The administration’s emphasis on curbing international tax maneuvers shows that officials are properly concerned that corporations are gaming the U.S. tax system, said Ed Kleinbard, a tax law professor at the University of Southern California.
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The sums involved are enormous. The difference between the 1 percent’s income share in 1975 (8.9 percent) and today’s 22.5 percent is 13.6 percent. That additional share of personal income is worth $1.6 trillion. Each year.
What can you buy with $1.6 trillion? Well, it’s more than the annual outlays for Social Security payments, and about twice as large as Defense Department appropriations. It’s enough to pay off the federal debt held by the public in about seven years.
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Many people thought they would never see the day, but at long last there is a woman at the helm of the world’s most sacred institution. Janet Yellen was sworn in on Monday as the first woman to chair the Board of Governors in the The Federal Reserve’s 101-year history. TCF blogger Michael Cassidy details her dove-ish ways.READ MORE
Arguably the biggest part of President Obama’s State of the Union address last month was his executive order raising the minimum wage for federal contractors to $10.10 an hour. But how much does an executive order matter? Blogger Zachary Bernstein answers this question.READ MORE
TCF fellow Charles R. Morris writes in Commonweal that two important new papers by a team of leading scholars have upended some of the standard assumptions about American equality and economic mobility.
Despite large increases in inequality, economic mobility has been quite stable. Poorer kids have been about as mobile as richer kids, and there has been little change in mobility over the sixteen birth cohorts old enough to show adult income data. Looking more closely at the data, however, leads to a more nuanced understanding of recent changes in American income distributions.
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In recent decades, and especially since 2000, the richest Americans have enjoyed soaring income and wealth while the rest of the population's living standards have stagnated. The Century Foundation was one of the first institutions to raise serious concerns about these trends and propose ideas for improving economic conditions for all Americans- not just the fortunate few.
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