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Friday 23 July 2010

Based on Internal Revenue Service figures, the richest 1% have TRIPLED their cut of America’s income pie in one generation. In 1980 the richest 1% of America took one of every fifteen income dollars. Now they take THREE of every fifteen income dollars. That’s a TRILLION extra dollars a year. Some ultra-rich individuals, like hedge fund managers David Tepper and John Paulson, made $4 billion in a year (on most of which they paid only a 15% capital gains tax rate). This is enough to pay the salaries of every public school teacher in New York City. But we blame the immigrants instead of the people taking unimaginable amounts of money from society. Howard Zinn wrote about the petty thieves who go to jail for crimes averaging $1000 per offense, while sophisticated financial insiders get probation for swindling millions from the system. The only difference now is that it’s “legal” to use financial trickery to divert funds from education and infrastructure to a few well-positioned money managers. Paul Buchheit

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