxes will damage growth fable to scare the electorate and other parties against advocating a more progressive tax regime. Labour has […]

Danbury bucks the trend

In a county, state and country marked by growing income inequality, Danbury stands out.

The Hat City is the least unequal of Connecticut cities over 65,000, and ranks just outside the bottom fourth nationwide, according to data recently released by the U.S. Census Bureau. And in contrast to the state and nation, which grew more unequal over the last decade, Danbury has actually grown less so.

The city is not immune to the factors that contribute to growing income inequality, including the erosion of the middle class in recent years. But that process has been slower in Danbury than elsewhere, and […]

India, US, China show upward trend in wealth inequality: IMF

Vitor Gaspar, the Director of the IMF Fiscal Affairs Department, with the Fiscal Monitor report.

Global banking bodies are paying more attention to the top nations of the world, especially their finances. Despite a sharp fall in inequality around the world, the US, China and India have witnessed upward trends in its level, the International Monetary Fund (IMF) said earlier this week. Vitor Gaspar, the Director of the IMF Fiscal Affairs Department, with the Fiscal Monitor report. Photo courtesy: IMF The IMF said that despite the relevance of education, health and progress in recent years, gaps of access to quality education and healthcare services between different income groups in the population remained in many […]